D Billions 123
Danel Potvin
Trends in catch volume and revenue are not always aligned, particularly in highly commoditized tuna products. The prices paid to fishers and by the final consumer in 2018 were lower for almost all species than in 2012, driving the lower values reported here. This result also suggests that the ideal catch level, economically speaking, may not be as high as the determined maximum sustainable yield (MSY).
Excessive fishing pressure, however, is continuing to threaten this and other tuna species. In 2018, the year with the most recent economic data, stocks of eastern Pacific yellowfin, Pacific bluefin, Atlantic bigeye, Indian Ocean yellowfin, and southern bluefin were overfished,4 meaning that their populations had been reduced below scientifically recommended levels, threatening their role in marine ecosystems. Some stocks are severely depleted and cannot sustain any increase in fishing. This depletion isn't just a problem for marine ecosystems: It also affects the value of these populations. The catch of these stocks is currently worth a combined $8.5 billion at the final point of sale, but their value could be increased with sustainable management.
Fishers have been catching tunas for thousands of years, originally for their own consumption and, more recently, for trade. Large tunas have been a key part of the culture and economies of Mediterranean and Pacific societies for much of recorded history, reflected in music, art, and literature. Bluefin are even stamped on early Greek coins.
Although worldwide tuna landings increased by 12% from 2012 to 2018, the global shares and total landings of the top 10 tuna fishing nations decreased. In 2018, the top 10 fishing nations accounted for 60% of all tuna landings, down from 66% in 2012. The lower share may be the result of a changing tuna fishing landscape, in which quota allocation and investments are shifting from nations with large consolidated fleets to those that are just beginning to develop tuna fisheries.
Just as the biology of tuna varies by species, so does the value. (See Figure 6.) A single fish of one species commands the same price as a few tons of another. The method used to catch tunas and where they are caught also influences market price.
The bluefin species are caught in smaller quantities and are often sold as individual fish. Although the three bluefin species represent a very small portion of the total catch, they are by far the most valuable per metric ton. At the final point of sale, Pacific bluefin was the highest-priced of all tuna species in 2018, at about $38,300 per metric ton, followed by Atlantic bluefin at $36,700 and southern bluefin at $35,200. The price by weight, however, dropped significantly in the study period for Atlantic bluefin. It was the highest-priced tuna in 2012, with an average cost per metric ton of $69,000.
Low-quality product that is not able to enter higher-value market chains is typically sold in domestic markets in its whole, round form. In 2018, the end value of domestic markets was just over $1.1 billion.
Tuna from the Pacific has both the lowest price per metric ton and the highest total value of any region. This seeming paradox is because purse seine skipjack fisheries in that ocean are enormous, and that catch is destined for low-priced cans. The price per ton is low, but overall tonnage is very high.
This latest estimate of the value of the seven most commercially important tuna fisheries demonstrates their continued importance to economies around the world. With a combined worth of more than $40 billion a year, the fisheries support enormous industries and produce significant revenue, from commoditized canned tuna to highly desired, top-shelf bluefin sashimi. Tunas are a low-cost source of protein for much of the world and provide employment in areas where fishing and processing are concentrated. However, long-term sustainability is often traded for short-term political or economic gains.
Although total dock values rebounded to more than $11 billion in 2016 and 2018, up from $9.8 billion in 2014, fishing operations had to work harder to earn this revenue. Globally, vessels caught more tuna, but they were paid less at the dock for that catch in recent years. These comparisons do not account for inflation or for the potentially higher cost of doing business (e.g., fishing licenses, fuel), so although revenue has gone up, profits may not have rebounded.
The prices paid to tuna fishers or charged by retailers depend on several factors, including the relationship between supply and demand, quality of the product, distance to the final market, and volume. The findings in this report and a 2019 study published in PLOS ONE show that a bigger catch does not always translate into more revenue.8 And when factoring in the costs associated with higher catches, profits may even decline.
This phenomenon occurred for two of the bluefin species. The Atlantic bluefin catch rose substantially throughout the study period, up more than 136% from 2012 to 2018, albeit from a relatively low volume base. The larger catch, however, has not been matched by a higher dock value or an end value of the same magnitude. (See Tables 2 and 3.) The difference was even more significant for Pacific bluefin: Catch increased by 27%, but its dock price per metric ton dropped about 52%.
The use of harvest strategies, or pre-agreed frameworks for making fisheries management decisions (including setting quotas), would help protect the value of the fisheries for bigeye and other commercially important tunas. These strategies may be tailored to individual settings or needs, but all include the same basic elements: management objectives, a monitoring program, reference points (or other fishery indicators), a stock assessment methodology, and harvest control rules.12 Moving from traditional fisheries management, in which politics and the requirement for consensus-based decision-making often delay management action, to a system in which the scientific advice more directly influences management decisions is a key step toward better fishery management. Some tuna stocks, including southern bluefin tuna and North Atlantic albacore, are already managed using this approach. If harvest strategies are fully implemented, depleted species can be restored to healthy population sizes, and the high values reported here could be preserved or enhanced.
Successful fisheries management also requires well-developed monitoring programs. To better monitor fisheries, many RFMOs have mandated that observers be on board all purse seine vessels to collect fishing data. However, because observers typically cover less than 5% of longline fishing activity, fisheries managers lack sufficient information to properly oversee activity on these vessels.13 Fishing operations using other gears often have little or no monitoring.
This lack of observer coverage can influence the catch data that fishing vessels report. As managers recognize the need to increase monitoring, using electronic technology is becoming a proven way to expand observer coverage without placing additional personnel on board. RFMOs should prioritize the development and adoption of standards and programs that will allow electronic monitoring to supplement human observer coverage. By also improving compliance and enforcing stronger consequences for noncompliance, RFMOs can ensure that these valuable fisheries are being governed effectively.
To conserve and build on the billions of dollars that international fisheries generate, RFMOs and countries should take the following steps to improve the precautionary management of fish stocks globally:
Without these measures, there could be significant negative consequences for the industries, communities, and ecosystems that depend on tunas. These actions would improve global fisheries governance and secure strong financial returns in international fisheries while ensuring the health of the marine environment.
The volume of tuna landings in 2016 and 2018 was collected from the five major tuna RFMOs16 and the International Scientific Committee for Tuna and Tuna-Like Species in the North Pacific Ocean17 (ISC) to build a single landings database. Poseidon then sorted the data by country, species, gear type, and ocean basin to allow for multiple analyses. To check for robustness of the joint database, it compared the totals to the numbers reported by members of the U.N. Food and Agriculture Organization (FAO), a body that includes all marine fishing nations. The totals presented here are close to those reported to FAO.18 Poseidon made some estimations for the proportion of 2018 landings for different gear/species combinations destined for different markets (e.g., ranching, canning). These estimates were guided by market flows for similar gear/species combinations found in the 2016 study.
Converting the volumes and market flows into final prices (either at the dock or at the point of final sale) required an estimated wholesale price paid to fishers and retail price paid by the consumer. To estimate the average price paid to fishers, data was collected by Poseidon from several government agencies, trade organizations, and other fisheries-related organizations. Given the global nature of tuna fisheries and the technological capabilities of tuna vessels, such as refrigeration, prices paid to fishers are fairly consistent across ports for products of equal quality. Data sources included Japanese customs; the Tokyo Metropolitan Central Wholesale Market; Thai customs; the Sustainable Fisheries Partnership; and the National Oceanic and Atmospheric Administration, the agency responsible for stewardship of U.S. marine resources.
For end values, data collection methods depended on the end product (i.e., canned tuna, fish meal/pet food, whole round form for domestic markets, fresh sashimi, and frozen sashimi). Canned tuna prices were based on market surveys conducted at supermarkets around the world. Compared with the previous study, efforts were made to improve the survey coverage. As a result, Poseidon collected more than 700 price records from 12 countries, representing North America, Europe, Asia, and Africa.
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