October 19, 2005

USDA: US aquaculture production driving many seafood markets
 

The domestic production of various aquaculture products and the increasing importance of farm-raised fish, shellfish and mollusc imports point towards aquaculture production being the driving force, in terms of production and pricing for a growing number of seafood markets in the coming years.

Examples of this are the tremendous consumption growth seen in such diverse markets as tilapia and mussels. Tilapia supplies, be they from domestic sources or imported products, are made almost entirely of farmed production.

As most aquaculture industries have expanded, among the problems they face are over-production and declining real prices for their products.

The long-term impacts of Hurricane Katrina and Rita on the coastal areas of Louisiana, Texas, Mississippi and Alabama are not currently known. What is clear is that coastal wetlands and the infrastructure of the Gulf fishing industry have been severely damaged. In some cases, it will take years for fishing industries to begin to approach their former productivity.

The hurricane damage is expected to depress US seafood harvests and further increase incentives to purchase a larger percentage of the total US seafood supply from foreign sources.

Higher worldwide fuel prices are expected to induce many producers to move away from raw product production and accelerate the movement to value-added production.

For the full USDA report, click here.