Marine Aquaculture Economics Outreach

MARINE AQUACULTURE ECONOMICS

The Growing U.S. Oyster Aquaculture Industry -  2022-2023:  

  • Recently, Dr. Posadas was asked by federal and state aquaculture and fisheries agencies to assist in their current programming efforts.
  • In response to recent videos by Dr. Posadas, the NOAA Aquaculture Program (NOAA-AP) communicated with him regarding the issues involved in conducting a national study to determine the productive capacity of the oyster farming industry before farmed oyster prices will start to decline.
  • Dr. Posadas shared with NOAA-AP recent Mississippi MarketMaker Newsletter issues dealing with the U.S. oyster market and the rising oyster farming industry. 
  • The U.S. Oyster Aquaculture Industry is Expected to Grow in the Next Decade

Economic Status and Contribution of U.S. Aquaculture: Analyzing Viability Structures, Economic Impact, and Management Measures for Future Success - 2021-23: 

  • This integrated multi-partner project supports the sustainable development of U.S. aquaculture by providing accurate economic, financial, and market-level information and addressing the critical gaps in aquaculture economics, knowledge base, and training.
  • The project proposes to develop comprehensive updated information on the economic, financial, and investment feasibilities and contributions of major aquaculture sectors in the U.S., employing primary farm-level data.
  • The project facilitates the development of a comprehensive non-proprietary business management tool that provides accessible economic feasibility indices that would help existing aquaculturists, aquaculture entrepreneurs, investors, and potential lenders. 
  • Dr. Posadas collaborates with several aquaculture economists from different U.S. universities on this NOAA-Sea Grant-funded three-year national aquaculture research and extension project. 

Economic Impacts of the Global COVID-19 Pandemic - 2020-2023: 

  • The COVID-19 pandemic was declared a national emergency in the United States on March 13, 2020. With the severe disruptions in seafood sales to eating and dining places, producers must develop ways to sell their products directly to consumers.
  • US consumers spent an estimated $102.2 billion on fishery products in 2017, including $69.6 billion at restaurants and other food service venues and $32.5 billion at retail.
  • US restaurants had sales of $450 billion during the 12 months ending in January. Over 48 percent is from off-premise dinings, such as takeout or delivery. Restaurants will lose at least one-third of the total restaurant sales compared to 2019.
  • Dr. Posadas developed and estimated economic models to measure the direct economic impacts of the pandemic on US aquaculture production, farm-gate values, and farm-gate, wholesale, and retail prices.  
  • YouTube link to direct impacts of COVID-19 presentations - https://tinyurl.com/27z3n736 

Catfish Surimi Processing – 2018-2023: http://gomos.msstate.edu/Catfish-surimi.html

  • Working with a seafood scientist (Dr. Sam Chang) and a chemical engineer (Dr. Santanu Kundu), Dr. Posadas started creating a hypothetical surimi processing plant using results of previous studies performed at the MSU Experimental Seafood Processing Laboratory and analysis conducted by faculty and staff at the MSU Department of Agricultural Economics. This three-year project is externally funded by the U.S. Department of Agriculture National Institute of Food and Agriculture. 
  • Catfish processing generates byproducts of heads, guts, skins, and frames. These byproducts are generally sent to rendering plants, sold to pet food companies, or could be used to produce fish meals.
  • The entire catfish industry sold 320.174 million pounds of live catfish in 2016. In catfish fillet processing, approximately 60% of the catfish is the by-product, translating into more than 190 million pounds of byproducts.
  • Since Mississippi growers produced 54% of all live sales, catfish processing byproducts in 2016 could be more than 100 million pounds.
  • The results of this research will provide an economic opportunity for the catfish industry to convert processing waste products into safe and domestically-produced surimi products.
  • Expanding the processing activity in the catfish industry will provide more employment and income opportunities in the rural communities in the catfish-growing areas.
  • Furthermore, this processing system can be applied to other food fish species grown in the United States after appropriate adjustments.
  • Overall, the production of surimi from byproducts of food fish processing reduces waste and expands economic opportunities in rural America.