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. The report showed that Maine’s farmed shellfish industry is projected to bring in well over $28 million in yearly revenues by 2028.
The free-to-attend webinar is aimed at aquaculture farmers who want to better understand current shellfish markets, as well as potential investors and seafood distributors. During the event, experts from GMRI and Pentallect – an industry consulting firm - will share valuable information on the current market scenario, growth opportunities, and key challenges in the industry.
GMRI’s industry report, published earlier this year, indicated that there is significant scope for the expansion of shellfish aquaculture within the State, with projected revenues of over $28 million by 2028 - a 40 percent growth from 2022.
Oyster farming in particular has seen 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 capitalise on that growth and demand not met by other markets. Estimates predict that demand for Maine oysters will grow by almost 50 percent over the next 5 years, generating approximately 5.5 million oysters. Additionally, demand for Maine farmed 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.
Registration for the webinar, which will take place on 23 May, 2024, is now open.
