Abstract: The purpose of this study is to analyze a possible substitution relationship between farmed gilthead seabream (Sparus aurata) and farmed European seabass (Dicentrarchus labrax) in Mediterranean markets. Seabream and seabass are the two most important aquaculture species in the Mediterranean area. Greece and Turkey are the main producing and exporting countries, while the main consumer markets are in Spain and Italy. Despite the fact that both species are produced by the same companies and use the same international logistics chains, there are no previous analysis regarding a potential competitive relationship between the two species. This work performs a cointegration analysis and tests for market integration between the two species in the frame of the competition across Greece and Turkey in the international market, considering Spanish and Italian seabream imports prices in the period 2009-2021. Results indicates that the substitution between seabass and seabream only takes place in a context of competition between producing and exporting countries, in which species from one country can indistinctly substitute any species from the competing country. On the contrary, when the supply of a given country is differentiated from the rest of the market, the two species will have a differentiated behavior.

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