FRESHWATER VARIETIES Catfish TABLE 19 SALES OF CATFISH BY STATE, U.S., 2001 (%) TABLE 20 VOLUME OF FARM-RAISED CHANNEL CATFISH,

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1 INTRODUCTION... XVIII OBJECTIVES AND GOALS OF STUDY... XVIII CONTRIBUTION OF THE STUDY AND FOR WHOM... XVIII STUDY SCOPE AND FORMAT... XVIII METHODOLOGY... XIX INFORMATION SOURCES... XX AUTHOR S CREDENTIALS... XX RELATED BCC WORK CREDENTIALS INCLUDING WORK DONE BY OTHER AUTHORS... XX BCC ON-LINE SERVICE... XXI SUMMARY... XXII SUMMARY TABLE ESTIMATED WORLDWIDE AQUACULTURE AND FEED PRODUCTS BY VOLUME AND VALUE, THROUGH XXII SUMMARY FIGURE ESTIMATED VALUE OF WORLDWIDE AQUACULTURE AND FEED PRODUCTS, ($ MILLIONS)... XXIII OVERVIEW... 1 DEFINITION OF AQUACULTURE... 1 THE HISTORY OF AQUACULTURE... 1 BRIEF OVERVIEW OF WORLDWIDE AQUACULTURE... 2 KYOTO DECLARATION ON AQUACULTURE... 2 Kyoto Declaration on Aquaculture (Continued)... 3 THE CONFERENCE ON AQUACULTURE IN THE THIRD MILLENNIUM... 4 GROWTH OF THE AQUACULTURE INDUSTRY... 4 Growth of the Aquaculture Industry (Continued)... 5 TABLE 1 TOP AQUACULTURE-PRODUCING COUNTRIES, BY VOLUME, 1988 AND 2000 (METRIC TONS)... 6 TABLE 2 TOP AQUACULTURE-PRODUCING COUNTRIES BY REVENUES, 2000 ($ MILLIONS)... 6 TABLE 3 TOP 10 COUNTRIES IN FISHERIES PRODUCTION, CAPTURE AND AQUACULTURE, 1999 (MILLION METRIC TONS)... 7 TABLE 4 FISH PRODUCTION TRENDS, SELECTED COUNTRIES, TABLE 4 (CONTINUED)... 8 TRADE IN AQUACULTURE... 8 Finfish... 8 American Catfish... 8 Salmon... 9 Sea Bass and Sea Bream... 9 Tilapia Trout Crustaceans Mollusks Seaweed Seed Supplies... 11

2 LEADING SPECIES PRODUCED BY AQUACULTURE TABLE 5 NAMES OF COMMON AQUACULTURE SPECIES TABLE 5 (CONTINUED) TABLE 6 TOP VOLUME AQUACULTURE SPECIES, 1988 AND 1997 (METRIC TONS) THE NEED FOR AQUACULTURE PER CAPITA CONSUMPTION OF SEAFOOD TABLE 7 PER CAPITA CONSUMPTION OF FISH BY GEOGRAPHIC AREA, (KILOGRAM/PER CAPITA/PER YEAR) TABLE 8 PER CAPITA CONSUMPTION OF SEAFOOD BY PRODUCT, U.S., 2001 (POUNDS) POPULATION GROWTH TABLE 9 ESTIMATED POPULATION GROWTH AND CONSUMPTION OF FISH IN NORTH AMERICA, ANNUAL EXPENDITURES ON SEAFOOD DECLINE IN THE BEEF AND PORK MARKETS SAFETY CONCERNS CAPTURE FISHERY VERSUS AQUACULTURE PRODUCTION TABLE 10 CAPTURE FISHERY VERSUS AQUACULTURE PRODUCTION, WORLDWIDE, (MILLION METRIC TONS) TABLE 10 (CONTINUED) TABLE 11 CAPTURE VERSUS AQUACULTURE FISHERY PRODUCTION, PERCENT OF TOTAL, WORLDWIDE, (%) FIGURE 1 CAPTURE VERSUS AQUACULTURE FISHERY PRODUCTION, PERCENT OF TOTAL, WORLDWIDE, (%) OVERVIEW OF AQUACULTURE IN THE U.S TABLE 12 U.S. EXPORTS OF SELECT SEAFOOD PRODUCTS: ($ 000, LBS. 000S) TABLE 13 U.S. IMPORTS OF SELECT SEAFOOD PRODUCTS: FACTORS INHIBITING THE GROWTH OF THE U.S. AQUACULTURE INDUSTRY Water Water (Continued) PRODUCTS TABLE 14 WORLDWIDE AQUACULTURE PRODUCTION, THROUGH 2008 (MILLION METRIC TONS) TABLE 15 WORLDWIDE MARKET FOR AQUACULTURE PRODUCTS, THROUGH 2008 ($ MILLIONS) WORLDWIDE PRODUCTION BY SPECIES TABLE 16 WORLDWIDE FISHERIES PRODUCTION AND UTILIZATION, (MILLION METRIC TONS) TABLE 17 FISHERIES PRODUCTION AND UTILIZATION, WORLDWIDE (EXCLUDING CHINA), (MILLION METRIC TONS) TABLE 18 TOP AQUACULTURE SPECIES BY UNIT VALUE, WORLDWIDE, 2001 (U.S. $/KILOGRAM) CHOOSING THE SPECIES TO CULTURE CHANGES IN PRODUCTION VALUE FINFISH... 29

3 FRESHWATER VARIETIES Catfish TABLE 19 SALES OF CATFISH BY STATE, U.S., 2001 (%) TABLE 20 VOLUME OF FARM-RAISED CHANNEL CATFISH, NORTH AMERICA, (METRIC TONS) TABLE 21 VALUE OF FARM-RAISED CHANNEL CATFISH, NORTH AMERICA, ($ MILLIONS) TABLE 22 VOLUME OF FARM-RAISED CATFISH SOLD TO PROCESSORS, U.S., (1,000 POUNDS) TABLE 23 VOLUME OF FARM-RAISED CATFISH SOLD BY PROCESSORS, U.S., (1,000 POUNDS) TABLE 24 AVERAGE PRICE PAID BY PROCESSORS FOR FARM-RAISED CATFISH, U.S., (CENTS PER POUND) TABLE 25 AVERAGE PRICE RECEIVED BY PROCESSORS FOR FARM-RAISED CATFISH, U.S., (DOLLARS PER POUND) TABLE 26 SALES BY PROCESSORS FOR FARM-RAISED CATFISH, U.S., ($ MILLIONS) TABLE 27 NUMBER OF CATFISH FARMS, U.S., TABLE 28 VOLUME OF IMPORTED CATFISH, U.S., (1,000 POUNDS) Improving Catfish Production in the U.S Genetics Studies Cyprinids TABLE 29 MEMBERS OF THE CYPRINID FAMILY OF FISH USED AS FOOD FISH AND AVERAGE ANNUAL WORLDWIDE PRODUCTION, Hybrid Striped Bass Salmonidae TABLE 30 MEMBERS OF THE SALMONIDAE FAMILY OF FISH USED AS FOOD FISH AND AVERAGE ANNUAL WORLDWIDE PRODUCTION, Projections for the Future Salmon Market TABLE 31 SALMON PRICES, Markets Vary by Geographic Area Moving from a Production-Driven to a Market-Driven Industry Competitors in Salmon Farming Atlantic Salmon TABLE 32 VOLUME OF FARM-RAISED ATLANTIC SALMON, NORTH AMERICA, (METRIC TONS) TABLE 33 VALUE OF FARM-RAISED ATLANTIC SALMON, NORTH AMERICA, ($ MILLIONS) TABLE 33 (CONTINUED) Chinook Salmon and Coho Salmon Land-Based Salmon Farming Organic Salmon Making Farmed Salmon Pink Rainbow Trout TABLE 34 VOLUME OF FARM-RAISED RAINBOW TROUT, NORTH AMERICA, (METRIC TONS) TABLE 35 VALUE OF FARM-RAISED RAINBOW TROUT, NORTH AMERICA, ($ MILLIONS) Tilapia... 45

4 Baitfish Production Fish for Insect and Weed Control The North American Freshwater Finfish Market TABLE 36 PERCENT BY SPECIES OF FARM-RAISED FISH PRODUCTION, NORTH AMERICA, 1988 (%) TABLE 37 PERCENT BY SPECIES OF FARM-RAISED FISH PRODUCTION, NORTH AMERICA, 1997 (%) TABLE 38 PERCENT BY SPECIES OF FARM-RAISED FISH VALUE, NORTH AMERICA, 1988 (%) TABLE 39 PERCENT BY SPECIES OF FARM-RAISED FISH VALUE, NORTH AMERICA, 1997 (%) SALTWATER VARIETIES Cod Halibut Snapper Tuna Tuna (Continued) Tuna (Continued) CRUSTACEANS TABLE 40 VOLUME OF CULTURED CRUSTACEAN PRODUCTION, WORLDWIDE, (METRIC TONS) TABLE 41 VALUE OF CULTURED CRUSTACEAN PRODUCTION, WORLDWIDE, ($ BILLIONS) CRAYFISH SHRIMP AND PRAWNS TABLE 42 MEMBERS OF THE PENAEIDAE FAMILY USED AS FOOD FISH AND AVERAGE ANNUAL WORLDWIDE PRODUCTION, The Economics of Shrimp Farming Stocking Costs Feed Yield Value U.S. Government Assistance to the U.S. Farmed Shrimp Industry MOLLUSKS TABLE 43 VALUE OF CULTURED MOLLUSK PRODUCTION, WORLDWIDE, ($ BILLIONS) TABLE 43 (CONTINUED) CLAMS Seed Producers THE NORTH AMERICAN CRUSTACEAN AND MOLLUSK MARKET TABLE 44 PERCENT BY SPECIES OF FARM-RAISED INVERTEBRATE PRODUCTION, NORTH AMERICA, 1988 (%) TABLE 45 PERCENT BY SPECIES OF FARM-RAISED INVERTEBRATE PRODUCTION, NORTH AMERICA, 1997 (%) TABLE 46 PERCENT BY SPECIES OF FARM-RAISED INVERTEBRATE VALUE, NORTH AMERICA, 1988 (%)... 61

5 TABLE 47 PERCENT BY SPECIES OF FARM-RAISED INVERTEBRATE VALUE, NORTH AMERICA, 1997 (%) CAVIAR AQUATIC PLANTS TABLE 48 VOLUME OF CULTURED AQUATIC PLANT PRODUCTION, WORLDWIDE, (METRIC TONS) TECHNOLOGY PHASES OF AQUACULTURE IMPROVEMENTS IN PRODUCTION PRODUCTION SYSTEMS EXTENSIVE AQUACULTURE SYSTEMS The Chinese Model The Israeli Model The Alabama Model SEMI-EXTENSIVE/SEMI-INTENSIVE AQUACULTURE SYSTEMS The European Model The Latin American Model The Vietnamese Model The Thai Model INTENSIVE AQUACULTURE SYSTEMS The Malaysian Model The Thai Model WATER- AND LAND-BASED SYSTEMS Enclosure Systems Used in Intensive Aquaculture Cages Cage Culture Projects in the Gulf of Mexico Cage Culture Projects off the West Coast of the U.S Challenges to Successful Cage Culture Raceways Tanks OPEN VERSUS CLOSED SYSTEMS Production Considerations Recirculation Systems Uses of Recirculation Systems Technological Issues Aeration Removal of Particulate Matter Biological Filtration ph Buffering Heating Hyperintensive Recirculation The Reason for Higher Production Costs... 78

6 Recirculation Systems Slow to be Adopted ROTATION SYSTEMS INTEGRATED, MULTIPLE-USE SYSTEMS AQUAPONICS EXAMPLE OF A MODEL AQUACULTURE OPERATION HATCHERIES THE IMPORTANCE OF ZOOPLANKTON TRAINING FISH TO EAT ARTIFICIAL FEED Zooplankton Microalgae The Greenwater Technique Benefits of Microalgae AQUAFEEDS TABLE 49 ESTIMATED AQUAFEED REQUIREMENTS BY VOLUME, WORLDWIDE: THROUGH 2008 (MILLIONS OF METRIC TONS) TABLE 50 ESTIMATED GLOBAL AQUAFEED PRODUCTION AND FISHMEAL AND FISH OIL USE FOR MAJOR AQUACULTURE SPECIES, THE FEED CONVERSION RATIO FISHMEAL Price Projections Changes in the Fishmeal Market The Market for Fishmeal TABLE 51 ESTIMATED SALES OF FISHMEAL, WORLDWIDE, THROUGH 2008 ($ MILLIONS) Leading Competitors in the Fishmeal Market FISH OIL TABLE 52 ESTIMATED PERCENTAGE OF FISH OIL USED BY FARMED FISH AND SHRIMP, WORLDWIDE, 1994 AND 2010 (%) NONFISHMEAL AQUAFEEDS TABLE 53 CULTURED CARNIVOROUS VERSUS NONCARNIVORUS FINFISH PRODUCTION, WORLDWIDE, (MILLIONS OF METRIC TONS) The Growing Demand for Alternative Feeds in China The Market for Nonfishmeal Aquafeeds TABLE 54 ESTIMATED SALES OF NONFISHMEAL AQUAFEEDS, WORLDWIDE: THROUGH 2008 ($ MILLIONS) Soybean-based Feeds Fishmeal Analog TABLE 55 COMPARISON OF CATFISH FED FISHMEAL ANALOG AND CATFISH FED FISHMEAL Feed Peas Rendered Products Animal versus Plant Protein in Feeds Microalgae Liquid Feeds GENETIC MODIFICATION TO EXPAND FEED AVAILABILITY FEEDS FOR CATFISH... 99

7 TABLE 56 CATFISH FEED VOLUME, U.S., (THOUSAND TONS) TABLE 57 CATFISH FEED PRICES, U.S.: ($/TON) FEEDS FOR SALMON NATURE OF THE FISH FEED INDUSTRY MARKET LEADERS IN THE FISH FEED INDUSTRY TABLE 58 MARKET SHARES BY PRODUCTION VOLUME OF GLOBAL FISH FEED PRODUCERS, 2002 (%) FIGURE 2 MARKET SHARES BY PRODUCTION VOLUME OF GLOBAL FISH FEED PRODUCERS, 2002 (%) PHARMACEUTICALS PATHOGENS INVOLVED IN FISH DISEASE STRESSORS INCREASE THE CHANCE OF INFECTION USE OF ANTIBIOTICS IN THE AQUACULTURE INDUSTRY Use of Antibiotics in the Aquaculture Industry (Continued) The Economics of Medicated Feed DETERMINING THE SENSITIVITY TO ANTIBACTERIAL AGENTS METHODS OF DRUG ADMINISTRATION Oral Administration Water Administration Parenteral Administration CONCERNS ABOUT ANTIBIOTIC RESIDUES IN AQUACULTURE PRODUCTS Limiting the Use of Antibiotics Maximum Residue Limits for Aquaculture TABLE 59 PROPOSED MAXIMUM RESIDUE LIMITS RELEVANT TO AQUACULTURE TABLE 60 CURRENT TOLERANCES RELEVANT TO AQUACULTURED SPECIES IN THE U.S TABLE 61 CURRENTLY APPROVED DRUGS FOR AQUACULTURE AND THEIR MAXIMUM RESIDUE LIMITS: CANADA TABLE 62 PROPOSED MAXIMUM RESIDUE LIMITS RELEVANT TO AQUACULTURE TABLE 62 CONTINUED Worldwide Efforts to Limit the Use of Antibiotics in Aquaculture Zero Tolerance Standards VACCINES Adjuvant Technology Encapsulation Technology Recombinant Vaccine Technology DNA Vaccine Technology Nucleic Acid Vaccines Vaccine Manufacturers SYNTHETIC SPAWNING PRODUCTS

8 THE AQUACULTURE INDUSTRY FACTORS DRIVING THE INDUSTRY SMALL COUNTRIES MAY BECOME BIG PLAYERS IN THE AQUACULTURE MARKET EMPLOYMENT INCREASES IN THE AQUACULTURE INDUSTRY TABLE 63 FISH FARMERS BY CONTINENT, THE IMPORTANCE OF MARKETING STRATEGY BUILDING INTERNATIONAL TRADE The U.S China Thailand THE EMERGENCE OF MARKETS FROM BACKYARD FARMS THE U.S. AQUACULTURE MARKET AQUACULTURE RESEARCH AND DEVELOPMENT CENTERS THE ARIZONA MODEL THE TEXAS MODEL Estimated Production of Aquaculture in Texas TABLE 64 TEXAS AQUACULTURE PRODUCTION, TABLE 65 TEXAS AQUACULTURE PRODUCTION, TABLE 65 (CONTINUED) Potential for a Commercial Catfish Industry in the Coastal Bend Potential for a Commercial Catfish Industry in the Coastal Bend (Continued) GOVERNMENT INVOLVEMENT IN THE DEVELOPMENT OF AQUACULTURE GLOBAL POLICIES HACCP The Global Aquaculture Alliance Proposal to Address Antibiotic Residue Concerns U.S. POLICIES Safety of Fish and Fish Products Drug Reaction Reporting EUROPEAN POLICIES Concern about Contaminated Farmed Salmon in Britain POLICIES IN CANADA GOVERNMENT FUNDING OF AQUACULTURE THE U.S Mississippi Approves Labeling of Catfish as Domestic or Imported CANADA AQUACULTURE: A PERFECT FIT WITH EMERGING DISTRIBUTION CHANNELS

9 CURRENT CHALLENGES AND NEEDS IN THE AQUACULTURE INDUSTRY NUTRITION GENETICS ENVIRONMENT Environment (Continued) Environment (Continued) Ranking Aquaculture Species and Production Area by Eco-Friendliness FUNDING REGULATORY ISSUES Regulation of Transgenic Fish as New Animal Drugs by the FDA U.S. Federal Organic Rules Exclude Seafood State Laws on the Size of Crops COMPANY PROFILES ALPHARMA, INC BUSINESS OVERVIEW PRODUCTS Aquaculture Vaccines AQUA HEALTH (Europe) BUSINESS OVERVIEW PRODUCTS Products (Continued) CORPORATE STRATEGY BAYOTEK INTERNATIONAL, INC BUSINESS OVERVIEW PRODUCTS BIOMAR BUSINESS OVERVIEW FINANCIAL INFORMATION PRODUCTS CORPORATE STRATEGY Corporate Strategy (Continued) BIOSHELTERS, INC BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY CARDS AQUACULTURE PRODUCTS LTD BUSINESS OVERVIEW PRODUCTS Steel Cage Systems The Viking Sea Cage System Mooring Systems

10 Other Products CORPORATE STRATEGY COREY FEED MILLS LTD BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY EWOS BUSINESS OVERVIEW CORPORATE STRATEGY FARMOCEAN INTERNATIONAL A.B BUSINESS OVERVIEW PRODUCTS Products (Continued) PowerRing Mark II Model CORPORATE STRATEGY MARICULTURE SYSTEMS INC BUSINESS OVERVIEW PRODUCTS TABLE 66 COMPARISON OF SARGO TECHNOLOGY WITH TRADITIONAL NET PENS TABLE 66 (CONTINUED) CORPORATE STRATEGY MICRO GAIA INC BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY MOORE-CLARK BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY NELSON & SONS INC BUSINESS OVERVIEW CORPORATE STRATEGY NUTRECO HOLDING N.V BUSINESS OVERVIEW FINANCIAL INFORMATION PRODUCTS Salmon Feed Trout and Marine Species Feed Innovations in Fish Feed CORPORATE STRATEGY The Aquaculture Division Marketing of Farmed Salmon Restructuring the Aquaculture Division Fish Feed

11 Acquisitions Internal Growth PROCEAN A/S BUSINESS OVERVIEW PRODUCTS Products (Continued) QUADRA PACIFIC NETLOFT BUSINESS OVERVIEW CORPORATE STRATEGY REED MARICULTURE, INC PRODUCTS Instant Algae Instant Algae (Continued) Zooplankton Instant Rotifers Live Rotifer Concentrates SHUR-GAIN BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY SYNDEL INTERNATIONAL INC BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY WATER MANAGEMENT TECHNOLOGIES, INC BUSINESS OVERVIEW PRODUCTS ZEIGLER BROS., INC BUSINESS OVERVIEW PRODUCTS CORPORATE STRATEGY Corporate Strategy (Continued)