May 14, 2024 — The following was released by Gulf of Maine Research Institute:
An upcoming webinar will take a deep dive into the analysis of the farmed shellfish market released earlier this year by the Gulf of Maine Research Institute that showed Maine’s farmed shellfish industry is projected to bring in well over $20 million in yearly revenues by 2028.
In this free webinar, experts from GMRI and Pentallect will share valuable information on the current market scenario, growth opportunities, and key challenges in the industry.
This webinar is for aquaculture farmers who want to better understand current shellfish markets, as well as financial intuitions who may be involved or are interested in the market outlook of aquaculture businesses (to give loans or invest in) and seafood distributors. Presenters will discuss current market trends, highlight growth opportunities and key findings from the Shellfish Market Analysis published in February.
The report finds that Maine has a “significant opportunity to expand its farmed shellfish industry” and that based on projections, the Maine shellfish industry could achieve revenues of over $28 million by 2028, or a 40 percent growth from 2022.
In total, shellfish represents a $700+ million in the U.S. marketplace for domestic harvesters, and $1.1 billion including imports. Maine accounts for approximately 3.5 percent of the total shellfish domestic-sourced landings, delivering approximately $26 million in landed value.
Oysters in particular are seeing dramatic growth since the last report in 2016. The Northeast region of the United States has been the only region to expand oyster capacity over the past six years, and is well positioned to capitalize on that growth and demand not met by other markets.
Maine specifically has been the Northeast share growth leader since 2015, gaining a staggering 8 share points from Massachusetts, the current greatest share holder.The best, or mid-point, projection estimates that demand for Maine oysters will grow by almost 50 percent over the 5-year planning horizon, generating approximately 5.5 million oysters. Demand for Maine aquaculture-sourced mussels is projected to grow approximately 40 percent over current supply by 2028, which exceeds the largest harvest achieved in 2019 by close to 20 percent, the report found.
While Maine’s scallop industry is only 2 percent of scallop volume nationally, Maine scallops fetch the highest average price per pound. The report finds that scallops are a newer aquaculture market and are less impacted by federal quotas than other regions, given the majority of scallops coming from day-boats in state waters.
For more information, read more about the shellfish market and opportunities for growth here: GMRI_Farmed_Shellfish_Market_
To register for the webinar, please visit: Shellfish Market Analysis Webinar – Gulf of Maine Research Institute (gmri.org)
WHO: GMRI Scientists, Pentallect experts, aquaculture famrers, financial institutions
WHAT: A deep dive and discussion on the Market Shellfish Analysis
WHEN: Thursday, May 23, 4 p.m. – 4:45 p.m.
WHERE: Zoom
About the Gulf of Maine Research Institute:
The Gulf of Maine Research Institute develops and delivers collaborative solutions to global ocean challenges. Located in Portland, ME, the institute is dedicated to the resilience of the Gulf of Maine ecosystem and the communities that depend on it. For more information, visit www.gmri.org.