Fish is probably the only major food product in the modern human food system for which wild harvests are still important in the market supply despite the rapid growth in production of farmed fish/aquaculture. The issue of substitution, or competitive interaction, between capture fisheries and aquaculture is of immense interest due to its role in determining market prices, livelihoods, and welfare in the two sectors. This is particularly true for a developing country like India where fisheries and aquaculture play an important role in livelihood creation, export revenues, and food security. India has also witnessed a remarkable increase in inland aquaculture production which is now the largest contributor to the country’s total fish production. In this article, we employ recursive cointegration analysis and time-varying copula estimations to analyze a novel dataset to describe the evolution in the relationship between the prices of inland capture fisheries and aquaculture products in India over time. Our results suggest an increased degree of market integration for inland fish products in India over time, though the degree of integration is lower for the capture fisheries products compared to the aquaculture products.
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