Growing food in our oceans is projected to be a $400 billion industry by 2030.
The World Bank describes the blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs,” while preserving the health of our ocean ecosystems.
Aquaculture is a growing industry in the blue economy that can provide a sustainable source of food (such as fish, shrimp and other seafoods), packaging, beauty products, biofuel, seaweed and much else besides. Currently, the global aquaculture market is valued at around $290 billion, but is projected to reach $421 billion by 2030, according to Vantage Market Research.
The Organization for Economic Cooperation and Development (OECD) forecasts the global ocean economy to be valued at $3 trillion by 2030. So, aquaculture is projected to represent just under 20 percent of the global blue economy by the end of the decade.
The U.S., for example, imports about 90 percent of the seafood it consumes, with more than half coming from aquaculture. Growing the domestic aquaculture industry within its borders would help shift the tides of the $14 billion seafood trade deficit. With the added advantage of reducing air and sea shipping emissions.