Investment Needed to Support Growth in Aquaculture
Soy organizations come together to plan how the soy industry can help
Fish love soy meal, so fish farming is a promising new market for U.S. soybeans.
But the global aquaculture sector will need an additional $50 billion in investment by 2021 if fish farmers are to meet the world’s projected seafood demand, according to industry insiders who spoke recently at the Global Outlook for Aquaculture Leadership (GOAL) conference in Bangkok. This will require significantly more involvement from private companies.
According to the United Nations Food and Agriculture Organization, global seafood demand could reach 172 million metric tons by 2021, a 15 percent increase over 2011. The Soy Aquaculture Alliance (SAA) wants to help meet this demand by growing the domestic aquaculture industry through the use of soy. As a member of SAA, the United Soybean Board (USB) supports research to improve domestic aquaculture and hopefully, consumption of U.S. soy.
“There’s so much opportunity for growth in the aquaculture sector, not just for soy meal but for other investors as well,” explains Mike Beard, USB farmer-leader from Frankfort, Ind. “GOAL really showed us how demand for seafood will continue. Investment and research will be a huge part in helping to meet that demand.”
SAA used the information from the GOAL conference to set its priorities for the year and elect its executive committee. The executive committee that will lead SAA forward in 2013 includes:
- Chairman: Duane Dahlman, soybean farmer from Illinois
- Vice Chairman: George Martin, soybean farmer from Kentucky
- Secretary: John Wray, soybean farmer from Kansas
- Treasurer: Delbert Westphalen, soybean farmer from Iowa
USB joins 11 state soybean boards and several aquaculture producers on SAA to help improve the aquaculture sector through the use of U.S. soy.