Investigation of Current Risk Types Faced by the Global Fisheries: A Comprehensive Review

Abstract

Although, the fisheries sector is the backbone of agriculture, however, published literature does not document current risk types faced by this sector. The primary objective of this first-time study is to identify various types of current risks faced by global fisheries in a comprehensive manner. It is envisaged that this study will not only help to understand and manage fisheries resources in a better way but it will also provide directions for further research. According to the findings of this study, global fisheries are exposed to five main types of risks, viz., natural, ecological, market, technical, and management. Typhoons, tsunamis, floods, earthquakes, accelerated beach erosion, and oceanic climate changes such as high wave action, temperature fluctuation, and high salinity are the reported natural risk factors faced by this sector. On the other hand, overfishing, aquatic pollution, habitat degradation, abundance of competitive exotic species, genetic stock structure changes, fisheries resource enhancement, and land reclamation projects are the major identified ecological risks. The market risk faced by the global fisheries includes price fluctuation, high financial risk faced by fishermen, changes in the rights to use the resources, employment loss, asymmetric market information, lack of investment, and meager loan support. Whereas, technical risk is caused by the hull or engine-related activities, low degree of mechanization, automation, and industrialization. While, work-related fatalities, loss of fishing gears, fishing mortality, lack of legally harvest strategies, unreasonable production plan of aquaculture, an insufficient supply of fishery insurance, illegal fishing, and uncertainty associated with stock assessments together constitute management risk faced by global fisheries.