BLUE ECONOMY: BUSINESS MODEL FEATURES OF AQUACULTURE FARMS

Nestan Varshanidze

E-mail: varshanidze.nestani@bsu.edu.ge

PhD Student Batumi Shota Rustaveli State University

Batumi, Georgia

https://orcid.org/0000-0001-8892-0300

Abstract: In conditions of limited resources, sustainable development of the economy is important. Among the modern theories and concepts of the economy, we should highlight the Blue Economy, which corresponds to the goals of sustainable development of the United Nations (goals 1; 8; 14: 15; 17). The Blue Economy includes sectors such as: coastal tourism, marine living resources - aquaculture, blue energy, blue biotechnologies and seabed mining. Aquaculture, the farming of aquatic organisms such as fish, shellfish, and aquatic plants, has emerged as a critical sector in meeting the growing global demand for seafood. As the industry evolves, various business models have emerged to address the unique challenges and opportunities associated with aquaculture. This comprehensive study explores the diverse aquaculture business models, their advantages, limitations, and implications for sustainable development, economic growth, and social equity. The study draws on existing literature, case studies, and expert insights to provide a thorough analysis of the different business models employed in the aquaculture sector.

Keywords: Blue Economy; Business Model; Aquaculture; economic analyses.

JEL classification: M21, O18, Q12.