Factors Affecting Fishing Industry
Fishing industry has grown exponentially over the recent past and across the globe. Developed and developing economies engage in commercial fishing and it has proven to be a lucrative business. However, fishing industry is affected by a number of factors including
Fishing industry is affected by environmental factors including changing weather conditions. Rough seas, high winds and storms prevent and cuts short the trip of fishermen. In other situations, fishery participants are prevented from leaving the harbor because of harsh weather conditions and it affects the quality of fish harvested.
Additionally, extreme weather conditions including La Nina and El Nino affect the quality and quantity of fish being harvested. This is because of different fish species. There are those that can survive through harsh weather conditions and those that cannot. Abundance in fish production needs favorable weather condition.
With poor weather conditions, fishermen cannot harvest enough fish. A decrease in fish production will result into high cost of fish in the market and vice versa.
Fishing industry is also affected by regulatory factors. Federal and state regulations govern commercial fishing. They limit the ability of fishermen to provide enough seafood to its consumers. However, such regulations are also important because they are intended to sustain different fishery resources.
Local fishermen have to abide by restricted access rules, fishing gear regulations, size limits, sex limits, fleet wide quotas, trip limits and seasonal closures limits. For instance, trip limits requires that fishery participants are only required to supply specific number of fish in one fishing trip.
Economic factors affecting fishing industry
Fishing industry is also affected by economic factors. It has been successfully proven by economists and other researchers in the industry that, competition with other fishery products can adversely affect the industry. Increased gas prices across the globe also affect the price of fish and other local products that fishermen need.
When gas prices are up, fishery participants also have to pay more on their fishing trips. This is one of the reasons as to why different stakeholders have been working hard to develop new marketing strategies to boost fishing industry. Measures to promote the quality of seafood have also been put in place to help manage economic factors affecting the industry.
New domestic markets have also been developed over the recent past. It affects fishing industry in the sense that, fish including sea urchins are now sold locally in many countries. In the past, sea urchins were shipped overseas. Additionally, there are other products including prawns and halibut that are used efficiently in the upscale market. This means that you have to pay a higher amount to buy fresh high quality fish in new domestic markets.
Demand and supply of fish also affects fishing industry. There are high seasons and low seasons. When the demand for fish is high, the prices go up and when the demand is low, prices go down.
The number of people joining the industry has also grown. There are many fishery participants in today’s fishery market. Therefore, it is easy to get the type of fish a consumer is interested in and at a fair price.
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