Market Integration of Farmed Trout in Germany

Price formation and integration of markets supplied by both farmed and captured fish is studied. Markets for trout and potential substitutes imported to Germany are analysed, and market delineation and market leaders identified. It is found that markets for small portion-sized farmed trout with white meat are related to, rather than completely separate from, other fish markets, and that markets for these trout are more closely linked to markets for captured fish than to farmed salmon. The implications are that although the part of the trout business operating with small freshwater ponds remains relatively unaffected by developments in other fish markets, careful attention should be paid to markets for and management of capture fisheries like cod, halibut, redfish, and mackerel, than to markets for farmed salmon.Price formation, market integration, captured-farmed fish, Production Economics, F15, Q21, Q22,

Delineation of Finnish Fish Markets: Interactions Between Wild and Farmed Fish Species

Finnish fish markets have traditionally been supplied by domestic wild fish species: Baltic herring, salmon and several freshwater species. Nowadays, farmed salmon and rainbow trout dominate the market and wild-caught species are moving to niche product segment. In this paper we examine the market integration of Finnish fish markets. We apply multivariate vector autoregressive (VAR) model to study interactions between farmed rainbow trout and wild caught European whitefish, pikeperch, perch and salmon. We found two cointegrated relations in the system. Firstly, European whitefish, pikeperch, and perch are close substitutes to each other. Secondly, we observed co-integration between wild-caught species and farmed rainbow trout. We also modelled the system in moving average form and identified three common stochastic trends, which drive the system. Two of these originate from wild fish species and one comes from farmed rainbow trout. This implies that in the Finnish market wild fish species compete with each other and the prices of these species are affected by farmed fish

Spatial Integration of Freshwater Fish Markets in the Northern Baltic Sea Area

Freshwater fish species and Baltic salmon are important to small-scale fisheries in Finland and Sweden. The formerly local markets for these species have expanded as the food trade has been opened up to international competition. In this study we use cointegration analysis to test the spatial integration of freshwater fish markets in Finland, and between Finland and Sweden. The analysed fish species are salmon (Salmo salar), perch (Perca fluviatilis), pikeperch (Sander lucioperca), European whitefish (Coregonus lavaretus) and pike (Esox lucius), and the data covers producer prices from 1995 to 2004. We found that the regional producer prices in Finland were co-integrated. This indicates that the prices are determined on a wider market area. Moreover, the study suggests that Finnish and Swedish markets for Baltic salmon, whitefish, pikeperch and perch were partially integrated, while pike markets were separate. The political implication is that an essential part of the local small-scale fisheries' operational environment is determined outside the national borders, because most of the freshwater fish species are a part of the international fish market

Integration and Causality in Demand: Farmed Trout in Germany

In this paper, a new test for causality in demand on markets supplied by both farmed and captured fish is presented. This method is applied on markets for trout and potential substitutes imported to Germany, to identify market delineation and causality in demand. It is found that markets for small portion-sized farmed trout with white meat are relative, but not completely, separate from other fish markets, that markets for these trout are more closely linked to markets for captured fish than to farmed salmon, and that prices on partially integrated markets including trout are weakly exogenous to quantities. The modelling implication is that consistent demand analysis in the present case claims the use of ordinary demand systems. The policy implications are that although the part of the trout business operating with small freshwater ponds remains relatively unaffected by developments on other fish markets, they should pay more careful attention to markets for and management of capture fisheries.Keywords: Market Integration, Causality in Demand, Captured-farmed Fish, Price Formation, Trou

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