Economic feasibility study for the expansion of the Cyprus aquaculture sector: A roadmap for transition to offshore in the Mediterranean Sea

Abstract

Global demand for seafood is constantly increasing, driven by population growth and rising per capita consumption. While wild-capture fisheries are facing limitations in meeting this demand, the expansion of aquaculture emerges as the only solution. This paper investigates the potential for increasing the aquaculture production in the Republic of Cyprus by transitioning towards offshore aquaculture farms. The model developed provides a valuable roadmap for offshore transitions in Mediterranean near-coast areas. The study includes a detailed economic analysis coupled with sensitivity analysis to assess the feasibility of this transition considering various expansion scenarios. The results provide valuable insights into the viability and implications of this process, highlighting economic and operational issues.