Benchmarking species diversification in global aquaculture

While diversified aquaculture could reduce both biological and financial risks, the private sector may lack incentives to diversify the species composition of aquaculture production because developing or adopting new species tends to be costly and risky. Conversely, concentrating on the most efficient species can benefit from economies of scale in both production and marketing. With ever-growing concerns over climate change, disease outbreaks, market fluctuations and other uncertainties, species diversification has become an increasingly prominent strategy for sustainable aquaculture development. Policy and planning on species diversification require a holistic, sector-wide perspective to assess the overall prospect of individually promising species that may not be entirely successful when competing for limited resources and markets. The historical experiences of species diversification in global aquaculture can provide guidance for the assessment.