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INTEGRATED MULTI - TROPHIC

AQUACULTURE (IMTA): A POTENTIAL
STRATEGIC CHOICE FOR FARMERS
a a a a
N. Ridler , M. Wowchuk , B. Robinson , K. Barrington , T.
a b b b b
Chopin , S. Robinson , F. Page , G. Reid , M. Szemerda , J.
b b
Sewuster & S. Boyne-Travis
a
University of New Brunswick, Institute for Coastal Marine Science,
Saint John, New Brunswick, Canada
b
Department of Fisheries and Oceans, Institute for Coastal Marine
Science, Biological Station, St. Andrews, New Brunswick, Canada
Published online: 08 Mar 2007.

To cite this article: N. Ridler , M. Wowchuk , B. Robinson , K. Barrington , T. Chopin , S. Robinson ,

F. Page , G. Reid , M. Szemerda , J. Sewuster & S. Boyne-Travis (2007): INTEGRATED MULTI - TROPHIC
AQUACULTURE (IMTA): A POTENTIAL STRATEGIC CHOICE FOR FARMERS, Aquaculture Economics &
Management, 11:1, 99-110

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 Aquaculture Economics & Management, 11:99–110, 2007
Copyright # 2007 IAAEM
ISSN: 1365-7305
DOI: 10.1080/13657300701202767

COUNTRY=SUBJECT REVIEW

INTEGRATED MULTI
TROPHIC AQUACULTURE (IMTA):

A POTENTIAL STRATEGIC CHOICE FOR FARMERS

N. Ridler, M. Wowchuk, B. Robinson, K. Barrington, and

T. Chopin & University of New Brunswick, Institute for Coastal Marine Science,
Saint John, New Brunswick, Canada
S. Robinson, F. Page, G. Reid, M. Szemerda, J. Sewuster, and
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S. Boyne-Travis & Department of Fisheries and Oceans, Institute for Coastal

Marine Science, Biological Station, St. Andrews, New Brunswick, Canada

& Integrated multi-trophic aquaculture is one approach to mitigate ecological effects of finfish
mariculture, and its benefits are prompting increased interest among researchers and commercial
growers worldwide. A project in the Bay of Fundy in eastern Canada has demonstrated the biologi-
cal and technical feasibility of integrated multi-trophic aquaculture, with uniformly positive
results. This paper examines its economic and social implications. Capital-budgeting results sug-
gest that using the waste of one crop as feed for another can increase profits. Scenario analysis also
indicates that financial risks are reduced if weather-related or market risk for the various species are
not correlated. Surveys indicate a positive perception towards integrated multi-trophic aquaculture
by the public, which should assist integrated multi-trophic aquaculture applicants for site licences,
and perhaps reduce litigation and lobbying by aquaculture opponents.

Keywords integrated multi-trophic aquaculture, socioeconomic

INTRODUCTION
Independent salmon farmers in North America and elsewhere are
increasingly faced with a strategic choice of whether to sell their farms
to larger producers, or find an alternative competitive advantage. The
pressure to make this strategic choice comes from the rapid expansion
of the farmed salmon industry, simultaneously with its growing concen-
tration. The pressure on independent farmers is made more acute by
media and non-governmental organization opposition to salmon farming
that focuses on alleged environmental damage and its lack of benefits for

Address correspondence to N. Ridler, University of New Brunswick, Institute for Coastal Marine
Science, P.O. Box 5050, Saint John, New Brunswick, E2L 4L5, Canada. E-mail: ridler@unbsj.ca
 100 N. Ridler et al.

local communities (Knapp, 2004). Social acceptability is a prerequisite for

sustainability (Caffey et al., 2001). Positive perceptions towards the indus-
try are critical if boycotts, litigation, lobbying and even vandalism are to
be avoided. Therefore independent farms are under pressure to improve
their economic performance, while also enhancing the image of their
industry.
Expansion of farmed Atlantic salmon (Salmo salar) has been particularly
rapid. Its cultivation only began in the 1970s, but by 2004 Atlantic salmon
was ranked 10th by tonnage among all the species cultivated in the world
and fourth by value (FAO, 2006). Globally, annual growth rates in output
averaged 25.6% from 1980 to 2004, with output exceeding 1.2 million
tonnes, worth more than 4 billion U.S. dollars in 2004. The two largest pro-
ducers of farmed salmon, Chile and Norway, plan to double their output
within the next 10 to 15 years (Brugere & Ridler, 2004). Figure 1 illustrates
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the evolution of farmed Atlantic salmon output globally and in Canada (the
world’s fourth-largest producer).
This growth rate in output exceeded that of shrimp (with a growth rate
of 15.9%), another high-valued species cultivated primarily for markets in
the European Union, Japan and the United States. However the salmon
industry is unlike shrimp, where more than 80% of farms in the largest
producing country, Thailand, are family farms with less than 2 hectares
(Kongkeo, 1995). Salmon farming is becoming increasingly concentrated
and dominated by a few large farms. In 2003, the four largest farms (all with
headquarters in Europe), each had operations in at least five countries
(SINTEF, 2005). One of the four in 2003, Stolt Sea Farm, produced more
salmon in Canada than the largest Canadian independent producer. The

FIGURE 1 Evolution of farmed Atlantic salmon output between 1980 and 2004 (tonnes). Source: FAO
(2006). Fishstat. FAO: Rome.
 Integrated Multi-Trophic Aquaculture 101

industry concentration ratio (C4: the largest four firms as a proportion of

global production) was 22%.
For farmers in a market that has become global and concentrated, and
in locations where costs are high and where there is public participation
in policymaking business, survival requires acquiring some competitive
advantage while maintaining public support. Clearly this becomes more
urgent for price-taking smaller farms as output, in what is now a global
commodity market continues to increase.
This paper examines one option available to farmers; that of growing
different species on the same site, a practice known as integrated multi-
trophic aquaculture (IMTA). IMTA is already being practised in Australia,
Israel and South Africa, and interest in growing elsewhere. A pilot project
in the Bay of Fundy, Atlantic Canada, is growing seaweed (Laminaria
saccharina and Alaria esculenta), mussels (Mytilus edulis) and Atlantic
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salmon together. The objective is to see if several species can be grown

safely (meeting the food safety requirements of the Canadian Food
Inspection Agency—CFIA), and can be grown together efficiently (grown
to market size in a reasonable timeframe while being cost effective).
Results have been positive. The project has demonstrated the biological
and technical feasibility of combining mussels and seaweeds on salmon
sites, and the beneficial impact on mussel and seaweed growth from
absorbing organic and inorganic wastes (Chopin et al., 2004; Lander
et al., 2004). The seafood products meet CFIA food safety requirements;
and when grown in proximity to salmon cages, mussels can more than
double their weight and kelp increase their biomass production by 46%
(Chopin & Bastarache, 2004).
This paper uses data from the project to indicate why IMTA might be an
attractive strategic choice for salmon farmers, not only in Canada, but
worldwide. It may also be attractive to farmers of other marine finfish.
Three reasons are suggested in this paper: (1) IMTA can increase profita-
bility; (2) risk is reduced because of diversification and (3); IMTA appears
to reduce public opposition to finfish mariculture. Bioremediation though
IMTA is another potential benefit that can permit farmers to increase out-
put if discharge regulations or taxes are imposed: however the data are too
preliminary at this stage to provide any solid evidence. Estimates of bio-
remediation through effects in Sweden suggest that absorption of organic
waste by mussels can be large and cost-effective (Lindahl et al., 2005).
The first section of the paper briefly describes salmon farming in
Atlantic Canada and the economic risks it faces. The second section uses
data from the project to indicate the potential profitability of IMTA
compared with salmon monoculture, and how IMTA can mitigate risk
through diversification. The final section provides survey results of social
perceptions towards IMTA.
 102 N. Ridler et al.

Salmon Farming in Atlantic Canada

Farming of Atlantic salmon began in New Brunswick in 1979 and
grew rapidly in the Bay of Fundy over two decades to approximately 100
farms. In 2004, the New Brunswick salmon farming industry produced
35,000 tonnes of fish worth US$108 million (FAO, 2006). Traditionally
most of the product (approximately two-thirds) has been exported to
Boston and New York although appreciation of the Canadian dollar is likely
to reduce this proportion. Salmon farming is the largest agro-business in
the province, representing approximately 1% of provincial GDP, and that
does not include linkages. In 2000, about 1,700 (full-time equivalent) jobs
were attributable to core activities within New Brunswick (Aquaculture Stra-
tegies Inc., 2001). Of particular importance to the health of rural com-
munities is the age profile of industry employees. Three-quarters of all
employees in 2000 were less than 40 years old. Salmon farming has there-
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fore enabled young people to remain in rural coastal communities.

In addition there are linked activities. A recent study using inter-
national input-output data, estimated the value-added multiplier for fish-
eries and salmon aquaculture at 1.92 with aquaculture having higher
multipliers than the capture fisheries (SINTEF, 2005). Of particular note
is the employment multiplier; every person-year employed in aquaculture
creates an additional 0.93 person-years of employment in other activities.
This suggests that Atlantic salmon farming in New Brunswick generates
more than 3,000 jobs.
However, the growth of salmon aquaculture in Atlantic Canada is threa-
tened for a number of reasons, and faces several challenges (Auditor
General, 2004). In the first place, the industry in Atlantic Canada is vulner-
able because it is a small player in a global market. Combined, the two lar-
gest producing countries, Chile (which had no recorded output until 1987)
and Norway, account for almost three-quarters of all farmed Atlantic
salmon production. With the industry geographically concentrated
New Brunswick, with just 3% of the world’s output, is vulnerable to price
shocks. Relying on a single species (Atlantic salmon) for revenues and also
on two markets (the USA and Canada) the salmon farming industry faces
considerable risks as prices fall. These economic risks are compounded by
the relatively small size of salmon farms in Atlantic Canada compared with
farms in Chile and Norway. They lack economies of scale and the financial
resources to withstand market shocks.
Linked to the dependence on a single species are natural risks associa-
ted with disease outbreaks or winter chill. Infectious salmon anaemia (ISA)
appeared in New Brunswick in the mid 1990s and the salmon farming
industry lost millions of dollars to ISA (Auditor General, 2004). In addition,
there is the danger some years of winter chill.
 Integrated Multi-Trophic Aquaculture 103

Other economic risks include food safety and food quality concerns
among consumers, which translates into market resistance to farmed
salmon. Negative perceptions of the industry by the public are not only
reflected in consumers’ preferences but also in public opposition to site
licences. On Canada’s west coast perceptions towards salmon farming
are very negative, and have forced moratoriums on new site licences
(Department of Fisheries and Oceans, 2005). While attitudes on the Atlan-
tic coast are more positive, largely because of the employment generated by
salmon farming, media reports can cause attitudes to change dramatically
(Ridler et al., 2006).

Profitability and Risk

To determine the potential profitability of IMTA a base capital budgeting
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model was designed using technical data for the Bay of Fundy to determine
economic returns of a salmon farm that was practicing monoculture. The
base model consisted of replicating the cost and revenue structure of a farm
that enters the market with no prior capital. The model assumed that initially
a salmon farmer would buy half a million smolt at market rates, as well as
incur fixed costs, for a total cost of US$1.4 million. Revenue cash flow was
a more difficult value to estimate, since it is time and price sensitive. The price
of salmon has fluctuated, and a price of US$2.60 lb was assumed for an aver-
age selling price of fresh salmon between 8–12 pounds. This was the average
price of whole New Brunswick salmon in 2004, although since then prices
have risen (Agriculture and Agri-Food Canada, 2006). Net Present Value
(NPV) was calculated for a 10-year period at discount rates of 5% and
10%, the latter corresponding to government feasibility requirements.
The second step was to estimate costs and revenues generated from oper-
ating mussel and seaweed farming, in conjunction with salmon farming. Bio-
logical and technical data from the project were used. The total fixed cost for
mussels was about US$85,000, which included rafts, moorings, predator nets,
etc., and these items would be used for the full 10 years. Fixed costs of sea-
weed farming including both laboratory and on-site operations were smaller
at US$28,000. The additional labour, which would be required to produce
mussels and seaweeds, was also calculated. Finally, an estimation of the rev-
enue generated was calculated using projected weight gains of the mussels
and seaweeds at the going market price. Mussels are also time sensitive,
and grow faster at different times of the year; thus this was compensated
for in the model. Net Present Values were estimated with all three species
together. Results for salmon monoculture and IMTA are shown in Table 1.
Additional revenues from mussels and seaweeds more than compensate
for additional costs with a resulting higher NPV for IMTA than salmon
monoculture. The increase in NPV is significant at 24%.
 104 N. Ridler et al.

TABLE 1 NPV of Salmon Monoculture and IMTA over 10 Years at 5% Discount

Rate (in US dollars)

Items Salmon monoculture IMTA

Total revenue 46,328,880 48,194,294

Total fixed costs (excl. depreciation) 1,073,636 1,185,269
Total variable costs 38,331,363 38,479,545
NPV (5%) 2,664,112 3,296,037
Total fixed costs to revenue 2.3% 2.5%
Total variable costs to revenue 83% 80%
Total costs to revenue 85.3% 82.5%
Profit margin 14.7% 17.5%

Economic Risk Due to Natural Causes

Since there is the risk of disease and wind chill, it was imperative that a
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risk factor be added into the calculation of the financial ratios. Three IMTA
scenarios were run, and each scenario was given a probability of occur-
rence. The best scenario, Scenario 1, has salmon coming to harvest every
second year, with a mortality rate of 11%. This would give a total of five suc-
cessful harvests in the 10-year span with a probability of occurrence of 20%.
The worst scenario was Scenario 2. It followed the same rules as the first,
except it had only four successful harvests, because in one harvest all fish
were assumed destroyed. This scenario is plausible because of infectious
Salmon anaemia or winter chill. In this model, this scenario was assigned
a 40% probability. Finally, Scenario 3 was intermediate between the first
and second. It had four successful harvests and one harvest in which only
30% of the fish survived. This final scenario was also given a weighting of
40%. Results are shown in Table 2 with the two discount rates.
As one would expect with diversification, IMTA results in higher NPV.
Mussel and seaweed provide alternative uncorrelated sources of income,
thereby softening the damaging effect of salmon losses. Even under the worst
Scenario 2, IMTA provides a positive NPV at both discount rates. Just one bad
harvest, in which all the fish must be destroyed, or have been killed by uncon-
trollable events, can have a negative impact on the entire 10-year run of a
monoculture salmon farm, whereas IMTA effectively reduces the risk.

TABLE 2 Salmon Monoculture and IMTA Scenarios—10-year Run NPV

Discounted at 5% and 10% (in US dollars)

Operation Discount rate Scenario 1 Scenario 2 Scenario 3

Salmon Monoculture NPV at 5% $8,146,477 $50,848 $2,664,112

IMTA NPV at 5% $8,906,435 $674,580 $3,296,037
Salmon Monoculture NPV at 10% $6,885,181 $-228,345 $2,391,135
IMTA NPV at 10% $7,508,913 $403,579 $3,014,866
 Integrated Multi-Trophic Aquaculture 105

For these positive risk results, natural (and market) events were
assumed to be uncorrelated. This assumption is plausible. Winter chill
occurs at
0.8C for salmon whereas mussels and kelp can survive much
colder temperatures. Mussels exist in the inter-tidal zone in temperate areas
where temperatures can reach
40C. Similarly kelp are a temperate cold
water species; in fact most of kelp growth occurs from winter to late spring.
Generally both species have a greater range of tolerance to physical factors
than salmon. Output therefore is unlikely to be affected for all three spe-
cies simultaneously.

Economic Risk Due to Market Causes

Historically, the price of farmed Atlantic salmon (both nominal and
real) has fallen from its peak in the 1980s, and with the planned expansion
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of output in Chile and Norway this could recur, threatening economic

viability (Whitmarsh et al., 2006). To illustrate price shocks, monoculture
salmon farming and IMTA were subjected to an immediate 12% decrease
in price and carried over a 10-year run. Table 3 illustrates the sensitivity
of salmon profitability to falling prices. Results indicate that mussel and sea-
weed farming is less price sensitive, but this may be underestimated in the
model which assumes that mussel and seaweed are grown near a salmon
farm with some of the additional costs covered by the salmon farm. None-
theless, the IMTA farm produces a positive profit margin whereby the
monoculture salmon farm does not. This provides further support for
the viability of IMTA.
As with natural risk, so the price impact of one species on the other spe-
cies was assumed uncorrelated. Although there may be some substitutability
between salmon and mussels, cross elasticities are zero between kelp and
the other two species so the overall assumption of uncorrelated market
impact appears plausible.

TABLE 3 NPV of Salmon Monoculture and IMTA over 10 Years at 5% Discount

Rate with a 12% Decline in Salmon Prices (in US dollars)

Items Salmon monoculture IMTA

Total revenue $39,379,548 $40,965,150

Total fixed costs (excl. depreciation) $1,073,636 $1,185,269
Total variable costs $38,331,363 $38,479,545
NPV (5%) $2,264,450 $2,801,631
Total fixed costs to revenue 2.7% 2.9%
Total variable costs to revenue 97% 94%
Total costs to revenue 99.7% 96.8%
Profit margin 0.3% 3.2%
 106 N. Ridler et al.

Social Acceptability
Not only must IMTA be profitable and not too risky (without these two
conditions entrepreneurs will have no incentive to invest, or will need
permanent subsidies if they are to remain in the industry), but there must
also be social acceptance. In a keynote address to the Millennium Confer-
ence on Aquaculture, it was noted that ‘‘technological progress in the next
millennium has to go hand-in-hand with social and ethical acceptability’’
(Pillay, 2001). Enough evidence exists from around the world of the del-
eterious effects on the industry itself when there is social discontent from
litigation, theft, and vandalism (Barrett et al., 2002). Not only on the west
coast of Canada but elsewhere, a negative perception towards finfish farm-
ing can jeopardize aquaculture (Katrandis et al., 2003).
Two attitudinal studies towards salmon farming in general, and IMTA in
particular, were conducted in New Brunswick. The first was in 2003 when a
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random survey of 1,220 people was conducted from two groups (the gen-
eral public and industry) in Charlotte County (total 2001 population of
27,366) (Robinson et al., 2004). The response rate for the general public
group (N ¼ 110) was 11.4%, and 53 respondents were from the 15 pro-
fessional organizations and companies. Two respondents from environ-
mental organizations were also invited to participate.
In general, participants in the survey, except for the environmental
NGOs, indicated a positive attitude towards current salmon monoculture.
The principal reason was its beneficial economic and employment impact.
However the participants indicated greater approval of IMTA. Industry
respondents mirrored these results (Figure 2).
Overall, 90% of general public responders and 89% of industry respon-
ders believed that IMTA would be a successful venture. Even with a lack of
familiarity with IMTA principles, community participants have confidence
in new methods of farming. Many respondents did believe that IMTA would

FIGURE 2 Approval of aquaculture methods.

 Integrated Multi-Trophic Aquaculture 107

FIGURE 3 Best features of aquaculture.

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improve the public’s opinion of the industry. The groups believed that
present practices have had a moderate to great impact on communities
(82% for public, 79% for industry), whereas IMTA is expected to have less
impact (60% for community, 70% for industry). The principal benefits
were on employment and on community economics, as shown in Figure 3.
This survey indicated that while the principle of IMTA was attractive to
the general public and industry there was limited detailed knowledge about
IMTA. To determine whether support would be maintained if details were
provided, a second attitudinal study towards IMTA was conducted in 2005
(Barrington et al., 2005). Three populations were targeted. The first con-
sisted of restaurant owners, managers and chefs who all serve seafood
and aquaculture products at their establishments. All the businesses were
located in New Brunswick. The second population was made of individuals
who live in Charlotte County, New Brunswick, an area where the salmon
aquaculture industry has a strong presence. The third group were indivi-
duals of the general population who regularly consumed seafood. All came
from those who had been contacted in the 2003 survey. Because the aim
was to inform participants about IMTA through a media presentation
and to encourage feedback, the technique chosen was that of small focus
groups. Participants were invited to join a focus group as long as they con-
firmed they regularly consumed seafood.
The individuals who participated in this study were of mixed gender,
ranging in age from 20 to 70 years old. Five focus groups were conducted
in 2005, with a total of 23 participants. In addition to a discussion guide, a
12-minute video outlining the ongoing IMTA pilot project in the Bay of
Fundy was shown to the participants in order to facilitate discussion.
All groups emphasized that making a profit, raising quality products
and not harming the environment were key to making the aquaculture
industry successful. It is also important to note that they all linked success
 108 N. Ridler et al.

with sustainability. Participants, after watching the video, appeared sceptical

or unsure if IMTA could improve disease outbreaks, replenish natural
stocks, and improve food quality. However, people felt that IMTA had the
potential to reduce environmental impact of salmon farming (65%), while
improving waste management in aquaculture (100%), employment oppor-
tunities (91%), community economies (95%), industry competitiveness
(95%), food production (100%) and sustainability of aquaculture overall
(73%). They also felt that it would improve the public perception of the
industry as well as a way of lowering costs.
Participants from all focus groups felt that some food recycling was
acceptable; however, they felt strongly that there should be limitations on
this practice. Media coverage of Bovine Spongiform Encephalopathy
(BSE or ‘‘mad cow disease’’) has been extensive and people are aware that
recycling some animal products and cannibalistic practices, in particular,
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are not healthy. These practices are not acceptable in the minds of the con-
sumers. However, recycling of plant material seemed acceptable to the part-
icipants. All participants (100%) felt that seafood products grown in
proximity to salmon farms would be safe to eat. They felt this way because
these species normally co-exist in nature and should not transmit disease
across a species barrier.
Participants were asked whether they would be willing to pay more for
environmentally friendly seafood. Overall, participants were mixed (50%
yes, 50% no) on whether or not they would be willing to pay more for envir-
onmentally friendly seafood. Most restaurateurs (83%) were willing to pay.
They felt that a 10% increase in market price would be acceptable. It would
be expected that the cost would simply be passed on to the consumer and
not directly absorbed by the restaurateur, probably a reflection of what they
thought their customers would be willing to pay. Charlotte County residents
were not willing to pay more for environmentally friendly seafood (100%).
They were adamant that all food production should be environmentally
friendly and there should not be two tiers of food production. The reaction
from the general population was mixed (60% yes, 40% no). Many shared
the view of eliminating two-tiered food production, and some mentioned
that they simply could not afford to pay more. However, some were willing
to pay more (up to 50%) for what they consider environmentally friendly
seafood.

CONCLUSION
Among the three aquaculture environments (freshwater, brackish water
and mariculture), the latter is growing the fastest globally. However, finfish
monoculture faces environmental concerns and often opposition from the
public in some regions. There are concerns about escapees and transfer of
 Integrated Multi-Trophic Aquaculture 109

lice as well as nutrient wastes and aesthetic objections from cottagers.

Although salmon farming in Canada has had a significant impact on rural
coastal communities through providing direct and indirect employment
such opposition can be detrimental to the expansion of the industry and
even its continuation. To enhance sustainability that is widely defined to
incorporate socioeconomic as well as ecological variables, a project in
New Brunswick is assessing the potential for IMTA. The biological results
are good, and while insufficient data preclude a definitive assessment of
its economic impact, financial feasibility and societal attitudes also are
encouraging: IMTA increases profitability and reduces risks; perceptions
of the public towards salmon farming are improved. Generally, stake-
holders felt that IMTA appears to be an improvement over current mono-
culture practices and would be cautiously welcomed in the marketplace. A
promotional campaign that educates the general public, food distributors
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and industry stakeholders in the positive benefits of this system would go

a long way in gaining mainstream acceptance of this aquaculture practice.
Of critical importance to the viability of IMTA is the willingness of consu-
mers to buy mussels and seaweeds cultured close to salmon cages; all the
focus groups indicated that this is a non-issue.

ACKNOWLEDGMENTS
We should like to thank the Atlantic Canada Opportunities Agency
(ACOA) and the Canadian Network of Centres of Excellence for Aquacul-
ture, AquaNet, for financial support, and the indispensable collaboration
of our industrial partners Cooke Aquaculture Inc. and Acadian Seaplants
Limited.

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