Despite the recent growth of aquaculture in the United States, there are still many economic and marketing challenges that producers face. Steep regulatory compliance costs, import pressure, and the rising cost of inputs cause uncertainty, increased market risk, and potential business collapse. Identifying these issues, a geographically diverse group of economi sts and Extension specialists were assembled to build partnerships within the industry in order to provide resources and information. In addition, an Industry Advisory Board (IAB) which comprises aquaculture experts across various sectors, and an Economics and Extension Advisory Board (EEAB), were created to guide the research team throughout the duration of the project.
To meet the goals of the project, the team has devised a list of objectives. The first, is to assess the current economics and marketing tools for U.S. aquaculture, and conduct a needs assessment of the “Aquaculture Hubs” by developing and distributing an online survey. Next, is the development of new business planning tools , market analysis, risk assessment, and economic impact estimates using primary data to reflect an accurate condition of the industry. Existing tools will also be updated with the most recent data to build a robust, current picture of U.S. aquaculture. Using these materials and additional resources, in-person training workshops will be hosted in five regions across the country, including Puerto Rico and Hawai’i, to teach how the tools can be used on farms and the benefits of business planning. A recording will be made of the trainings and the materials developed throughout this project will be made publicly available on the Aquaculture Information Exchange (AIE). The AIE is a new online resource that will host an “Economics and Marketing” group where current and future materials can be shared in one location, accessible to researchers, Extension, and farmers.
While the economic and marketing tools will be a pragmatic output from this study, the overarching goal is to build partnerships across academia, Extension, and industry to create more meaningful, needs based research to advance economics and marketing of U.S. aquaculture.