Characterization of supply of marine finfish species with potential for commercial growth in the United States
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...
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Online Access: | http://hdl.handle.net/10919/113228 https://doi.org/10.1111/jwas.12921 |
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ftvirginiatec:oai:vtechworks.lib.vt.edu:10919/113228 2024-05-19T07:47:47+00:00 Characterization of supply of marine finfish species with potential for commercial growth in the United States Journal of the World Aquaculture Society Engle, Carole R. van Senten, Jonathan Schwarz, Michael H. United States 2022-10-12 application/pdf http://hdl.handle.net/10919/113228 https://doi.org/10.1111/jwas.12921 en eng Wiley 0893-8849 http://hdl.handle.net/10919/113228 https://doi.org/10.1111/jwas.12921 van Senten, Jonathan [0000-0002-3513-7600] Schwarz, Michael [0000-0002-9618-6262] 1749-7345 Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ Fish Article - Refereed Journal Article Text 2022 ftvirginiatec https://doi.org/10.1111/jwas.12921 2024-04-24T00:18:44Z 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 producers, investors, ... Article in Journal/Newspaper Red drum VTechWorks (VirginiaTech) Journal of the World Aquaculture Society |
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English |
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Fish |
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Fish 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 |
Fish |
description |
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 producers, investors, ... |
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://hdl.handle.net/10919/113228 https://doi.org/10.1111/jwas.12921 |
op_coverage |
United States |
genre |
Red drum |
genre_facet |
Red drum |
op_relation |
0893-8849 http://hdl.handle.net/10919/113228 https://doi.org/10.1111/jwas.12921 van Senten, Jonathan [0000-0002-3513-7600] Schwarz, Michael [0000-0002-9618-6262] 1749-7345 |
op_rights |
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International 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 |
_version_ |
1799488259985768448 |