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Characterization of supply of marine finfish species with potential for commercial growth in the United States

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dc.contributor.authorEngle, Carole R.en
dc.contributor.authorvan Senten, Jonathanen
dc.contributor.authorSchwarz, Michael H.en
dc.coverage.countryUnited Statesen
dc.date.accessioned2023-01-18T13:39:59Zen
dc.date.available2023-01-18T13:39:59Zen
dc.date.issued2022-10-12en
dc.date.updated2023-01-16T19:28:33Zen
dc.description.abstractGlobal 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, and researchers interested in commercialization of these marine species.en
dc.description.versionPublished versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1111/jwas.12921en
dc.identifier.eissn1749-7345en
dc.identifier.issn0893-8849en
dc.identifier.orcidvan Senten, Jonathan [0000-0002-3513-7600]en
dc.identifier.orcidSchwarz, Michael [0000-0002-9618-6262]en
dc.identifier.urihttp://hdl.handle.net/10919/113228en
dc.language.isoenen
dc.publisherWileyen
dc.rightsCreative Commons Attribution-NonCommercial-NoDerivatives 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectFishen
dc.titleCharacterization of supply of marine finfish species with potential for commercial growth in the United Statesen
dc.title.serialJournal of the World Aquaculture Societyen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherJournal Articleen
pubs.organisational-group/Virginia Techen
pubs.organisational-group/Virginia Tech/Agriculture & Life Sciencesen
pubs.organisational-group/Virginia Tech/Agriculture & Life Sciences/Virginia Seafood ARECen
pubs.organisational-group/Virginia Tech/All T&R Facultyen
pubs.organisational-group/Virginia Tech/Agriculture & Life Sciences/CALS T&R Facultyen

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