July 27, 2012 — The following is an excerpt from an article published by the Public Trust Project.
As the Atlantic States Marine Fisheries Commission gears up to meet in early August, all eyes are once again turning to Atlantic menhaden, the forage fish that has been called “the most important fish in the sea.” Menhaden feeds commercially valuable predator fish like striped bass, weakfish, and bluefish, as well as marine mammals like humpback whales and dolphins, and even sea birds like loons and osprey. Ecologically, therefore, menhaden is important to all the states along the Atlantic, but commercially it valuable primarily to Virginia — the only state that allows menhaden “reduction” boats into its state waters. For the graphically inclined, here are a few charts that put the menhaden fishery into perspective.
Read the full story at the Public Trust Project.
Analysis: The Public Trust Project article, “Menhaden Fishery in Graphics,” by Jamie Bugel, presents a series of graphs displaying the amount of Atlantic menhaden landed in Virginia and other coastal states, and from those figures attempts to extrapolate the economic value of the menhaden fishery. The article concludes its brief economic analysis stating, “Ecologically, therefore, menhaden is important to all the states along the Atlantic, but commercially it [sic] valuable primarily to Virginia — the only state that allows menhaden ‘reduction’ boats into its state waters.”
While menhaden landings in Virginia waters are the largest in the nation, the commercial value of the reduction industry extends far beyond Virginia’s borders. Menhaden products are utilized across the nation and exported globally. The statement that menhaden is commercially valuable primarily to Virginia is a gross understatement of the value of menhaden-derived products, and of the consumption patterns of those products. In short, the Public Trust Project’s economic analysis of the commercial value of menhaden is at best naive, and clearly misleading.
Menhaden products produced by the reduction fishery are vital to aquaculture businesses, which utilize fishmeal and fish oil, and makers of nutritional supplements, which refine fish oil into popular Omega-3 supplements. In 2011, the reduction industry had over $250 million in sales, including over $82 million in domestic sales in 48 of the 50 states. Globally, fish oil and fishmeal from menhaden supply the growing global aquaculture industry; the US reduction industry has supplied $102 million worth of reduction products to China alone. Other international destinations include Canada, Denmark, Norway, and Saudi Arabia.
Reduction industry boats are not the only contributor to the large catch of menhaden in Virginia. The Virginia bait fishery is also an essential part of the state’s economy, and, along with the bait fishery coast-wide, is continually expanding. According to a report prepared by NOAA and the New Jersey Division of Fish and Game, the bait fishery currently comprises around 20 percent of total menhaden catch, up from the average of 11 percent of total menhaden landings from 1985-2000. Much like the reduction fishery, the bait fishery has an economic impact that extends beyond the number of fish landed. Menhaden bait is a crucial component of several fisheries, such as the North Carolina blue crab fishery, and is an increasingly large percentage of the bait used in the high-value Maine lobster fishery. Recent estimates project that menhaden comprise up to 32 percent of the bait used for Maine lobster.
In addition to the economic value of the menhaden fishery, menhaden products in the form of health supplements have been shown to have a positive impact on human health. Menhaden contain unsaturated fats, called Omega-3 fatty acids, which according to the Mayo Clinic, may play a role in reducing inflammation in the body. Reducing inflammation also reduces the risk of heart disease and other heart-related ailments. Various developmental benefits have also been attributed to the consumption of the Omega-3 fatty acids. These benefits have led the American Heart Association to recommend that people consume fish rich in Omega-3 fatty acids at least twice a week.