Valuation Report: Florida Sharks, 5 Species on 2 Coasts
Florida SHARKS ALIVE: A VALUE OF $8.13 BILLION
The Shark Mekka of the United states
The Florida coastline has become synonymous with shark tourism. The industry continues to expand, offering shark enthusiasts a variety of shark encounter experiences. These include:
Spotting and viewing sharks from a boat
Shark angling and shark angling competitions
Snorkeling with the sharks
Swimming with the sharks or open water swimming with sharks
Shark scuba diving and shark cage diving
Whilst the entertainment industry and social media have encouraged the growing interest in shark tourism, open-water shark diving has seen some of the greatest price increases. For example, from 2001 to 2022, the average cost per person has increased from USD 44 to around USD 195. Obviously, this varies depending on the operator – according to the 2016 Oceana survey, there were c.a. 365 operators offering a wide selection of shark experiences.
Florida is also known for its variety of shark species. This further adds to the enticement of the Florida coast (particularly the Atlantic Coast). Some of the more popular shark species include lemon sharks, tiger sharks, bull sharks, great hammerhead sharks, oceanic whitetips, sandbar sharks, and silky sharks. Florida has also become known as a prime location for hunting for fossilized shark teeth. This is important when assessing the economic value, as tourism and tourism-related activities are one of the foundations of the Florida shark value. It helps to create both economic value and a significant number of direct and indirect jobs.
Recreational angling in Florida: Overview
Based on the Florida Fish and Wildlife Conservation Commission’s statistics, recreational angling is a popular activity in the state. Some of the 2019/20 saltwater statistics include:
Total number of anglers – 4m (2017/18)
Recreational saltwater licences were sold – 1.5m
Value of total saltwater licence sales – USD 37.8m
Recreational residents and nonresidents who had an active license – 2.4m
Economic impact of saltwater recreational fishing –USD 9.2bn (2020 inflation-adjusted estimate)
Jobs supported by saltwater recreational fishing – 88,501 (estimate)
Recreational angling can be divided into three categories. These include shore-based, charter and private or rental boats. While there may be concerns over the synergy between conservation and recreational angling, according to Brooks et al. (2021) anglers are keen to learn how to improve catch-and-release survival rates of sharks and are concerned about the conservation of sharks. Therefore, with increased education and awareness raising, recreational angling may be able to stand to the benefit of shark conservation, especially considering the value that recreational angling creates.
In addition, according to NOAA (2021), reef-related recreational fishing in five counties alone, on a Florida state level create an economic output of USD 384m annually. This implies that the recreational angling community is a thriving one and, when well-informed, they should not be overlooked for sharks. That said, there is a risk of mortality even with a correctly followed catch-and-release procedure in part due to the post-release stress inflicted on the sharks. Additionally, there are limits to how much hunting pressure, even with release, each region can tolerate.
The baseline value of the shark population in Florida waters is $8.13 billion. This value over 30 years is comprised of the following:
Bull shark Gulf of Mexico = USD 496,802,517
Bull shark, Atlantic Coast = USD 2,453,776,538
Great Hammerhead Gulf of Mexico = USD 458,532,952
Great Hammerhead, Atlantic Coast = USD 483,939,184
Lemon Shark, Gulf of Mexico = USD 285,652,942
Leon Shark, Atlantic Coast = USD 456,975,965
Sandbar Shark, Gulf of Mexico = USD 146,473,410
Sandbar Shark, Atlantic Coast = USD 247,024,308
Tiger Shark, Gulf of Mexico = USD 1,105,458,454
Tiger Shark, Atlantic Coast = USD 1,991,923,425
While all of the numbers above are great arguments why we should protect our sharks as an investment, ultimately, the most important reason why sharks matter is the important role they play in keeping our ocean healthy. And that should be the overriding reason why we respect and protect sharks.
A QUICK COMPONENTS overview OF THE REPORT:
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SPECIAL THANKS
Endangered Wildlife OÜ and Shark Allies would like to thank Hannah Medd, founder of American Shark Conservancy for their expert advice in preparing this report and Jennifer Williams, for her financial support.