The demand for Eastern oysters over the last two decades has increased year after year. This steady continuous growth has created opportunity not only for oyster farmers and other businesses immediately supporting the shellfish aquaculture industry, such as gear and transportation, but it has also created opportunities just outside the shellfish aquaculture market. Opportunities to reach retail markets, such as restaurants and open-air markets, with their product and integrating into establishing those market on their own.
In order to meet those markets directly Matunuck Oyster Farm has horizontally integrated in each stage of the cycle of the eastern oyster (Crassostrea virginica). Matunuck Oyster Farm was established in 2002 as a 1-acre oyster farm with one employee. Now, 20 years later, that business has expanded to five additional businesses with over 200 employees, each business having the farmed Eastern oyster being a central, integral part of the business. Each of the new businesses support the farm, and the farm supports each business, creating more financial stability for the oyster farm.
The growth of Matunuck Oyster Farm into the six other sectors has been organic and determined by company needs. In addition to selling oysters to wholesalers, we expanded by offering different products such as Bay Scallops. We then started selling oyster seed to other farmers, selling at open air markets, and established Matunuck Oyster Bar, a popular restaurant overlooking the shellfish farm. This led to the establishment of Matunuck Organic Vegetable Farm, Matunuck Marina, Matunuck Shellfish Hatchery Research and Innovation Center and most recently a retail market in our adjacent downtown area of Wakefield, Rhode Island.
Perry Raso, Founder and Owner of these businesses, will discuss synergies between each of the businesses and how each business has strengthened and added value to each other.