Economics of Fisheries and Aquaculture and Sustainable Practices for Long Term Resource Use

Fisheries and aquaculture form crucial pillars of food security, employment, and trade globally, contributing over US$401 billion to the global economy and providing livelihoods to over 600 million people. This analysis analyzes the economics of fisheries and aquaculture combined with the environmental sustainability necessary for future preservation. Utilizing global production data, bioeconomic theory, and policy analysis, the paper addresses existing trends of economic status, inefficiencies derived from the underpricing of ecosystem services, and policy implications of key instruments such as rights-based management, certification schemes and integrated multi-trophic aquaculture. We find that capture fisheries reached maximum revenues of US$162.5 billion in 2003, while aquaculture reached US$214.8 billion and growing annually by ~6%. When comparing profitability, differences arise between varying production systems: while intensive, recirculating, aquaculture systems achieve greater productivity they also attain the greatest capital cost whereas polyculture and integrated systems achieve optimal sustainability measures. Overall, the evidence demonstrates a conflict between short-term economic interests and long-term environmental sustainment and thus requires a change towards ecosystem-based fisheries management and optimization of value chains. Our policy implications include enhanced subsidy reform, extended economic buffers around marine protected areas, stimulating participation in eco-certification schemes, and developing climate-adapting technology.