This paper documents from an economic perspective the evolution of the fry market as part of the marine fish culture industry in Hong Kong, and related research efforts. The fry market, which involves a division of labour among fry import traders, local fry catchers and local culturists, has helped the adjustment of the industry in the face of foreign competition. Due to the success in artificial breeding of key cultured fish and keen product competition, the prices of fry have been falling. The contribution of the fry breeders to sustaining the culture industry is discussed.
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