Marine Policy 117 (2020) 103952 Contents lists available at ScienceDirect Marine Policy journal homepage: http://www.elsevier.com/locate/marpol A review of global oyster aquaculture production and consumption Robert Botta a, *, Frank Asche b, c, J. Scott Borsum a, Edward V. Camp b a School of Natural Resources and Environment, University of Florida, Gainesville, Fl, USA Fisheries and Aquatic Sciences, School of Forest Resources and Conservation, Gainesville, Fl, USA c Institute for Sustainable Food Systems, University of Florida, Gainesville, Fl, USA b A R T I C L E I N F O A B S T R A C T Keywords: Oyster Aquaculture Production Market Oyster farming is one of the oldest forms of aquaculture and oysters are farmed around the globe. As with aquaculture in general, oyster aquaculture production has increased rapidly in recent decades. Despite this, global trends in this production and its markets have received limited attention. This paper presents an overview of global oyster aquaculture production at a country-scale, as well as factors influencing the observed trends. Currently, global oyster aquaculture production is dominated by China, who accounted for 86% of global pro­ duction by weight in 2016. Beyond China, production is stagnant, and is limited by disease, parasites, and regulatory issues, depending on the country. There appears to be increasing demand for farmed oysters that producers are not able to exploit due to the supply side issues that have limited total production. Additionally, a test for market integration found that there is no global market. Hence, while the increasing prices in some markets provides an opportunity, this is exploited only to a limited extent with Canadian exports to the United States as the best example. 1. Introduction Global aquaculture production has grown dramatically over the past 50 years, and now accounts for more than 50% of the world’s fish food supply [1,2]. Aquaculture is predicted to continue expanding to meet the constantly growing global demand for seafood [3]. One of the more valuable sectors of aquaculture, but which receives less attention than finfish and shrimp in discussions of increased aquaculture production, is mollusks. Mollusks are the second largest category of farmed seafood by both quantity and value, accounting for 21% of all global aquaculture production by weight in 2016 [1]. The leading molluscan species by quantity produced is oysters, which have one of the longest cultured histories and remains cultured on all continents, excluding Antarctica [1,4]. Despite the longevity and spatial extent of oyster aquaculture, systematic reviews of factors influencing oyster aquaculture production and markets are lacking, which itself may hinder insights into the future of oyster production. Various forms of oyster aquaculture have been around for a long time, dating back over two millennia [4]. Greek philosophers Aristotle (384 BC – 322 BC) and Xenocrates (396 BC – 314 BC) noted the cultural preference and value of oysters. They highlighted different harvest strategies, including transferring oysters from areas of abundance to locations where they grew faster and tasted better [5]. After the Roman conquest around 150 BC, Romans inherited the Greek cultural and culinary value of oysters [6]. According to preserved vases and historical texts, ancient Romans utilized hanging culture methods to further con­ trol the growth process of oysters [4]. As the Roman empire expanded, transcontinental oyster transportation became an important factor in incentivizing production and creating larger regional markets. Oysters were transported from natural beds to saltwater lakes along coastal southern Italy to create artificial reefs that were more easily harvested and provided a more consistent quality [7]. Elsewhere, oyster farming was recorded in China as early as the Han Dynasty (206 BC – 220 AD), further highlighting how widespread oyster cultivation was [8,9]. While oysters have been cultured for millennia around the world, oyster aquaculture production has not generally been stable at any location, as periodic failures have been common. Cultured oyster failure is most often linked to disease and parasitic outbreaks. A common tool to address this challenge is the introduction of new oyster species, a tool that also have led to invasive species and disease challenges. This is best documented in France. The European flat oyster (Ostrea edulis) was driven to extremely low levels in the nineteenth century due to a com­ bination of overfishing and parasites that included Marteilia refringens and Bonamia ostrae [10]. In response to the flat oyster decline, the * Corresponding author. 103 Black Hall, Gainesville, Fl, 32611, PO Box 116455, USA. E-mail address: Botta822@ufl.edu (R. Botta). https://doi.org/10.1016/j.marpol.2020.103952 Received 19 July 2019; Received in revised form 11 March 2020; Accepted 13 March 2020 Available online 20 March 2020 0308-597X/© 2020 Elsevier Ltd. All rights reserved. R. Botta et al. Marine Policy 117 (2020) 103952 Even before these recent improvements, aquaculture was the primary method of producing oysters globally, having overtaken wild harvest as early as 1952 (Fig. 1). Wild landings have declined throughout the time period for which data are available and are relatively unimportant for current, overall global production. However, wild harvest still retains importance in some markets, particularly in the U.S., the largest oyster fishing nation. The increases in global oyster aquaculture production is similar to aquaculture production for other species, suggesting that oyster aqua­ culture is an integral part of the blue revolution. This growth has been attributed to several facilitating factors, including increased demand caused by population and economic growth, relaxed regulatory frame­ work, and expanding export opportunities [20]. This is largely in line with the factors that have influenced growing aquaculture production of all species. However, the possible exception for oyster aquaculture lies within the lack of technological advancements that promote production growth and minimize disease risk, which have characterized produc­ tivity growth for many successful species [21–23]. Interestingly, as this paper will demonstrate, the impact of these factors has largely occurred only in China. The changes in global oyster aquaculture production, as well as very different developments in various regions, make it interesting to examine these factors more closely. A better understanding of oyster aquaculture production on a regional basis provides necessary insights into the role that aquaculture will play in the future by understanding which countries are driving supply and demand, the market’s stability, and what may allow for successful long-term production. This paper will investigate trends seen in top producing countries in terms of production weight and value to gain these insights. French introduced the Portuguese cupped oyster (Crassostrea angulata) in 1925, which was then decimated by “gill disease” between 1970 and 1973 [11,67]. During this Portuguese cupped oyster mortality event, another species, the Pacific cupped oyster (Crassostrea gigas), was im­ ported from Japan and Canadian breeders to form broodstock for culture operations [11,12]. This species introduction led to cultured oyster production increases and quick success in the domestic French market, and the Pacific cupped oyster today remains the most common com­ mercial species in the European markets, but it has also largely brought the European flat oyster close to extinction in many areas. Along the U.S. Pacific west coast, the Pacific cupped oyster was introduced in response to declining populations of the native Olympia oysters (Ostrea lurida) in the 1920s so it could become an established species that could be har­ vested [13–15]. In response to the success of the introduction of this species, the U.S. east coast then followed suit, introducing Pacific oysters that were originally from Japan. However, these oysters were already infected with parasites, which led to major mortality events of the east coast’s native Eastern oyster (Crassostrea virginica) and the Pacific oys­ ters establishing themselves as an invasive species also outside of the oyster farms [9,16]. It’s evident that the introduction of nonnative species to combat disease has been ineffective on long time scales, as it has been used as a temporary fix to the larger problems seen in oyster aquaculture. In addition to the spread of disease, introducing nonnative species has allowed for the spread of genetic material, especially in the case of C. gigas, which has led to native species being outcompeted [15]. Although there has been a suite of technological advancements within oyster aquaculture, there has been an inability to combat disease that have limited the sustainability of production at any location. Scientific research gaps have created uncertainties of the source of these diseases, while inefficient governance has failed to properly regulate production methods and growing locations. Thus, these two issues have been cited as the main factors preventing proper disease management within oyster aquaculture [10]. Although many countries have had difficulty maintaining long-term oyster aquaculture production of all oyster species, production on a global scale has been rapidly increasing since 1950, the first year for which data is available (Fig. 1). The rapid changes in global oyster production have only occurred recently, specifically increasing fivefold since 1990. The rapid increase can be attributed to recent innovations within the aquaculture industry. Advances in larval culture techniques within hatcheries has increased the production capacity of artificial breeding of juvenile oysters, reducing reliance on natural seed sources [17]. Of particular importance was the introduction of triploid oysters, which do not reproduce and instead devote their energy toward growth. This results in reduced time to market, superior meat quality, and year-round harvestability [18,19]. 2. Global oyster aquaculture production Currently, oyster aquaculture is heavily dominated by Asia, which comprised 95% of the global oyster aquaculture production by weight and 88% by value in 2016. This closely resembles production statistics for all aquaculture species, in which Asia comprised 92% of global production by weight and 85% by value in 2016 [1]. This represents a substantial shift in global oyster aquaculture production, as Asia only made up 22% of the production weight in 1950. While Asia would produce the most oyster aquaculture of any continent even if China was excluded [1], China is responsible for most of the growth in the region (Fig. 2). China accounts for most of the world’s oyster aquaculture produc­ tion with 86% of the production by weight and 78% by value [1]. There are a variety of oyster species that are cultured, but the primary species include the Suminoe oyster (C. ariakensis), the Zhe oyster (C. plicatula), and the Pacific cupped oyster (C. gigas) [24]. It’s important to note that there is confusion over how some of the cultured oyster species are classified taxonomically, which has led to discrepancies among data Fig. 1. Global oyster production by production method, in terms of production weight [1]. Fig. 2. Oyster aquaculture production in terms of production weight [1]. 2 R. Botta et al. Marine Policy 117 (2020) 103952 tonnes1 in 2016 [1].2 and. However, oyster aquaculture production in France has on average been slowly declining at 0.05% per annum since 1950 to present, albeit with substantial inter-annual variation [1]. Recently, declines in production have been exacerbated by large mor­ tality events caused by infectious disease outbreaks since 2008 [10], with cultured production declining at 5.82% per annum from 2008 through 2016 [1]. France employs three main methods for oyster aquaculture, including on-bottom culture in the intertidal zone or deep water, offbottom culture in plastic mesh bags in the intertidal zone, and sus­ pended culture (a type of longline culture that allows oyster bags to float on the surface of the water) on ropes in the open sea [11]. Oyster spat used for aquaculture is collected from natural reefs and hatcheries [11]. All oyster spat from hatcheries are triploids [28], but only comprises of approximately 15–20% of total oyster aquaculture production [11]. Disease outbreaks have compromised much of the spat collection from natural reefs. To combat this France has introduced new oyster species. The most recent introduced species, C. gigas, has experienced mortality events, which may limit future production as there appear to be no other oyster species that can be introduced and cultured within French waters to make up for the associated decline in production. The introduction of C. gigas has led to the formation of dense reefs in areas where they breed naturally, which alter biodiversity and act as sediment traps by slowing bottom water flow [29]. These reefs have also placed pressure on the native oyster species, O. edulis, by competing for available habitat. These environmental impacts may be lessened by increasing suspended culture production as well as shifting more to­ wards collecting spat from hatcheries [29]. Despite this, additional negative environmental impacts may be expected, as can be seen by the rapid spread of C. gigas throughout Europe, which has displaced native species and habitats [14,30–34]. Despite declining production, French demand for oysters remains strong. In France, the oyster plays a large cultural role in which it is considered a luxury product [11] that has been traditionally and pri­ marily supplied by domestic production [35]. Though domestic cultured oyster production has been declining, demand has remained strong, as the price per unit of farmed oysters has increased during most of the period with declining production (Fig. 4). Even though there has been some price correction since 2011, this supports the notion that there is still a high demand for French farmed oysters that the current aquaculture production struggles to supply. It is also of interest to note that the opportunity presented by high prices has not been exploited by potential exporters. reporting [25]. Since the 1980s, China has switched from natural seed collection to artificial seeding techniques through factory hatcheries and eco-hatcheries in ponds [26]. Longline techniques, which allow oysters to be grown in deeper water and can increase growth rates, are the primary method for oyster aquaculture in the shallow seas of northern China and the mudflats in southern China [26]. China is one of the world’s largest exporters of many aquaculture species. However, only a relatively limited share of the oysters is traded. Less than 1% of Chinese farmed oysters were exported in 2016 [1], which is similar to lower-value finish, like carps [27]. Since most of the Chinese oyster production remains in China, its oyster exports are su­ perseded by most other oyster-producing countries. This means China does not have a significant impact on the global oyster aquaculture market, which instead is affected more by the other oyster farming countries. Because of this, it is useful to look at the production of the rest of the world separately from China. Global aquaculture production of oysters beyond China exhibits a significantly different growth pattern than the total production (Fig. 3). Although oyster aquaculture production in the rest of the world has increased since 1950, the growth rate is 2.09% per annum from 1950 to 2016, in comparison to the 5.18% per annum growth rate when China is included [1]. While oyster aquaculture production beyond China is expanding much slower, it has still quadrupled since the 1950s. More importantly, the growth rate beyond China stagnates to near-zero from the mid-1980s. These data indicate that oyster aquaculture production from a production perspective is not part of the aquaculture revolution, at least beyond China. Hence, the productivity growth that has been the main engine of the blue revolution [21,22] does not appear to have occurred to any meaningful extent for oysters. 3. Oyster aquaculture production by country It is useful to look at oyster aquaculture production beyond China to understand why oysters have not been part of the blue revolution in terms of production increase outside of China. After China, the next five countries of significant oyster aquaculture production are France, U.S., South Korea, Japan, and Canada. 3.1. France France was the world’s largest oyster aquaculture producer until the 1950s and remains the largest for Europe, producing 69,410 metric 3.2. United States of America The United States is the largest oyster aquaculture producer in North America, producing 141,027 metric tonnes in 2016 [1]. However, pro­ duction growth has been small, exhibiting an average growth rate of 1.4% per annum between 1950 and 2016. The U.S. mainly cultures two species, the Eastern oyster and Pacific cupped oyster, but some pro­ duction is focused on culturing Kumamoto oysters (C. sikamea), Euro­ pean flat oysters, and Olympia oysters [36]. Depending on the region, the U.S. employs both on-bottom and off-bottom culture methods. Most production comes from on-bottom methods that directly plant oyster seed, use mesh bags or rack bag systems [36]. However, there has been an increase in production that utilizes floating and hanging culture methods [36]. There have been growing opportunities for increased oyster aqua­ culture growth in the United States. Shifting market demand away from Fig. 3. Oyster aquaculture production of top producing countries, excluding China, in terms of production weight [1]. 1 All production weights are measured in live weights of oysters, which in­ cludes shell and meat weight. 2 Ireland and the United Kingdom follow France, but production weights are comparably miniscule (8016 and 2188 metric tonnes in 2016, respectively) [1]. 3 R. Botta et al. Marine Policy 117 (2020) 103952 exported 82% of all farmed oyster products to the U.S. in 2016 [45]. The shift in product demand has created the opportunity for countries, such as Mexico and Canada, to expand oyster aquaculture while taking advantage of the available market within the U.S. However, wild oys­ termen also face new competitors, as frozen and canned Asian oyster products accounted for approximately 63% of all imported product by weight in 2016 [45]. 3.3. South Korea South Korea is the second largest producer of farmed oysters glob­ ally, producing 298,973 metric tonnes in 2016 [1]. Production has been increasing rapidly since 1950, exhibiting an average growth rate of 12.71% per annum between 1950 and 2016 [1]. Oyster aquaculture production is focused primarily on the Pacific cupped oyster [46]. Much of the early growth can be attributed to the introduction of suspended culture techniques in the 1960s, which enable oyster farmers to extend their farming areas from intertidal areas to deeper waters to combat issues associated with overstocking [47]. However, since the 1990s, production has remained stable and South Korea may be unable to further expand their oyster aquaculture industry due to environmental conditions. Because of the intensive nature of oyster longline culture, there has been increased anoxia on sea beds due to accumulation of pseudo faeces from suspended oysters [47]. To combat this, South Korea’s regional office of marine extension and the oyster longline culture cooperatives have worked towards properly managing oyster farms and locations of longlines [47]. Additionally, the government has enabled a successful aquaculture industry with the aquaculture pro­ motion policy and capture fishery fleet reduction program [48]. This growth has allowed South Korea the opportunity to enter markets such as those in the United States. In 2016, South Korean farmed oyster products accounted for approximately 20% of all oyster products by weight that were imported into the U.S [45]. Despite its role in the U.S. oyster market, only about 3% of all cultured oysters were exported in 2016 [1]. Similar to China, most of what is produced remains domestic, suggesting that although South Korea produces the second largest number of cultured oysters globally, most of their production does not impact the global market. Fig. 4. Price per unit weight (2018 USD) of aquaculture oysters for top pro­ ducing countries [1]. shucked products (e.g., shucked oyster meat used in canning) towards premium oyster products (e.g., raw oysters on the half shell for restau­ rants) and declining harvest from wild oyster reefs has created a market opportunity that cultured oysters can exploit. Oyster aquaculture has been suggested as a solution for the declines in wild oyster fishing. Although the U.S. is one of the few countries with a substantial wild oyster fishery with a focus on tonging and dredging natural reefs, recent declines in reef habitat have exhausted some of the larger oyster fishing areas. Historically prominent wild fishing areas, such Chesapeake Bay on the mid-Atlantic coast [37,38], and Apalachicola Bay on the northern Gulf of Mexico [39] and have experienced large declines in oysters due to a variety of factors, such as changing water or habitat quality and overfishing. An increase in aquaculture production may supplement the production of wild oysters for the seafood market and provide a method to decrease fishing pressure while still providing jobs and income [40].3 Although there have been growing opportunities for increased oyster aquaculture growth, the oyster industry is exposed to the same factors that are inhibiting aquaculture growth of all species in the U.S. Limited aquaculture lease zones, start-up costs, and maintenance costs are some of the biggest factors inhibiting production growth [40,41]. In addition, oyster aquaculture faces significant social opposition [42], primarily due to push back from waterfront owners who do not want farms near their homes, as well as wild oystermen who do not want increased competition. These negative views towards oyster aquaculture have made expansion difficult in some regions of the U.S. There has been an increase in demand for half-shell oysters, which increased aquaculture production only has partly met. Since oyster aquaculture production surpassed wild oyster landings (in 2000), the price per unit of oysters has nearly doubled (Fig. 4). Additionally, there has been an increase in imported live/fresh farmed oysters used in the half-shell market im­ ported primarily from Canada, but also from Mexico and South Korea. This indicates that U.S. oyster aquaculture is another example that aquaculture production often creates new markets rather than out­ competing traditional wild supply in existing markets [43]. This may be because farmed production is more market oriented [44]. The U.S. is the main consumer of both Mexican and Canadian farmed oysters. Although Mexican production is quite small,4 98% of all farmed oyster products were exported to the U.S. in 2016 [45]. Canadian oyster aquaculture production is larger than Mexican production.5 Canada 3.4. Japan Japan is the third largest oyster aquaculture producer globally, producing 158,925 metric tonnes in 2016 [1]. Production increased rapidly until the mid-1960s, after which production stagnated and has since been slowly declining. The main oyster species that are cultured include the Pacific cupped oyster and the Iwagaki oyster (C. nippona) [49]. Originally, the primary method of oyster aquaculture was seabed sowing cultivation, but this was limited to the tidelands of the Seto Inland Sea [50]. However, since the implementation of suspended cul­ ture in the early 1950s, Japanese aquaculture has been able to expand past the tidelands into offshore areas [50]. The most recent declines can be associated with the Great East Japan earthquake and the resulting tsunami that occurred in 2011, which led to substantial damage to oyster farms and a prevalent Norovirus pollution problem [51]. Addi­ tionally, the area devastated by the earthquake and tsunami was the second largest producer of oyster seed used for oyster farming coun­ trywide [51,52]. In response to the damage and lack of oyster seed, many farmers ceased operations, which has led to a decrease in demand for Japanese oysters, to the extent that many hotels and high-class res­ taurants have removed oysters from their menus [51]. Despite this, there have been many efforts to move towards management practices within oyster aquaculture. In 2016, the Miyagi Prefecture Fisheries Cooperative was the first producer in Japan to achieve Aquaculture Stewardship Council (ASC) certification [53]. This, in concert with disaster response efforts, suggest that there is still demand for a high quality, safe oyster product. This may allow the domestic oyster aquaculture industry the 3 [61] provides a model showing how increased aquaculture production limits fishing effort [62]. provide an example where the aquaculture industry grows in the same region as a response to overfishing, while [63] show how increased aquaculture production in other countries can limit fishing effort due to international trade. 4 Mexico produced 5932 metric tonnes in 2016 [1]. 5 Canada produced 13,824 metric tonnes in 2016 [1]. 4 R. Botta et al. Marine Policy 117 (2020) 103952 opportunity to expand to production levels seen before the earthquake. The Japanese industry is focused on the domestic market, and less than 1% of the production is exported [1]. 5. Market integration In recent decades, increased trade has made the seafood market global for most species, as seafood has become the most highly traded food category [56]. A number of studies investigating market integra­ tion for specific species or groups of species report that there is a global market for most species’ groups, but that the markets for different spe­ cies groups are not integrated [56]. In a global market, the price development over time is similar in all regions, even though there may be differences in price levels due to transportation costs and quality differences, as a shortage in one region is corrected by increases in im­ ports from other regions. However, there are exceptions as discussed by Bjørndal and Guillen [57].8 Factors that may prevent market integration include high transportation costs leading to a lack of trade or differences in product characteristics. The main tool used in the literature to investigate the degree of market integration is to investigate the rela­ tionship between the prices of different markets. There are three po­ tential outcomes; no market integration when prices are not related to each other, imperfect market integration when prices influence each other so that there is a common price determination process, and full market integration when the Law of One Price (LOP) holds so that the prices are proportional over time [58]. Fig. 4 shows unit prices adjusted for inflation (2018 USD) based on the FAO [1] production statistics. The price is highest in France in most years, but it is generally difficult to see any trends. It is also worthwhile to note that only for China, the only country with strongly increasing production, is a downward trending price observed. This is in line with trends seen in other successful aquaculture species. Finally, there is an increasing trend in the price after the turn of the millennium in all countries. The results of market integration tests are reported in Table 1.9 The results from the market integration tests indicate that the oyster market is quite different from the markets of other seafood species such as salmon, shrimp, and whitefish in that there is not a global market, but rather segmented markets where prices are determined independently based on local production and demand. This result may not be very 3.5. Canada Although Canada is not a top producing country on a global scale, production growth has steadily increased, with current production nearly triple that of 1950, producing 13,824 metric tonnes in 2016 [1]. Canada cultures both the Pacific cupped oyster and the Eastern oyster, depending on the region [59]. Oyster aquaculture in Canada primarily emphasizes producing a premium product sold in the half-shell market by utilizing varying longline techniques, including suspended culture, floating rafts, and buoys [54]. Approximately 22% of Canadian cultured oysters were exported in 2016 [1,48]. The increased demand for pre­ mium half-shell oysters in the U.S. has given Canada the opportunity to expand their industry and exploit the American market. The large share of exported product to the United States indicates that there is a strong American demand for Canadian farmed oysters. Additionally, the price per unit weight of farmed oysters has been steadily increasing since the early 2000s (Fig. 4). The Canadian oyster aquaculture industry can be expected to continue expanding due to the U.S.‘s inability to meet their increased demand for premium oyster products as well as the ability to trade at relatively lower costs. 4. Trade and prices The oyster aquaculture industry and its markets are highly diverse. North American and European countries primarily focus on farming oysters to be sold in the raw, half-shell market, receiving a higher price per unit weight than oyster products that are sold in other markets (e.g., shucked meat, clumps for char-grilling).6 On the other hand, Asian countries, including China, focus on shucked meat products used in canning and frozen meals as well as for oyster sauce. While a very limited share of the Asian production is traded, these countries still play an important role in the limited trade of oysters, and are the leading exporters of shucked products to the U.S.7 Asian oyster products accounted for approximately 63% of all oyster products that were im­ ported to the U.S. in 2016, with most of the products being canned oysters [45]. Although these imports made up a large share of the U.S. oyster imports, they only accounted for approximately 7% of all Asian exports of oyster products [1]. Beyond shucked exports, there appears to be a limited global market for farmed oyster products. This can be partially attributed to the em­ bargo between France and the U.S., the two largest producers of pre­ mium, half-shell oysters. Since the 1980s, the U.S. Food and Drug Administration (FDA) has not permitted the import of live, fresh or fresh-frozen molluscan shellfish from the European Union (EU) [55]. In 2010, the EU banned U.S. shellfish imports from entering the EU [55]. However, there are procedures underway to allow molluscan shellfish trade between the U.S. and EU [55], which may allow for more trade of half-shell oysters between the two regions. Additionally, U.S. producers appear to have little interest in exploiting international markets, pri­ marily due to the strong domestic demand, as well as the limited ca­ pacity to engage and set up sophisticated methods of trade. Some exports occur, primarily to Asia. These oyster products are usually of the larger variety (10–12 inches in shell length), of which there is far less domestic demand. Table 1 Johansen cointegration tests. Country Canada China France Japan S. Korea a 8 H0: No integration H0: Integration Test statistic p-value Test statistic p-value 16.41a 12.91 21.64a 12.46 10.45 0.03 0.14 0.04 0.16 0.31 3.24 4.62 3.54 7.87 4.76 0.55 0.34 0.50 0.09 0.32 Significant at a 5% level. Some recent examples are [65,66]. Following standard practices, the market integration tests are carried out on the logarithms of the prices. As with most price series, Dickey-Fuller tests indicate that the prices are nonstationary in levels and stationary in first dif­ ferences. Cointegration tests are then the appropriate statistical tool. Given the relatively short data series, the market integration tests are carried out only by pairs of prices, with the U.S. price is used as the base price. In all tests, the number of lags is chosen using Akaike’s Information Criterion, and in all cases, the null hypothesis of no autocorrelation is rejected using a LM-test. The null hypothesis of no cointegration or no market integration is rejected in the re­ lationships between the U.S. price and respectively the Canadian and French price, indicating a common price determination process for these three markets. Market integration is not complete, though, as the test for full market inte­ gration of the LOP is rejected in both cases. There is no evidence of market integration between any of the other markets. This is also true for all price pairs that do not include the U.S. price. 9 6 U.S. wild oysters are primarily used for shucked product, with a small share of U.S. farmed oysters used for shucked product. 7 The U.S. is the world’s largest seafood importing country by value, with aquaculture products rapidly becoming more important than wild fisheries [64]. 5 Marine Policy 117 (2020) 103952 R. Botta et al. surprising given the limited trade that occurs. However, given the increasing trend in the prices since the turn of the millennium, it is somewhat surprising that this opportunity is not exploited to any extent by any producers in the same manner of most other types of seafood. [8] N. Hishamunda, R. Subasinghe, Aquauculture Development in China: the Role of Public Sector Policies, vol. 427, FAO Fisheries Technical Paper, Rome, FAO, 2003, p. 64. [9] M.G. Bondad-Reantaso, R.P. Subasinghe, J.R. Arthur, K. Ogawa, S. Chinabut, R. Adlard, Z. Tan, M. 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Crowe, Ecological impacts of non-native Pacific oysters (Crassostrea gigas) and management measures for protected areas in Europe, Biodivers. Conserv. 25 (2016) 2835–2865. [35] C. Mariojouls, L. Jolly, in: Consequences of the Crisis in French Oyster Culture Sector on the Domestic Market, Presented at IIFET 2016, 2016. [36] FAO, National Aquaculture Sector Overview Fact Sheets –, United States of America, Rome, 2011. [37] B.J. Rothschild, J.S. Ault, P. Goulletquer, M. Heral, Decline of the Chesapeake Bay oyster population: a century of habitat destruction and overfishing, Mar. Ecol. Prog. Ser. 111 (1994) 29–39. 6. Conclusions Global oyster aquaculture production appears to have been increasing at a substantial rate since 1950. However, the true nature of the growth of this industry is that it is dominated by China. In fact, the oyster aquaculture industry in other top producing countries has been unable to replicate China’s success in maintaining long-term stability and growth, and production has been stable since the 1980s. Much of the lack of growth from the top producing countries can be attributed to the supply side of the oyster aquaculture industry. While there is still a large demand for farmed oysters, and in some cases, an increasing demand as evidenced by increasing prices even with increased production, pro­ ducers are only to a limited extent (like the U.S.) or not at all (like France) able to meet this increased demand. More efficient governance and technological advancements can combat many of the factors limiting production, such as disease issues and environmental carrying capacities. Breakthroughs in oyster aqua­ culture production may allow the opportunity for countries to expand their production, and even allow for new countries to enter the market. This has already been seen in Canada. Although a smaller player in the world of oyster aquaculture, Canada has been able to expand their in­ dustry and focus on a product that is in high demand in the U.S. Because of the U.S.‘s inability to meet the domestic demand for farmed oysters, trade has been high between the two countries, creating an integrated market and setting an example for the future market opportunities that may be available. The strong demand in markets like the U.S. and France, where prices are increasing, is an opportunity for farmers in other countries. However, beyond Canada, there are few indications that this is an opportunity that is exploited today. CRediT authorship contribution statement Robert Botta: Conceptualization, Investigation, Data curation, Writing - original draft, Writing - review & editing, Visualization. Frank Asche: Methodology, Formal analysis, Writing - review & editing, Su­ pervision, Funding acquisition. J. 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