March 28, 2024
US aquaculture industry receives US$1 million federal grant for economic revamp
In a move to fortify the US aquaculture sector, Virginia Sea Grant and a coalition of researchers led by Virginia Tech have secured a nearly US$1 million federal grant aimed at addressing critical economic and marketing challenges, Virginia Tech reported.
Jonathan van Senten, the principal investigator of the project, highlighted the multifaceted challenges faced by US aquaculture, including regulatory complexities and rising input costs, which necessitate strategic intervention to bolster the industry's trajectory.
Funded through a competitive opportunity by the National Oceanic and Atmospheric Administration (NOAA) Sea Grant, the grant will pave the way for the establishment of the Aquaculture Economics and Markets Collaborative over the next two years.
This collaborative effort, drawing expertise from institutions nationwide, endeavours to confront the economic hurdles confronting the domestic aquaculture industry, which despite vast potential, grapples with a significant trade deficit in seafood.
Ganesh Kumar of Mississippi State University, a co-principal investigator, emphasised the collaborative's aim to empower the US aquaculture industry by providing comprehensive economic and market research, essential for understanding dynamic markets and enhancing the country's global standing in aquaculture.
The project underscores the significance of building bridges between researchers, industry leaders, and Extension services across diverse geographic regions. Maria Haws, a professor at the University of Hawaii, highlighted the need to address information gaps specific to regions like Hawaii and the US affiliated Pacific Islands, where aquaculture economics data is lacking.
Jonathan van Senten stressed the importance of inclusivity, ensuring that regions like Hawaii and Puerto Rico are integral to the long-term partnership aimed at advancing aquaculture economics and marketing research.
Through workshops, videos, and training materials accessible in English and Spanish, the project aims to equip producers with the tools necessary for informed decision-making and long-term economic sustainability in the aquaculture sector. Additionally, it focuses on student involvement, offering opportunities for junior faculty and graduate students to engage in research and extension projects vital to the industry's growth.
- Virginia Tech
