Are U.S. consumers willing to pay more by the lake? An analysis of preferences for Great Lakes region fish

April Athnos, Simone Valle de Souza, Kwamena Quagrainie, Chinonso Etumnu, William Knudson, Ronald E. Kinnunen and Paul Hitchens

Agricultural and Resource Economics Review, 2022, vol. 51, issue 3, 473-498

Abstract: U.S. per capita seafood consumption is historically high due to population and income growth and consumer preference shifts toward healthy protein options. Despite this expansion, U.S. fisheries, especially those in the Great Lakes region, no longer fulfill domestic demand due to pressure on fish stocks and regulatory constraints. Instead, aquaculture and imports fill the gap. Rainbow trout, yellow perch, and walleye—three species historically produced in the North Central Region (NCR)—exemplify such trends. To expand marketing opportunities for NCR aquaculture producers, this study estimates willingness to pay (WTP) for these species and several search and credence fish attributes. We designed and distributed a survey instrument to collect hypothetical choice experiment responses from U.S. seafood consumers. Using a random utility framework, we estimate mean total WTP for trout, yellow perch, and walleye of $19.99/lb., $15.89/lb., and $17.37/lb., respectively. Further, we identify average price premia of $1.64/lb., $1.97/lb., and $0.84/lb. for NCR-sourced, wild-caught, and fresh fillet attributes. Our analysis also captures regional preferences. Mean WTP estimates for yellow perch and walleye, which are native to the Great Lakes, are significantly higher inside the NCR. Further, trout commands a higher premium outside the NCR than within, suggesting potential market segmentation for the analyzed species.

Date: 2022
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