Despite covering 71 percent of the earth, oceans account for a fraction of the world’s production of animal-source food, highlighting the vast potential to farm more fish in the ocean to meet future demand for nutritious food.
Aquaculture, the farming of aquatic animals and plants, is the fastest-growing food-production sector in the world. Today, this source provides half of all fish for human consumption (FAO 2016).
In the context of US fisheries, the term “catch shares” refers to a system in which the government grants fishing rights (quotas) to individuals or companies on a de facto permanent basis and establishes a market for buying, leasing or selling those rights. In other parts of the world, this same approach is referred to as Individual Transferable Quotas (ITQs), or Transferable Fishing Concessions (TFCs).