Japanese consumers are favoring crab this holiday season due to relatively favorable prices, with households spending an average of 169 yen ($1.16) on crab in November, reflecting a 23% increase from the previous year. The volume of crab purchased saw a significant rise, soaring by 83%, as prices dropped by 32% year-on-year to 405 yen per 100 grams. The increased supply of crab is attributed to US President Joe Biden's ban on Russian seafood imports, redirecting exports from the Russian Far East and the Barents Sea to alternative markets such as China and Japan.
The average monthly wholesale prices for Russian frozen boiled snow crab at Toyosu, Japan's largest wholesale market, witnessed a steep decline of 48% year-on-year. Japan imported 16,759 tonnes of snow crab from January to November, with Russia dominating the market share at 67%. Imports of Kamchatka crab increased by 82% to 2,849 tons, with 99% originating from Russia. The prices for frozen king crab have also experienced a sharp decline, hitting an eight-year low at 3,353 yen per kg.
This shift in the market contrasts with prices before the US ban, when Russian Far East snow crab sold for record prices of $40 per kg or more. Crab sellers from the US and Canada are still targeting the Japanese market, launching advertising campaigns for Alaskan snow crab in approximately 350 Japanese AEON stores. The overall trend underscores the impact of geopolitical decisions on global seafood markets and consumer choices.