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Maine's Aquaculture Shellfish Sector Forecasts Substantial Expansion

According to a recent study released by the Gulf of Maine Research Institute, the farmed shellfish market is projected to generate annual revenues surpassing $20 million by 2028.

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Maine's Aquaculture Shellfish Sector Forecasts Substantial Expansion
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A recent report released by the Gulf of Maine Research Institute identifies the Northeast region as the United States' fastest-growing market for farmed shellfish, with Maine leading the state-level expansion within the region.
The report emphasizes Maine's substantial potential for growth in the farmed shellfish industry, projecting revenues exceeding $28 million by 2028, marking a 40 percent increase from 2022 figures.
Currently, shellfish represent a market valued at over $700 million for domestic harvesters in the U.S., with Maine contributing approximately 3.5 percent of the total domestic shellfish landings, amounting to approximately $26 million in landed value.
Oyster cultivation, in particular, has experienced significant growth in recent years, with the Northeast region being the sole area to expand oyster capacity over the past six years. The report highlights Maine's strategic position to capitalize on this growth and meet demand unmet by other markets.
Demand projections indicate nearly a 50 percent increase in Maine oyster demand over the next five years, equating to the production of approximately 5.5 million oysters. Similarly, demand for Maine farmed mussels is expected to rise by approximately 40 percent by 2028, exceeding the largest harvest achieved in 2019 by nearly 20 percent.
Despite representing only 2 percent of the national scallop volume, Maine's scallops command the highest average price per pound. The report underscores scallops as a burgeoning aquaculture market in Maine, less impacted by federal quotas compared to other regions.
With demand poised to surpass supply for each shellfish species, Maine's shellfish aquaculture sector faces significant growth opportunities. The report emphasizes the necessity for increased investment in farming operations, distribution networks, marketing, and expanded lease acreage to facilitate this growth.
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