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:

 
 

To request the full report, please contact us via email.

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.

Stefanie Brendl