WTP for RAS salmon by the US consumer

Marine omega-3s, EPA and DHA, have been strongly evidenced to decrease the risk of cardiovascular disease, the leading cause of death in the United States. One of the richest sources of EPA and DHA in the U.S. diet is farmed Atlantic salmon, which has shown a steady consumption growth in the past decade. The U.S. shows the most production potential for salmon produced with an emerging production method, recirculating aquaculture systems (RAS), which directly addresses the environmental challenges associated with the traditional farming method, open-net pens. Because of the higher costs associated with RAS, the salmon it produces requires a price premium, and little is known about whether U.S. consumers are willing to pay such a premium. We conduct a hypothetical choice experiment across all major regional markets of the U.S. (n = 2857) to estimate consumers' willingness-to-pay for RAS and other attributes valued by producers and consumers. Our results show that U.S. consumers are willing to pay a premium for RAS, but only after prioritizing freshness (fewer days since harvest) and U.S. production, all of which were significant to the p < .001 level. Higher omega-3 content also justified a significant premium, but byproduct recycling and stocking density did not have any real influence on purchases. We express these willingness-to-pay (WTP) estimates as percentages of a reference product priced with model estimates. These adjusted retail premiums should be paired with RAS salmon production costs to understand the economic viability of RAS and illuminate the path to EPA and DHA nutrient security in the U.S.

Name thesis:degree_name

Master of Science

Level thesis:degree_level

masters

Discipline thesis:degree_discipline

Agricultural and Applied Economics

Department dc:contributor.department

Agricultural and Applied Economics

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

2024

Author dc:creator

• Wu, Isaac Ying-Nan

Chair dc:contributor.committeechair

• van Senten, Jonathan

Committee members dc:contributor.committeemember

• Moeltner, Klaus
• Stewart, Shamar L.

• willingness-to-pay
• choice experiment
• Atlantic salmon
• recirculating aquaculture systems
• sustainable finfish aquaculture
• nutrient security
• omega-3s

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Language dc:language.iso

en

Dc Identifier Other

vt_gsexam:40145

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/119004