Aquaculture America 2024

February 18 - 21, 2024

San Antonio, Texas

ADVANCING AQUACULTURE ECONOMICS, MARKETING RESEARCH AND EXTENSION: A NATIONAL INITIATIVE THROUGH PARTNER SEA GRANT PROGRAMS

 Jonathan van Senten, Ganesh Kumar, Katheryn Parraga-Estrada, Shraddha Hegde, Maria Haws, Matthew Parker, Quentin Fong, Scott Knoche, Christian Brayden, David Crisostomo, René Estevez Amador, and Noah Boldt*

Virginia Seafood AREC

Virginia Tech

Hampton, VA

ncboldt@vt.edu

 



 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.