Resin: not only a secondary forest product

Given the lack of studies focusing on the economic aspects of pine forests with resin production objectives, this study has analysed the economically optimal rotation age and profitability of two forest plantations that are commonly used for resin production in their respective countries: Slash pine in Brazil and Maritime pine in Spain. The scope of the two case studies encompassed resin, timber production and carbon sequestration, assuming that the latter could be traded in voluntary markets. An initial conservative assumption was made that resin can be picked only three years before final felling. The main objective was to demonstrate whether the economically optimal rotation varies with the introduction of resin and carbon, and whether the profitability of resin is comparable to that of timber. Additionally, an alternative scenario was considered wherein resin tapping was allowed for a prolonged period. The results have demonstrated that the integration of provisioning (resin and wood) with regulating (carbon) ecosystem services significantly increases profitability compared to the option of timber production alone, while the optimal rotation age is modified to a much lesser extent. It is also concluded that, at least in some situations, resin production should not be considered a secondary or complementary product to timber production. Furthermore, it is imperative to emphasize the need for appropriate silvicultural models to manage these three products jointly.