An Economic & Production Assessment Model for Ornamental Fish Production in Jamaica

Summary of an academic study

From our Networking Event with Sandy Moore( recording coming soon) it was interesting for me to realize that not many persons including local University lecturers have no knowledge of the ornamental fish farming industry in Jamaica. Freshwater ornamental fish production for the aquarium industry has been in existence in Jamaica for more than 20 years. Ornamental fish keeping has been a hobby since the 1940s, and although many attempts have been made over the years to increase the production levels towards an export market, the industry has remained stagnant and over the years declined. However there are a few backyard breeders and even fewer farms that do export. This paper by Stacy Ann Gray who worked at the Ministry of Agriculture and Fisheries in 2011 gives an overview of some of the work that was conducted in the past and proposes a model for investment towards the growth of a viable industry.

Introduction

Jamaica’s tropical climate provides an ideal environment for ornamental fish farming, a globally lucrative industry. However, small-scale farmers struggle with financing, production scale, and market access, limiting the country’s ability to compete internationally. This study develops an economic and production assessment model to evaluate the profitability and investment feasibility of ornamental fish farming in Jamaica.

Industry Overview

In 2011, the global ornamental fish market is valued at approximately US$15 billion¹, with the U.S., Japan, and Germany² as the largest importers. Most of the supply originates from developing countries, particularly in Asia.

Jamaica, located just 1.5 hours from the U.S. market, has the potential to capitalize on this trade but currently operates on a small scale with fewer than 100 farmers. (2011)

Challenges Facing Jamaican Ornamental Fish Farmers

• Small-scale operations: Limited capacity to meet export demand.

• Financing difficulties: Many farmers lack capital or collateral to secure loans.

• Market access issues: Dependence on a local market, which offers higher prices but lower volume.

• Lack of collaboration: Farmers do not pool resources for bulk sales or input procurement.

• Limited government support: Absence of a structured marketing/export system.

Assessment Model and Findings

The study focuses on five commonly farmed species:

1. Goldfish (Carassius auratus)

2. Freshwater Angelfish (Pterophyllum scalare)

3. Blue Gourami (Trichogaster trichopterus)

4. Red Swordtails (Xiphophorus hellerii)

5. Mollies (Poecilia sphenops)

Using an investment of J$22.5M (US$260,000), the model projects:

• Annual production of 600,000 fish

• Payback period of 9 years

• Internal Rate of Return (IRR) of 21%

• Sensitivity to price and production fluctuations

A 10% drop in production or sales prices could make the business unprofitable. Thus, scaling production beyond 50,000 fish per month is recommended to mitigate risks.

Recommendations for Growth

1. Increase Investment: Large investors with access to capital are needed to expand operations.

2. Improve Collaboration: Farmers should form cooperatives to access bulk sales and financing.

3. Government Support: Policies should encourage industry growth through financing and export facilitation.

4. Expand Markets: Target international markets like the U.S., Canada, and Europe to increase sales volume.

Conclusion

Ornamental fish farming in Jamaica is a viable and profitable industry if properly structured and supported. With strategic investment, improved financing, and market expansion, Jamaica can establish itself as a key player in the global ornamental fish trade.

1. As of 2025, the global ornamental fish market is valued at approximately USD 6.38 billion. Projections indicate that the market will continue to grow, reaching between USD 9.91 billion and USD 12.25 billion by 2030, with compound annual growth rates (CAGR) ranging from 6.6% to 8.5%

2. As of 2023, the leading importers of live ornamental fish are:

• United States: $82.25 million, importing approximately 4,494,640 kilograms.

• European Union: $54.18 million, with imports totaling around 1,042,260 kilograms.

• China: $40.92 million, importing about 426,275 kilograms.

• United Kingdom: $20.78 million, with imports of approximately 848,707 kilograms.

• Malaysia: $18.48 million.