In this study, all seven projects in the Fishmeal Replacement Sub-Program were evaluated using the techniques of benefit/cost analysis. Projects under this Sub-Program covered the period 1993 to 1996/97. There were two types of project within the Sub-Program. Five of the projects were species-based, investigating fishmeal replacement in the diets of prawns, silver perch, barramundi (two projects) and Atlantic salmon. The remaining two projects, examining aspects of feed processing and the use of diet supplements, supported the species-based projects.

This Executive Summary provides a brief description of the Sub-Program and the results of the analysis on each of the species-based projects. It is assumed that any benefits of the support projects will be realised through the commercial results of the species-based projects. For the purpose of this analysis, the costs of the support projects are, therefore, spread across the species-based projects. Estimates of the costs and benefits for each of the species-based projects and for the Sub-Program as a whole are provided in Table 1 in the "Concluding remarks" section of this Executive Summary.