The growing demand for seafood around the world is offering some opportunities for alternative production systems. Harvesting of seafood from wild areas is expected to increase at a rate slower than demand which creates unmet demand. Currently, the consumption of farm-raised fish is nearly equal to wild-caught fish. Aquaculture, the production of aquatic organisms especially for food, is one of the sources to supply this market. The opportunities in aquaculture depend on many factors including species and value.
The market for seafood in the United States relies heavily on imported seafood. According to NOAA’s FishWatch, “In 2011, we imported about 91 percent of the seafood consumed here” with China being the dominant source of farm-raised seafood. An understanding of the choices that consumers make at restaurants is important in selecting a species to produce because about 70 percent of the seafood consumed by Americans is eaten in restaurants. Further data shows that most seafood is consumed by people with incomes in excess of $75,000 per year.
With some understanding of the seafood production and consumption markets, Michigan entrepreneurs are evaluating the business opportunity. Michigan has some assets that are advantageous to the aquaculture industry such as the supply of freshwater and its proximity to major population centers. Conversely, there are also challenges in Michigan such as the very small aquaculture supply and processing industries that exists currently as well as a cool climate that increases energy use.
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