Do you love dining out at local establishments? If so, you probably have your favorite dishes that you choose, and fish is one of the more popular at restaurants along the New England coast. Lobster, haddock, and salmon meals are often a much-desired dinner plate especially if you are dining al fresco with views of the ocean!
If you enjoy having someone else cook for a change, you have probably seen the notations on the menu (particularly under the seafood section) that reads “market price” instead of listing the price directly on the menu. What is this and why don’t restaurants just list the actual price alongside their fish selections?
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What is Market Pricing?
Restaurant menus will often omit the price of a dish and replace it with the term “market price.” This will usually be indicated with an “MP” listed instead of an actual dollar amount. Some diners might assume the lack of price indicates the old saying “if you have to ask, you can’t afford it.” In reality, it’s simply an indication that the prices for the key ingredients fluctuate to the point where they can’t put a consistent price on the dish. You can and should ask your server about the price of the dish on that particular day. Often, it’s not as much as you might assume, and, now informed, you can decide whether it’s one you’re willing to pay.
While it’s not only used for seafood, you will most commonly see it for lobsters and oysters. However, in some places you might see market pricing listed on other seasonal items. This can include fruits, vegetables, or even meats.
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Of course, restaurants don’t generally charge just the straight market price for the fish. Your meal will consist of that special ingredient, additional ingredients that make up the dish, the time and skill it takes for the chef to create the dish, plus a profit margin so the restaurant can stay in business. However, the end result is usually worth it, as you’re getting a delicious meal made with some of the freshest ingredients available.
Factors Affecting Market Value of Seafood
Market pricing is affected by a lot of factors and variables, which is what causes the prices to fluctuate so much. It’s especially prevalent with seafood, as fish and shellfish are some of the last items that are still considered “wild.”
Supply and Demand Trends in Seafood Pricing
The seafood market has experienced various supply and demand trends, leading to fluctuations in pricing. In 2022, fresh seafood prices were down in December compared to the end of 2021, while frozen seafood prices increased. The global seafood market is expected to grow from $236.81 billion in 2021 to $262.81 billion in 2023, with a compound annual growth rate of 10.2%.
Quality Freshness and Sustainability
Because of the fact that much of the seafood that ends up on our plate is caught from the wild, sustainability is a major factor when it comes to market pricing. Overfishing can cause disastrous ecological consequences, and can also cause a shortage of a particular fish. This shortage can drive up prices even further
What Determines The Seafood Market Price?
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Meals that include seafood often don’t print the price on the menu because the price of the fish will change. The amount will vary depending on where they’re getting their fish and which fish they’re getting. It’s all a matter of supply and demand. If fishermen, for instance, have caught more lobsters this week and the haul is overloaded, the price will generally drop, while the fewer they catch means the price will increase.
Fish markets depend on the amount and quality of the haul each week and, therefore, feel the change of supply and demand more than other food producers. The specifics of market pricing will again vary by location. For example, if there are multiple fish vendors at any given marketplace, they will compete to have the best catch and the best prices.
Take, for example, the website Sea-Ex Commercial Fish Market. It lists the prices in varying markets around the globe from New England to Australia, and even the Asian fish markets. It gives restaurants a chance to alter their menu or create more offerings depending upon the market price for the week.
When a dining patron sees the term Market Price, they should ask their server about how much the item costs. Often restaurants have an addendum to the menu that does list the weekly seafood prices so a server does not need to memorize the prices. Now when you see the term “market price” you’ll know that it all depends on what fish has been caught this week, its quality, and the amount. Have questions about market pricing contact us on our website.
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