TURBOT AQUACULTURE: PRODUCTION AND MARKETS by Trond Bjørndal and José Fernández-Polanco

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1 TURBOT AQUACULTURE: PRODUCTION AND MARKETS by Trond Bjørndal and José Fernández-Polanco Background Turbot is a high valued species, much favoured in fine restaurants. Aquaculture of turbot started first in Scotland in the 1970s, but from the early 1980s the expansion in production volume and number of farms took place in Galicia, Spain. Techno-biological improvements in the early 1990s triggered a steady albeit slow growth in production across numerous European countries. Still the main production takes place in Galicia with modest culture in France, Portugal, Denmark, Germany, Iceland, Ireland, Italy, Norway and Wales. This picture was expected to change from 2010 when Portugal became the leading potential producer due to the planned production of 7,000 tonnes at Pescanova s aquaculture cluster in the northern part of the country.

2 European production, at about 9,400 tonnes in 2008, decreased to about 8,600 tonnes in 2010, but recovered and grew up to 10,800 tonnes in Although there is production capacity for increased output, this very much depends on developments on the market side. Aquaculture s share of the market will in the future dominate compared to the contribution from the wild fishery (5,500 tonnes in 2010). Turbot has been considered as a marine species that is suitable for a compact, resource maximising fish-farming systems in shallow raceways (Øiestad, 1999, Bjørndal and Øiestad, 2011). Increased production is likely to have an impact on price, as larger quantities will necessitate entry into new market segments. COST OF PRODUCTION FOR A 400 TONNE PER YEAR TURBOT FARM Assumptions: Dates and periods: Each year one yearclassof 360,000 fries is released in May. Weight and growth: Individual fry weight stands at kg at the time of introduction. The weight approaches 1.2 kg per fish after 18 months.

3 weight (kg) months Figure 1 Turbot growth curve Mortality: 0.45% per month Feed conversion rate: 0.95 Variable Costs: -Fry cost = 1.38 per unit -Feed price = 1.22 per kg -Labour = 167,000 per year

4 Fixed Cost: -Management = 45,000 per year Facility Investments: Total investments in the farm amount to about 6.1 million. Of this, the building and other constructions represent almost 3 million. Average cost of production per kg of turbot (400 tonnes production) Variable costs Fry % Feed costs % Labour % Interest on working capital % Total variable costs % Fixed costs: Manager wages % Total operating costs % Depreciation and interest on fixed investments % Total production costs per kg of turbot % Fixed costs are seen to represent a fairly large share of cost of production.

5 Sensitivity analysis Table. Sensitivity Analysis Cost of Production. Case Cost of production /kg Base case: 400 tonne annual production % change Doubling of mortality 400 t annual production maintained Improved growth: harvest weight at 1.5 kg/fish; annual production 500 tonnes % % FCR increased from 0.95 to 1.10; 400 t production maintained % Fry cost reduced from 1.38 to % Overall, these results represent moderate sensitivity of cost of production to changes in these important biological parameters. WILD CATCHES OF TURBOT Figure 1: European Union (EU) and Global Catch of Turbot Tonnes. It is believed that the prospects for increased landings are limited. Thus, any expansion in quantity must come from farming

6 EU FARMED TURBOT PRODUCTION Farmed production of turbot until now was almost exclusively EU based. Outside Europe, FAO reports an increasing production of farmed turbot rising from 5,000 tonnes in 2005 to 60,000 tonnes in However it is unclear whether these figures are referring the same species or another flat fish like flounder. Chile, with a modest production close to 300 tonnes in 2010 is the other relevant non European turbot producer of the species Psetta maxima. Figure 2: EU Aquaculture Production of Turbot Tonnes. Within Europe, farmed production comes from five main countries, with the bulk coming from Spain (71.2% in 2011). Spanish production has grown consistently from 38 tonnes in 1985 to 7,755 tonnes in 2011.

7 As a consequence of new investments, Portuguese production has increased considerably in the last years growing from 351 tonnes in 2008 to overcome 2,500 tonnes in Figure 3: EU Production of Farmed Turbot. Key Nations Tonnes. Together the farmed production from these five countries comprises over 98.5% of EU production of turbot. In fact, Spain and Portugal combined represent 94.9% of production. Spain Table 1. Production of Farmed Turbot in Spain (97% Galicia) and World Production, Tonnes Production (Tonnes) World Production (Tonnes) , , , , , , , , ,080 7, ,870 9, ,320 8, ,910 8, ,755 10,800 Source: FAO; APROMAR

8 Production of farmed turbot in Spain by regions (Tonnes) Cantabria Galicia 8,070 6,710 7,690 Basque Country TOTAL 8,320 6,910 7,755 Source: APROMAR MARKETS FOR TURBOT National turbot markets Spain is not only the largest producer of turbot, but also one of the largest markets. Landings of wild turbot, on the other hand, are negligible, accounting for less than 60 tonnes per year. Thus, the market is served almost entirely by farmed product. However, wild turbot is imported from the Netherlands during the months of the harvest season, causing some impact on farmed prices.

9 Although there are variations from year to year, there was an upward trend in sales from 2,204 tonnes in 2004 to 3,627 in 2009 with a particularly noticeable increase from However, consumption declined in 2010 and continued declining in The effects of the financial crisis on Spanish consumers budget may be the reason for these decreases which have also been observed for other popular farmed species like seabream. The concurrent rise in retail turbot prices has act as a catalytic of the decrease in demand. Table 2. Sales (Tonnes) and Prices ( /kg) in the Main Retail Channels in Spain Total Sales (Tonnes) 2,204 1,885 2,499 2,304 3,048 Hypermarket Supermarket Fish Market Fishmonger Quantity Tonnes Price /kg Quantity Tonnes Price /kg Quantity Tonnes Price /Kg Quan tity Tonnes Price /Kg , , , , , , Source:_MAGRAMA

10 In 2011, supermarkets represented the most importand retail channel, with 48% of total sales, followed by fish mongers (20.4%), hypermarkets (20%) and fish markets (11.4%). The relative share of traditional outlets has declined since 2008, at the same time that retail concentration in the seafood sector increased accelerated by the consequences of the economic crisis on the smaller fishmongers and markets. Other important markets include: Italy (domestic wild fishery, imports) France (domestic wild fishery, farmed production, imports) UK (domestic wild fishery, imports) TURBOT PRICES Spain As mentioned above, Galicia is the main producer of turbot in Europe. Price observations for this region are presented in Table 4. Price per kg increased from 7.30 in 1999 to 8.10 in 2003 and remained above 8 for most of the period up to and including There has, however, been a fairly substantial price reduction in 2009 with a 19.7% reduction compared to the average for This puts pressure on the price. Price returned to 7.77 in 2010, and it is expected by the producers associations to reach 9.14 in 2011.

11 Table 4. Price of Farmed Turbot in Galicia /kg Price /kg Source: APROMAR Most turbot is harvested at a weight of kg per fish. This size is particularly demanded by the Horeca channel which has been hard hit by the recession with subsequent decline in demand. The key in the future is to target new segments and make home consumption of turbot more popular. Prices of Wild Turbot We have been able to find time series data for the price of wild turbot for only two countries, the Netherlands ( ) and Belgium ( ). Figure 5 shows also average annual farmed price for turbot in the EU for The price is seen to decline from 9.67/kg in 1996 to 7.84 in When comparing prices of farmed and wild product, it is interesting to note that for the first five years of the data series, the price of farmed was higher than the price of wild. Presumably this was due to very low quantities of farmed turbot. For recent years, however, one can observe a growing divergence between farmed and wild prices. In other words, there are indications that the price premium for wild product may be increasing.

12 Figure. 5 Average Annual Wild Turbot Prices for Belgium ( ) and the Netherlands ( ); Average Annual Farmed Turbot Price for the EU ( ); /kg. Figure 6 shows EU farmed production and nominal price of turbot per kg for the period As the EU represents the lion s share of turbot farming, the figure is representative of the world market and world price for turbot. In this period, production increased from 287 tonnes in 1989 to 8,548 tonnes in The real price initially fell sharply, from 17.29/Kg in 1989 to 8.51/kg in Subsequently, it has shown only a gradual decline. The 2010 price was 7.18/kg, up from 6.70 in Turbot is a species that has maintained its exclusive image. Some of the explanation is of course that that production has increased only moderately, as shown in Figure 6 from about 300 tonnes in 1989 to 8,200 tonnes in As expected, this has lead to a decline in price. The price in 2007 was 7.45 kg, slightly less than half of the 1992 price, but about 60% of the 1993 price.

13 Figure 6. EU Farmed Turbot Production (Tonnes) and Nominal Price /Kg The interesting question about turbot is why production has not increased more. Many top chefs regard it as the most attractive fish species. Moreover, it has a great reputation in a much wider area than sea bass and sea bream as it is also caught (in small quantities) in Northern Europe, and hence it has a larger market to tap. The reasons for the limited growth of this industry are to be found on both the supply and the demand side.

14 On the supply side, the reason for the limited growth in farmed quantity has to do with production technology. Turbot cannot be produced in sea pens, but must be produced in land-based tanks or raceways. This requires more investment, and makes it more difficult to increase production when market signals are positive. Moreover, the larger investment also increases capital costs, and thereby production costs, relative to species where sea pens are used. Hence, production costs cannot decline as much as for salmon as long as this production technology is used. The final lesson, when comparing turbot to salmon, is that it is not likely to remain a luxury product if production increases so much that it must compete primarily on price. FUTURE OUTLOOK The industry is thus faced with two challenges: First, produce a high quality product at lowest possible cost. Large scale production appears to be one of the necessary conditions to achieve that. Second, further market expansion is required. A number of factors will influence the development of the market for turbot. These include consumer purchasing behaviour and responses of the multiple retailers to the increase in production. Turbot is a popular, but nevertheless premium fish species. Prospects for steady growth within limits are to a great extend determined by price.

15 Innovation processes and institutional support will be important factors in the potential development of turbot aquaculture. The further development of commercial aquaculture systems suitable for the production of turbot is key in the expansion of the market for this species. Site availability and cost taking into consideration physical availability and government regulations. Support for innovation taking into account government and business investment in R&D, education and training, and the support of government and financial institutions for commercial (technology-based) risk takers. Turbot is a very popular product, and many markets remain to be exploited, in Europe and elsewhere. Nevertheless, Spain is still the dominant market, and the engine for sector development. While Spain remains in a recession, the turbot market is likely to remain constrained. In the long run, production may, however, increase as Spain recovers and other markes are developed. In order to improve market performance and increase product s demand producers will have to achieve three main goals. First, the behaviour of turbot sales in the Spanish market indicates some level of price sensitivity. While turbot prices remain relatively high compared with other white fish farmed species it is going to be difficult to increase the demand. Therefore, unless prices are able to reduce it is quite uncertain that increasing production may lead to success.

16 Second, even Spanish producers are aware on the need to develop the international market, production is still mainly focused on the local market, which is in recession. Consolidating foreign markets is going to be a key issue for the development of the industry in the incoming years. Third, turbot needs to become more popular across consumers and not an exclusive fish for premium restaurants, since both demands are positively correlated. In this sense, smaller sizes and more convenient products will help attracting household demand.

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