Market concentration in the Spanish turbot aquaculture sector: A regional analysis

Abstract

This paper analyses the regional evolution of the market structure in the Spanish turbot industry, which is the leading turbot producer in Europe, using different concentration rates. The analysis is performed considering several factors that have influenced the evolution of the sector, the most important being the application of technology, business strategies and the institutional framework. The results confirm a process of concentration. Starting from an initial phase in which the sector was composed of a considerable number of small companies, this industry has evolved towards a situation in which only two large firms dominate the market.

Production strategies, productivity changes and innovation: An analysis of European turbot aquaculture from 2009 to 2020

“…This scenario led the leading companies in the sector to absorb other less competitive companies. 21 The period under study in this article corresponds to this third stage, characterised by the presence of two large leading companies, which together account for 85% of total national production: Nueva of the national total). Stolt Sea Farm has a total of eight production plants, one of which is a hatchery, and Nueva Pescanova-Insuiña has a fattening plant and a hatchery.…”

“…These firms are pursuing a policy of takeovers and mergers that has led to a progressive reduction in the number of small companies. 21 As a result, ROE, ROA and profit margin have increased for large Spanish companies. Consequently, from 2009 to 2020, the number of companies in Spain decreased by 60%.…”

“…In aggregate terms, the evolution of the economic-financial variables for Spain shows a positive trend, and the predominance of large companies, which benefit from economies of scale, the implementation of technological advances and distribution agreements with large supermarkets, explains this significant improvement in economic performance. 21 In recent years, there has been a species diversification strategy process, which has contributed to the growth of the main turbot com- No of employees (sum) Portugal is the second EU country in terms of turbot production volume. 21 The cultivation of this species in Portugal started in 1994.…”

“…14 In addition, studies have also been published analysing the financial situation of specific aquaculture sectors, with special attention to that of sea bream and sea bass. [15][16][17] Regarding the turbot aquaculture sector, there are previous economic studies focused on the European Union, [18][19][20][21][22][23] but its profitability has not been, for the moment, studied in detail. Therefore, the objective of this work is to carry out a financial analysis of the turbot sector at the EU level.…”

Impact of the COVID-19 crisis: Analysis of the fishing and shellfishing sectors performance in Galicia (Spain)

“…This species has a very irregular catch history in Galicia, and it is only fished in Galician waters in years when its biomass is high. Otherwise, its capture is restricted to Cantabrian waters ( Fernández-González et al, 2019 ). The second one is a market factor.…”