An Economic Analysis of Kelp (Saccharina japonica) and Sea mustard (Undaria pinnatifida) Aquaculture in Busan and Ulsan

Abstract

This study was aimed to analyze the economic feasibility of seaweed aquaculture production performance in Busan and Ulsan on the southeast coast of Korea. For the analysis, 10 seaweed aquaculture farms were surveyed. The 10 seaweed farms were classified as kelp farm, sea mustard farm, and mixed farm (kelp+sea mustard). In the study, various analyses including cost structure analysis, profitability and economic feasibility analysis were conducted for the 10 seaweed aquaculture farms. Based on the survey results, the study carried out profitability and economic analyses of seaweed farming for the kelp farm, sea mustard farm, and mixed farm. It was found that the average NPV was the highest for the sea mustard farm with 3.27 billion won. The kelp farm produced the lowest NPV of 0.18 billion won indicating a negative – economic feasibility.