On the relationship between aquaculture and reduction fisheries

Traditional aquaculture has to a large extent used herbivore species with limited requirements for additional feeding. However, in intensive aquaculture production one farm carnivore species like salmon and also feeds herbivore species with fishmeal as this increase growth. This has lead to a growing concern that increased aquaculture production poses an environmental threat to the species targeted in reduction fisheries as increased demand increase fishing pressure. In this paper we address this question along two lines. First, under which management regimes may increased demand pose a threat to the species in question. Second, we investigate what is the market for fishmeal. Is fishmeal a unique product or is it a part of the larger market for oilmeals which includes soyameal? This is an important issue since the market structure for fishmeal is instrumental for whether increased aquaculture production may affect fishmeal prices, and thereby increase fishing pressure in industrial fisheries.