GREECE’S BLUE GOLD: THE FUTURE OF AQUACULTURE AND GROWTH PROSPECTS

Greece’s Blue Gold: The Future of Aquaculture and Growth Prospects.

By Thodoris Antoniou (Hatchery Manager, Fish Farming) & Dimitris Pafras (PhD Candidate in Marine Biology & Fisheries & Dynamics).

Greece’s aquaculture sector is one of the most dynamic and strategically significant pillars of the national economy. As the leading producer of sea bream and sea bass in the European Union and the second-largest globally, Greece holds a prominent position in an export-driven industry with vast growth potential. The sector’s advancement relies on expertise, investment in innovative technologies, and continuous improvements in production processes, making it one of the most vital components of Greece’s primary industry.

The Contribution of Aquaculture to the Greek Economy

In 2023, Greece’s total aquaculture production reached 153,852 tons, with an estimated value of €774.78 million, representing 68% of the country’s total seafood production. Additionally, shellfish farming—mainly Mediterranean mussels—accounted for 20,100 tons, valued at €11.5 million, representing 13% of the volume but only 1% of the total value of Greek aquaculture.

Aquaculture is a key driver of economic development in coastal and island regions, providing not only financial benefits but also sustainable employment opportunities. With over 12,000 direct and indirect jobs, the industry plays a crucial role in maintaining social cohesion and reducing unemployment in local communities. Furthermore, Greece boasts a high level of scientific expertise in the field, contributing to the ongoing development and innovation of aquaculture practices.

Exports and Global Market Presence

Greece ranks third in the European Union in terms of aquaculture production value and volume. Exports are a cornerstone of the sector, with Italy, Spain, and France traditionally absorbing more than half of Greek production. In 2023, these three countries accounted for over 50% of Greece’s aquaculture exports. Other key export destinations included the United States, the Netherlands, Germany, Bulgaria, Portugal, Romania, Canada, Cyprus, and the United Kingdom, with exports ranging from 1,000 to 5,000 tons. Additionally, smaller volumes (less than 800 tons) were exported to 24 other countries.

Challenges and Opportunities in the Industry

The year 2023 was particularly demanding for Greek aquaculture, as the industry faced increased production costs, inflationary pressures, and declining demand in major export markets. Despite these challenges, Greek companies adapted dynamically, maintaining the quality and competitiveness of their products. Sea bream and sea bass exports reached 100,000 tons, valued at nearly €572 million, demonstrating the resilience of Greek aquaculture in international markets.

At the same time, competition from third countries, such as Turkey, has intensified. Lower prices and an expanding presence in the European market are creating new pressures for Greek businesses. To maintain a competitive edge, the sector must focus on product diversification, the expansion of distribution channels, and the promotion of high-quality standards. Strategic investments—both domestic and international—are expected to further strengthen the industry’s global presence and sustainability.

Sustainability and the Circular Economy: The Future of Aquaculture

Sustainable growth is a central pillar for the future of Greek aquaculture, with the adoption of circular economy practices opening new avenues for innovation. Investments in new technologies, environmentally friendly fish feed, and the responsible management of aquatic resources will enhance the sector’s competitiveness, attract further investments, and elevate Greece’s position in the global market. Moreover, a stronger focus on reducing environmental impact and protecting marine ecosystems is essential for the industry’s long-term sustainability.

The integration of biotechnology applications, the use of renewable energy in fish farming units, and the utilization of production by-products through circular processes contribute to the development of a modern and responsible production model. These initiatives not only improve the environmental performance of aquaculture but also appeal to consumers who increasingly seek sustainable food choices.

Greece’s aquaculture industry is a key pillar of the national economy, with a strong export footprint and significant growth prospects. Despite existing challenges, the adoption of sustainable and circular practices, combined with the continued focus on high-quality production, will ensure Greece’s leading position in the global aquaculture market. The country’s “blue gold” has all the credentials to remain a fundamental driver of economic growth, creating new employment opportunities, attracting investments, and supporting local communities and the nation as a whole.

Source: Dimitris N. Pafras, Ichthyologist (BSc, MSc, Phd cand.), PhD Candidate in Marine Biology and Fisheries Dynamics , University of Thessaly (UTh), School of Agricultural Sciences, Department of Ichthyology and Aquatic Environment (DIAE).

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