In 2017, Minnesota Sea Grant hosted a workshop to discuss whether an environmentally responsible and sustainable food-fish aquaculture industry could be established in Minnesota. The group identified two categories of research needed, one of which was “marketing and understanding consumer perceptions and demand” (Moen et al., 2017, p. 43). In response to their needs, a NOAA-funded study “Determining market potential for food-fish aquaculture in Minnesota” was initiated in late 2020.
The study approaches the objective from demand and supply side analyse s to triangulate the market feasibility. The market data for locally farm-raised seafood products do not exist in Minnesota, as t he industry has yet to recover from an environmental controversy in the late 1980s surrounding commercial salmonid aquaculture efforts in abandoned mine pits . Thus, demand side assessment relies on conjoint analysis using data collected from a consumer survey. Supply side assessment consists of partial budgeting analysis, relying on producer-validated enterprise budgets. Estimates of the premium consumers are willing to pay for Minnesota farm-raised seafood products will be compared with the break-even prices estimated from the partial budgeting analysis to determine market feasibility of a food-fish aquaculture in Minnesota. Of species of interest for Minnesota aquaculture, the analysis will focus on yellow perch and walleye. The consumer valuation will be estimated for shrimp as well.
Table 1. Comparative perceptions between farm-raised and commercially harvested seafood
T wo pilot consumer surveys conducted in 2022 show that many Minnesotans are now open to consuming farm-raised seafood products , with more favorable perceptions of farm-raised seafood products over those of commercially harvested products in terms of long-term health impacts, environmental impacts, and food safety risk (Table 1).
.