Salmon farming in British Columbia (BC) has increased in value by 37 percent to more than CAD 1.5 billion (USD 1.2 billion, EUR 1 billion) over the past three years, finds new independent economic analysis of the industry.
According to the “Economic Impacts of the BC Farm-Raised Salmon Industry 2017,” prepared for the B.C. Salmon Farmers Association (BCFA), the total production of B.C. farmed salmon has increased by 8 percent since 2002 and reached a level of 92,800 metric tons (MT) last year.
The overall wholesale value of these fish was estimated at CAD 796.6 million (USD 638.5 million, EUR 540.6 million). Of this total, the production value (also known as the landed value) was CAD 743.3 million (USD 595.8 million, EUR 504.4 million) and CAD 53.3 million (USD 42.7 million, EUR 36.2 million) was the result of value-added processing.
Between 2013 and 2016, the total GDP generated by industry increased by 36 percent to CAD 557.8 million (USD 447.1 million, EUR 378.7 million), while the total employment in the sector increased by 33 percent to 6,610 full-time equivalents.
BCSFA Executive Director, Jeremy Dunn, said the full value chain in the salmon aquaculture sector had turned record high prices over much of the past three years into an unprecedented investment in the sector, including farming infrastructure, processing plants, land-based hatcheries and marine vessels.
The net result is an increase in business performance, as well as an increase in environmental and biological performance, he said.
Last month, the Monterey Bay Aquarium Seafood Watch program upgraded its recommendation of B.C. farmed salmon to “good alternative.”
