New Pricing Structure?
The price of the turtle stew will rise from CI$5.40 per pound to CI$16.00 per pound.
The price of the turtle steak will rise from CI$9.00 per pound to CI$27.00 per pound.
The price of the turtle menavelin will rise from CI$4.00 per pound to CI$12.00 per pound and the price of the turtle bone will rise from CI$2.00 per pound to that of CI$6.00 per pound.
The new pricing compares very favorably with other similar products such as lobster. As it is typical commercial practice for fluctuations in supply and demand for meat products and similar commodities, the selling price for turtle products will of course be subject to future adjustments.
When was price last raised?
There has been no increase in the price of turtle meat for many years despite increasing costs and the increased scarcity of supply.
There is less supply than ever of turtle meat and the Cayman Turtle Farm now needs to make significant investments to maintain and upgrade our facilities in order to continue supplying this prized product to consumers in the Cayman Islands.
Without these price increases the Cayman Turtle Farm would either be forced to shut down due to operating losses or continue to see a serious decline in its production capacity. That would ultimately mean there would be no supply of turtle meat in the Cayman Islands in the near future, and place green sea turtles closer to extinction as well.
This is not a decision that was taken lightly. This is one of many changes being planned for the Cayman Turtle Farm. Our goal in these changes is to ensure the Cayman Turtle Farm operations become commercially viable and that future production of turtles and turtle meat is sustainable. The management and board believe there plans constitute the best course of action to achieve that vital goal of sustainability.
When will new price take effect?
The new prices will take effect on Monday February 8th.
