Characterization of supply of marine finfish species with potential for commercial growth in the United States
Abstract Global production of marine finfish has grown in total volume of production and the number of species farmed commercially, but there has been little production in the United States of marine finfish other than salmon and red drum. For most species considered to be ready for commercializatio...
Published in: | Journal of the World Aquaculture Society |
---|---|
Main Authors: | , , |
Format: | Article in Journal/Newspaper |
Language: | English |
Published: |
Wiley
2022
|
Subjects: | |
Online Access: | http://dx.doi.org/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/pdf/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/full-xml/10.1111/jwas.12921 |
id |
crwiley:10.1111/jwas.12921 |
---|---|
record_format |
openpolar |
spelling |
crwiley:10.1111/jwas.12921 2024-04-28T08:37:02+00:00 Characterization of supply of marine finfish species with potential for commercial growth in the United States Engle, Carole R. van Senten, Jonathan Schwarz, Michael H. 2022 http://dx.doi.org/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/pdf/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/full-xml/10.1111/jwas.12921 en eng Wiley http://creativecommons.org/licenses/by-nc-nd/4.0/ Journal of the World Aquaculture Society volume 54, issue 1, page 54-72 ISSN 0893-8849 1749-7345 Agronomy and Crop Science Aquatic Science journal-article 2022 crwiley https://doi.org/10.1111/jwas.12921 2024-04-05T07:42:55Z Abstract Global production of marine finfish has grown in total volume of production and the number of species farmed commercially, but there has been little production in the United States of marine finfish other than salmon and red drum. For most species considered to be ready for commercialization, there are few or no farms from which to evaluate the size of the market or to estimate revenues and costs necessary to assess economic feasibility. This present study takes a first step to fill this gap with an analysis of the existing supply of 20 marine finfish species identified as candidates for commercialization in the United States, as a proxy for effective demand (the volume of a product sold at the market equilibrium price). Secondary data from 1950 (where available) through 2019 were compiled on each species, including (1) global aquaculture production, (2) US aquaculture production, (3) US commercial landings, (4) US recreational landings, and (5) imports. Current effective market demand (measured as the sum of commercial landings, farmed production, and imports) was low, totaling 36.6 million kg across the 20 species, which is equivalent to less than 23% of the annual volume sold of US farmed catfish. Commercial landings for 17 of the 20 species exhibited declines, potentially offering opportunities for farmed product to capture market share by filling the increasing gaps in supply. The variability in commercial landings provides opportunities for farms to capitalize on their advantage in supplying product with a high degree of consistency of volume, size, delivery frequency, and quality. Several unknown factors suggest the need for follow‐up studies on consumer preferences, degree of substitutability among finfish species, and effects of recreational landings on demand. An important limitation to prospective producers is the lack of species‐specific import data for the generic categories of “flounder,” “bass,” and “snapper.” This supply analysis provides a foundational analysis for prospective ... Article in Journal/Newspaper Red drum Wiley Online Library Journal of the World Aquaculture Society 54 1 54 72 |
institution |
Open Polar |
collection |
Wiley Online Library |
op_collection_id |
crwiley |
language |
English |
topic |
Agronomy and Crop Science Aquatic Science |
spellingShingle |
Agronomy and Crop Science Aquatic Science Engle, Carole R. van Senten, Jonathan Schwarz, Michael H. Characterization of supply of marine finfish species with potential for commercial growth in the United States |
topic_facet |
Agronomy and Crop Science Aquatic Science |
description |
Abstract Global production of marine finfish has grown in total volume of production and the number of species farmed commercially, but there has been little production in the United States of marine finfish other than salmon and red drum. For most species considered to be ready for commercialization, there are few or no farms from which to evaluate the size of the market or to estimate revenues and costs necessary to assess economic feasibility. This present study takes a first step to fill this gap with an analysis of the existing supply of 20 marine finfish species identified as candidates for commercialization in the United States, as a proxy for effective demand (the volume of a product sold at the market equilibrium price). Secondary data from 1950 (where available) through 2019 were compiled on each species, including (1) global aquaculture production, (2) US aquaculture production, (3) US commercial landings, (4) US recreational landings, and (5) imports. Current effective market demand (measured as the sum of commercial landings, farmed production, and imports) was low, totaling 36.6 million kg across the 20 species, which is equivalent to less than 23% of the annual volume sold of US farmed catfish. Commercial landings for 17 of the 20 species exhibited declines, potentially offering opportunities for farmed product to capture market share by filling the increasing gaps in supply. The variability in commercial landings provides opportunities for farms to capitalize on their advantage in supplying product with a high degree of consistency of volume, size, delivery frequency, and quality. Several unknown factors suggest the need for follow‐up studies on consumer preferences, degree of substitutability among finfish species, and effects of recreational landings on demand. An important limitation to prospective producers is the lack of species‐specific import data for the generic categories of “flounder,” “bass,” and “snapper.” This supply analysis provides a foundational analysis for prospective ... |
format |
Article in Journal/Newspaper |
author |
Engle, Carole R. van Senten, Jonathan Schwarz, Michael H. |
author_facet |
Engle, Carole R. van Senten, Jonathan Schwarz, Michael H. |
author_sort |
Engle, Carole R. |
title |
Characterization of supply of marine finfish species with potential for commercial growth in the United States |
title_short |
Characterization of supply of marine finfish species with potential for commercial growth in the United States |
title_full |
Characterization of supply of marine finfish species with potential for commercial growth in the United States |
title_fullStr |
Characterization of supply of marine finfish species with potential for commercial growth in the United States |
title_full_unstemmed |
Characterization of supply of marine finfish species with potential for commercial growth in the United States |
title_sort |
characterization of supply of marine finfish species with potential for commercial growth in the united states |
publisher |
Wiley |
publishDate |
2022 |
url |
http://dx.doi.org/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/pdf/10.1111/jwas.12921 https://onlinelibrary.wiley.com/doi/full-xml/10.1111/jwas.12921 |
genre |
Red drum |
genre_facet |
Red drum |
op_source |
Journal of the World Aquaculture Society volume 54, issue 1, page 54-72 ISSN 0893-8849 1749-7345 |
op_rights |
http://creativecommons.org/licenses/by-nc-nd/4.0/ |
op_doi |
https://doi.org/10.1111/jwas.12921 |
container_title |
Journal of the World Aquaculture Society |
container_volume |
54 |
container_issue |
1 |
container_start_page |
54 |
op_container_end_page |
72 |
_version_ |
1797568572750299136 |