Consumers’ willingness to pay (WTP) for HACCP certified frozen farmed fish: A consumer survey from wet markets in Dhaka, Bangladesh

Abstract

Bangladesh, like many developing countries, has taken various aquaculture product quality and safety control measures. However, it is little is known about Bangladeshi consumers' preferences, and in particular, whether they are willing to pay a price premium for safety improvements and what are the determinants of their WTP. This paper assesses consumers’ preferences and WTP for Hazard Analysis Critical Control Point (HACCP) of certified frozen farmed fish (major carps). Findings indicate that Bangladeshi consumers, on average, are ready to pay a premium of 24.62% more for HACCP-certified frozen major carps. Results also indicate that education, income, consumption frequency, perceived fish safety risk, taste, and freshness are the significant determinants of consumers’ WTP for HACCP certified frozen major carps.

Keywords:

• Contingent valuation method
• farmed fish
• HACCP
• interval regression model
• major carps
• willingness to pay