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According to a new analysis of the farmed shellfish market released this week by the Gulf of Maine Research Institute, Maine’s farmed shellfish industry is projected to bring in well over $20 million in yearly revenues by 2028.
The report finds that the Northeast region is the fastest-growing market for shellfish and that Maine is the fastest-growing state within the Northeast.
The report says 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 $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 shareholder. 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 come from dayboats in state waters.
Given that demand will exceed supply for each species of shellfish along with mussels, all of Maine’s shellfish aquaculture organizations are faced with a significant growth opportunity.
Some of the most interesting points in the report revolve around reaching this growth potential, which would require investment in incremental lease acreage, operations, distribution networks and marketing to fulfil unmet demand; among other strategies and investments in infrastructure.
For more information, read more about the shellfish market and opportunities for growth HERE.
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.