The Economics of Salmon Aquaculture / Edition 2

The Economics of Salmon Aquaculture / Edition 2

ISBN-10:
0852382898
ISBN-13:
9780852382899
Pub. Date:
05/06/2011
Publisher:
Wiley
ISBN-10:
0852382898
ISBN-13:
9780852382899
Pub. Date:
05/06/2011
Publisher:
Wiley
The Economics of Salmon Aquaculture / Edition 2

The Economics of Salmon Aquaculture / Edition 2

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Overview

First published in 1990, The Economics of Salmon Aquaculture was the first book to systematically analyse the salmon aquaculture industry, from both a market and production perspective. Since publication of the first edition of this book, the salmon aquaculture industry has grown at a phenomenal rate, with salmon now being consumed in more than 100 countries worldwide. This second edition of a very popular and successful book brings the reader right up to date with all the major current issues pertaining to salmon aquaculture.

Commencing with an overview of the production process in aquaculture, the following chapters provide in-depth coverage of the sources of the world’s supply of salmon, the growth in productivity, technological changes, environmental issues, markets, market structure and competitiveness, lessons that can be learnt from the culture of other species, optimal harvesting techniques, production planning, and investment in salmon farms.

Written by Frank Ashe and Trond Bjørndal, two of the world's leading experts in the economics of aquaculture, this second edition of The Economics of Salmon Aquaculture provides the salmon aquaculture industry with an essential reference work, including a wealth of commercially important information. This book is also a valuable resource for upper level students and professionals in aquaculture and economics, and libraries in all universities and research establishments where these subjects are studied and taught should have copies of this important book on their shelves.


Product Details

ISBN-13: 9780852382899
Publisher: Wiley
Publication date: 05/06/2011
Series: Fishing News Books
Edition description: 2nd ed.
Pages: 256
Product dimensions: 6.90(w) x 9.60(h) x 0.70(d)

About the Author

Frank Asche is Professor at the Department of Industrial Economics, University of Stavanger, Norway.

Trond Bjørndal is Professor and Director of the Centre for the Economics and Management of Aquatic Resources (CEMARE), University of Portsmouth, UK, and Professor II, Aalesund University College, Norway.

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Table of Contents

Preface ix

1 Introduction 1

2 The Production Process in Aquaculture 7

2.1 Salmon production 9

2.1.1 Biological system 9

2.1.2 The grow-out phase 12

2.1.3 The physical system 15

Bibliography 16

3 The Supply of Salmon 17

3.1 Farmed salmon production 17

3.1.1 Norway 18

3.1.2 Chile 23

3.1.3 United Kingdom 26

3.1.4 Canada 29

3.1.5 Other farmed salmon producers 30

3.2 Wild salmon production 31

3.3 Regulation of salmon aquaculture 34

3.3.1 Norway 34

3.3.2 Scotland 36

3.3.3 Chile 38

3.4 The growth of large multinational companies 39

Bibliography 41

4 Productivity Growth and Technological Change 43

4.1 Declining costs 43

4.2 Scale 45

4.3 Structure of production costs 48

4.4 Smolt production 51

4.5 Improved feed quality 52

4.6 Diseases and increased survival rates 53

4.7 Breeding 55

4.8 Cycles in profitability 56

4.9 Catching up: regional differences 58

4.10 Productivity development in Norway relative to other producers 59

4.11 Cost reductions in the supply chain 62

Bibliography 63

5 Environmental Issues 65

5.1 The fish meal trap 65

5.1.1 Fisheries management 66

5.1.2 The markets for oil meals 69

5.1.3 Concluding remarks on the fish meal trap 72

5.2 Local issues 73

5.2.1 Organic waste 74

5.2.2 Antibiotics and chemicals 76

5.2.3 Salmon escapees and sea lice 78

5.2.4 Concluding remarks 80

Bibliography 80

6 Markets for Salmon 83

6.1 The European Union markets 84

6.1.1 France 85

6.1.2 Germany 88

6.1.3 United Kingdom 89

6.1.4 Spain 90

6.1.5 Italy 91

6.1.6 Denmark 92

6.1.7 Poland 93

6.2 The Japanese salmon market 94

6.2.1 Japanese salmon supply 97

6.2.2 Outlook for the Japanese salmon market 99

6.3 The United States salmon market 100

6.3.1 US seafood consumption 100

6.3.2 Imported fresh and frozen salmon 103

6.3.3 Market trends 105

6.4 The Russian market 105

6.5 Price development 107

6.5.1 Real versus nominal price 108

6.5.2 Exchange rates 109

6.5.3 Prices in different markets 110

6.5.4 Prices in different weight classes and for different product forms 113

Bibliography 116

7 Competitiveness and Market Structure 119

7.1 What is a market? 119

7.1.1 Market size 121

7.1.2 Market power 122

7.2 The salmon market 123

7.2.1 Pacific salmon 124

7.2.2 The early development of the Atlantic salmon market 125

7.2.3 Early development of the farmed Pacific salmon and salmon trout market 126

7.2.4 Fresh versus frozen 126

7.2.5 Declining prices, new sales outlets and product forms 127

7.2.6 Salmon and supermarket chains: a marriage made in heaven 129

7.3 The size of the market 131

7.4 Salmon marketing 133

7.4.1 Health benefits, food scares and environmental concerns 134

7.5 Trade restrictions 136

7.5.1 Trade restrictions in the salmon market 139

Appendix: a market model 142

Testing for market interactions 147

Bibliography 148

8 Lessons for Other Farmed Species 151

8.1 Other farmed species 151

8.1.1 Shrimp 151

8.1.2 Sea bass and sea bream 153

8.1.3 Turbot 156

8.1.4 Tilapia 157

8.1.5 Other species 160

8.2 Lessons from other farmed species 160

Bibliography 162

9 Optimal Harvesting of Farmed Fish 163

9.1 A biological model 164

9.2 Bioeconomic analysis 165

9.2.1 Zero costs 166

9.2.2 Harvesting costs 168

9.2.3 Feed costs 168

9.3 The rotation problem 169

Appendix: optimal harvesting of farmed fish 171

A biological model 171

Bioeconomic analysis 172

Harvesting costs 175

Feed costs 177

Feed and harvesting costs 179

The rotation problem 179

Optimal harvesting: examples 182

Bibliography 184

10 Production Planning in a Salmon Farm 187

10.1 Cash flow analysis 188

10.2 Smolt release and biomass growth 190

10.3 Sales revenue 193

10.4 Feeding costs 195

10.5 Net present value 197

10.6 Selective harvesting 199

11 Investment in a Salmon Farm 201

11.1 A production plan 201

11.2 A liquidity budget 205

11.3 Cost of production 209

11.4 Investing in a new aquaculture company 211

11.5 Licence value 215

11.6 Buying a fish farming company 217

References 221

Index 231

What People are Saying About This

From the Publisher

"Nonetheless, the book could be useful as supplementary reading for senior undergraduate- and M.Sc.-level students taking economics and business management electives as part of a degree program in aquaculture or fisheries science. The book should also be of interest to aquaculture consultants and researchers in search of a compact overview of the position of farmed Atlantic salmon in the international seafood market." (Aquacult International, 7 June 2011)

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