Top 10 Aquaculture Companies Making Waves in the Industry, November 2023

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quaculture, a rapidly evolving sector, has witnessed an impressive surge in innova on and sustainability. In this editorial, we explore the dynamic landscape of Aquaculture and shed light on companies that are making significant waves in the industry.

The Aquaculture domain has undergone a transforma ve shi driven by advancements in technology, a growing global demand for seafood, and a collec ve commitment to environmentally responsible prac ces. Companies at the forefront of this evolu on are not only mee ng the rising demand but are also pioneering groundbreaking solu ons that redefine the industry.

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These Aquaculture trailblazers are characterized by their commitment to sustainable prac ces, leveraging cu ngedge technologies to enhance efficiency and minimize environmental impact. From state-of-the-art fish farming facili es to innova ve aquaponics systems, these companies are se ng new benchmarks for responsible and resource-efficient seafood produc on. Their emphasis on research and development is fostering a culture of con nuous improvement. By inves ng in gene c advancements, disease preven on strategies, and habitat preserva on ini a ves, these companies are ensuring the long-term viability of Aquaculture as a reliable source of high-quality seafood.

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In the edi on of Top 10 Aquaculture Companies Making Waves in the Industry, we delve into the success stories, strategies, and forward-looking ini a ves of Aquaculture companies that are not merely keeping pace with industry trends but are ac vely shaping their future.

Have a mesmerizing read ahead!

Praik D. Bombarde

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Cover Story

MainStream

Aquaculture Innovative Fish Farming for Global Food Needs

Contents

14. Ava Ocean Balancing Resource Extrac on and Ocean Conserva on

24. BioFishency

Transforming Aquaculture through Sustainable Water Treatment Innova ons

32. Rare Foods Australia Sustainable Transforma on of the Greenlip Abalone Fishery

Articles Articles

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Aquaculture Innova on Pioneering Solu ons for Global Food Security

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Revolu onizing Fisheries The Economic Impact of Aquaculture

Innova ve Fish Farming for Global Food Needs

Having a par cular experience is not a prerequisite for achieving success. Rather, what is essen al is possessing will and boundless energy. If one possesses a strong desire to accomplish something, one can usually do so. Therefore, I contend that any aspiring entrepreneur must be willing to take risks and embrace hard work, as it is an inherent part of the entrepreneurial journey.

Dr. Paul Harrison Co-founder and Chief Scien st MainStream Aquaculture

The provision of food to the world in a socially and environmentally responsible manner. Consequently, being an entrepreneur is not only about taking risks and doing something new, but it also serves a fundamental need to feed the world in the case of MainStream Aquaculture.

Top 10 Aquaculture Companies Making Waves in the Industry Redefining Aquaculture with Passion and Innovation!

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ith the world’s population projected to reach 9.7 billion by 2050, the demand for food, particularly protein like fish, is growing rapidly.

Traditional fishing methods are depleting wild fish populations, necessitating alternative solutions.

The urgency of the situation has been recognized by MainStream Aquaculture, which has risen to prominence as a pioneer in the aquaculture industry. With its commitment to ingenuity, environmental accountability, and the generation of top-notch seafood, this enterprise is revolutionizing its approach to aquaculture. Mainstream Aquaculture, founded in 2001, aims to provide sustainable and delicious fish to feed the world through eco-friendly methods. They’ve become a leading force in warm water aquaculture, specializing in Barramundi production. They operate the world’s largest Barramundi hatchery, supplying fingerlings to 31 countries across 5 continents.

This impressive initiative combines the best aspects of nature and state-of-the-art technology to produce outstanding Barramundi while promoting preservation and sustainability. This exciting aquaculture venture now extends from its urban aquaculture farms in Melbourne to the pristine rainforests of Far North Tropical Queensland, Australia, to the arid deserts of Arizona, USA. With over 22 years of fish husbandry experience, MainStream operates 5 farms in Australia and one farm in Arizona, USA. MainStream offers various domestic and export product options tailored to the market and client needs.

Bridging Science and Sustainability Dr. Paul Harrison, a pioneer in the field of marine science, co-founded MainStream Aquaculture in 2001 with a vision of establishing an environmentally sustainable aquaculture enterprise. Armed with a Ph.D. in aquatic biology and a wealth of experience in fish production, hatchery operations, and research, Dr. Harrison embarked on a mission to merge cutting-edge aquaculture technology with ecological responsibility.

The genesis of MainStream Aquaculture’s success can be traced to the discovery of a hidden gem - an underground geothermal spring near Melbourne. This pristine water source, over 1,600 years old and devoid of impurities, provided the ideal conditions for nurturing Barramundi.

Driven by a profound understanding of the species and a commitment to transcend traditional farming methods,

MainStream Aquaculture has emerged as a dominant force in warm water aquaculture.

MainStream’s story began with a dream shared by Dr. Harrison, his brother, and friends—a vision of an extraordinary aquaculture enterprise. Their quest for superior water resources led them to Melbourne’s geothermally heated groundwater, a pristine source with an ideal water chemistry for aquaculture. This natural geothermal source ensured optimal conditions for cultivating tropical fish such as Barramundi.

With unwavering dedication to excellence, MainStream Aquaculture has risen to become the largest supplier of Barramundi fingerlings globally, producing 40 million fish last year and serving clients in 31 countries. The 2018 amalgamation with Pejo Enterprises cemented the company’s reputation as a nexus of science, nature, and conservation.

MainStream’s Far North Queensland farms, nestled in the Wooroonooran National Park, draw crystal-clear saltwater from the Great Barrier Reef to rear Barramundi fingerlings born in Melbourne to large food service and retail readysized fish. These farms feature picturesque wetlands that not only purify water but also support diverse wildlife. The company’s commitment to conservation and sustainability is further exemplified by the preservation of 32 hectares of unique wetland.

In pursuit of global expansion, MainStream Aquaculture ventured into the American market in 2022, acquiring a site in the Arizona desert strategically positioned to reach a 100 million-strong population within an 8-hour drive, encompassing important markets such as Phoenix, Los Angeles, and Las Vegas.

MainStream Aquaculture’s approach to fish husbandry is marked by a focus on providing the best possible living environments and humane harvesting under stringent quality controls. While acknowledging that farmers can’t solve all global problems, they firmly believe in responsible protein provision.

The Future of Aquaculture Initially envisioned as a technology-driven venture to produce various fish species globally, MainStream shifted its focus to becoming experts in Barramundi. This strategic shift enables them to excel as a vertically integration single species specialist while offering year-round Barramundi

growth through fully enclosed recirculating aquaculture systems (RAS) and open-pond farming.

As the world’s largest supplier of Barramundi fingerlings, MainStream has maintained an unprecedented 200+ consecutive successful spawns. Its fingerlings demonstrate fast growth, robustness, consistent size, and higher fillet yields - qualities that yield the most profitable Barramundi in the industry. MainStream’s fish, marketed under the Infinity Blue brands, offer a premium, sustainable, and nutritious source of protein. Barramundi’s adaptability to various environments and its suitability for aquaculture make it a promising solution to cater to the demand for white-fleshed fish.

MainStream’s strategically located farms enable the delivery of fish through a short supply chain with minimal food miles. MainStream’s dedication to sustainable aquaculture practices is reflected in its compliance with strict regulations and its pursuit of opportunities for sustainable expansion. Holding Best Aquaculture Practices (BAP) Accreditation and the Sustainable Australian Barramundi Tick underscores their commitment to responsible resource management. Free from antibiotics, hormones, colorants, and whitening agents, Barramundi from MainStream is rich in Omega-3s and low in fat, outperforming other white fish like haddock, pollock, and tilapia in Omega-3 content.

MainStream’s corporate structure, including a diverse board and shareholder support, facilitates effective collaboration with shareholders, managers, staff, technicians, suppliers, and the market. This approach has been pivotal to the company’s growth and success.

While MainStream faces market and international challenges in popularizing Barramundi, its unwavering commitment to quality and sustainability sets it apart. The company’s belief that success is attainable through determination, energy, and calculated risk-taking resonates with its entrepreneurial spirit. MainStream Aquaculture not only thrives on innovation and ambition but also recognizes its role in responsibly feeding the world.

Challenges in the Barramundi Business Dr. Harrison has outlined a series of challenges that MainStream, grapples with daily. These challenges fall into two distinct categories: market challenges and international challenges.

Domestic Market Challenge: Within its domestic market, Australia, MainStream faces a distinct market challenge. A significant portion of the barramundi being consumed in Australia is, in reality, an imported Asian sea bass being marketed as barramundi. This situation engenders a predicament, as many Australians unknowingly believe they are consuming genuine barramundi when, in fact, they are consuming an imported substitute.

International Challenges: The primary international challenge confronting MainStream revolves around the task of gaining recognition and acceptance within the global market. Regrettably, barramundi remains an unfamiliar species to many consumers worldwide. Consequently, the company has been compelled to devote substantial efforts, primarily through its dedicated sales and marketing teams, to foster consumer recognition and acceptance.

Sustainable Aquaculture Practices In the realm of Australian operations, MainStream adheres not only to existing regulatory frameworks but also actively seeks opportunities for sustainable expansion. The company maintains an unwavering commitment to resource conservation and operational sustainability. This commitment is exemplified by their attainment of prestigious certifications such as the Best Aquaculture Practices (BAP) Accreditation and the Sustainable Australian Barramundi Tick. This approach to sustainability serves as a pivotal driver for the company’s growth, as global imperatives increasingly discourage businesses that excessively deplete natural resources.

Fortune Favours the Fearless Dr. Harrison posits a compelling perspective on the nature of success within the aquaculture industry. In his view, success is not contingent upon prior industry experience but rather hinges on one’s determination and energy. A resolute desire to achieve is the key. Dr. Harrison contends that aspiring entrepreneurs must wholeheartedly embrace risk as an integral facet of the entrepreneurial journey. He advises budding business leaders to cultivate self-confidence and embark on calculated risks, even when faced with the daunting prospect of launching a novel venture. The potential rewards, particularly in the dynamic aquaculture sector, are substantial. Furthermore, this journey aligns with a fundamental need to responsibly supply sustenance to the global populace. In essence, entrepreneurship transcends mere risk-taking; it is an essential means of fulfilling the fundamental human requirement for sustenance on a worldwide scale.

Water and resource efficiency are the primary concerns of their opera ons, as they perceive a future where access will increasingly ghten.

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ndertaking benevolent actions through every available means and across all possible locations is a commendable endeavor. The path to pioneering in any field is never without its challenges, but it is the pursuit of our ultimate goals that propels us forward.

Sustainable seabed harvesting represents a conscientious method for extracting seafood from the ocean floor, prioritizing ecosystem well-being, and minimizing ecological impact.

One such pioneering journey towards long-term sustainable fishery has been introduced by Ava Ocean. The team at Ava Ocean is committed to continuous innovation, responsible harvesting practices, and ongoing collaboration with experts that ensure the lasting success of this venture.

To understand this approach to sustainable fishing, we at Insights Success interviewed Øystein Tvedt to know the idea that brought everyone together.

Below are the highlights of the interview: As a leader in the fisheries sector, could you provide an overview of your company’s mission and its significance within the industry?

At Ava Ocean we are on a mission to change the way we harvest seafood from the seabed. We have developed a potentially industry changing technology that enables us to harvest seafood from the seabed without negatively impacting fragile ecosystems. Bottom dwelling seafoods

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such as scallops and sea cucumbers are traditionally harvested using metal scrapes called dredges, and this is a method often criticised for causing damage to the habitats on the seabed. But up until now there have been no real alternatives to this fishing gear. Our unique technology is able to selectively draw seafood from the seabed, without disturbing the sediment and quickly returning smaller sized speciemens and other bycatch to the seabed without damage. This way we believe it is possible to develop truly sustainable fisheries of the plentiuful delicious and nutritious seafoods on the seabed.

In a competitive landscape, what strategies have you employed to secure your position as one of the top fisheries companies in 2023?

We commenced the first commercial fishery using our technology in December 2022, and have spent the past 8 months fine-tuning operations. We are now operating a profitable fishery in the Barents Sea for Arctic scallops. Our vessel, the 85m long Arctic Pearl is a former oil service vessel, given a new life as the first with this game-changing fishing gear onboard. For us, it is important to get this right, not just from a financial perspective but also from a longterm environmental viewpoint. Our commercial operations go hand in hand with a large scientific study to document the short and longer term impact of our operations on the target species as well as the ecosystem. This is the only way we can truly say that this is a sustainable fishery and show the world that it is possible to reap these seafood riches without damaging their habitats. Having now proved the

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harvester works as intended, and our Arctic scallop fishery in the Barents Sea is becoming profitable, we are excited to embark on our expansion plan to trial the gear in new locations and for other bottom dwelling species.

Innovation is driving transformation across industries.

How has your company embraced innovation to optimize processes, improve products, or enhance sustainability?

Ava Ocean was born from a desire and need to do rethink how we interact with nature, enabling access to seafood riches that are either being exploited in a destructive way, or not accessed at all due to restrictions and regulations to protect habitats. In Norway, dredging has been illegal since the early 1990s, when the Arctic scallop population collapsed as a direct result of overfishing using this gear.

Since then, these delicacies have been lying untouched on the seabed, and Ava Ocean started looking into what it would take to reopen the fishery. Developing this new harvesting gear in close collaboration with marine research and in dialogue with Norwegian regulators enabled Ava Ocean to reopen this historic fishery after 30 years’ closure.

With increasing environmental concerns, how does your company address sustainability practices to ensure responsible fishing and long-term environmental preservation?

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Doing things better for the planet and people is at the core of our mission, and striving to create sustainable fisheries is the very reason for the company’s existence. Documenting and monitoring our activities for research and continuous improvement is an important part of this. We are also working towards obtaining industry-recognized sustainability certifications, but these require both funds and data collection over time for a new technology like ours.

The fisheries industry is influenced by consumer preferences and trends. How does your company anticipate and adapt to these changing market dynamics?

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Consumers around the world are increasingly looking to make healthier and more sustainable choices when deciding what to eat. A 2020 study from the Norwegian Seafood Council found that 8 out of 10 consumers wanted to eat more seafood than they do today, and 6 out of 10 said they were already making changes to their diets to be more sustainable. (Seafood Consumer Index 2020) With this in mind, our business model and products fit very well with consumer preferences. Our scallops are the first on the market to be harvested with this new and noninvasive technology, so making sure we communicate our story to consumers is a vital part of our business model.

Navigating challenges is part of any industry. Can you share a specific challenge your company has faced and the innovative solutions you’ve implemented to overcome it?

It is never easy to be a pioneer, and getting to where we are today has by no means been, nor continue to be, plain sailing. Reviving the Arctic scallop fishery required a multifaceted approach involving not just technological innovation, but also collaboration and dialogue with regulatory authorities and marine science.

The initial hurdle we faced, in addition to developing and testing our harvesting technology, was to convince the regulators of the viability of restarting the scallop fishery in the Arctic. The scars of from the 1990s, when invasive fishing had decimated the Arctic scallop population, were still fresh in the minds of the Norwegian government.

Understandably, they approached the idea of reopening the fishery with caution, prioritizing safeguards to prevent history from repeating itself.

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This cautious approach is very much aligned with our strategy, and we partnered with the Norwegian Institute for Marine Research in mapping the Arctic scallop population and evaluate its size and harvestability. The collaboration also extended to documenting the impact of our prototype harvester on the scallops, and equally important, other species living in the same areas. Based on the results of this, we were granted a 5 year (15,000MT) commercial research license to harvest using our technology in the Barents Sea. This achievement was a testament to the methodical and cooperative approach we had taken to address the complex challenges of restarting this fishery.

Our journey towards establishing a long-term sustainable fishery for Arctic scallops, and to change the way we harvest from the seabed, has only just begun. We remain committed to continuous innovation, responsible harvesting practices, and ongoing collaboration with experts to ensure the lasting success of this venture.

Looking ahead, where do you envision your company’s role in shaping the future of the fisheries industry? Are there any exciting projects or initiatives on the horizon?

Our journey has only just begun. We want to work towards applying our technology to establish profitable, long-term nature positive fisheries for bottom dwelling seafood’s worldwide. But we also want to do it right, always making sure we have sound scientific data supporting our operations and working with local industry, regulations and communities along the way. We have been contacted by several governments, NGOs, researchers and industry players across the world who are interested in our solution.

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There is plenty of interest in a new and non-invasive harvesting method for the amazing seafood resources on the seabed and we believe the industry is ready for a green shift. Our goal is to have the first harvesting system outside Norway up and running early next year.

As a leader, what role does your company play in promoting responsible fishing practices and contributing to a sustainable global seafood supply chain?

Every single company in the seafood and fishing industry have a responsibility to strive towards more sustainable practices. Consumers increasingly demand to know that the food on their plate is harvested and produced responsibly, and the bar of what is considered sustainable continues to move, so we must move with it. As producers we cannot afford to assume a status quo, we have to always look to improve. We believe it is possible to have profitable fisheries that do not negatively impact ocean ecosystems and at the same time supports livelihoods and local communities long term.

For aspiring entrepreneurs and professionals in the fisheries field, what advice would you offer to excel in a dynamic and evolving industry?

I would say – dare to challenge the status quo. Question why things have to be the way they always have been. Ava Ocean was born out of a desire to change the way we harvest, making use of know-how and expertise from the Norwegian subsea oil industry and deploying it towards fisheries. Many told us it wouldn’t work, but we have proved them wrong, and we are determined to continue showing the naysayers that it is possible to drive positive industry change the Ava-way.

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Pioneering Solutions for Global Food Security F

ood security remains a critical global challenge, and as the world’s population continues to grow, the need for sustainable and efficient food production becomes increasingly urgent. In this context, aquaculture innovation emerges as a promising frontier, offering solutions to enhance food production, ensure nutritional diversity, and mitigate environmental impacts.

With the global population projected to reach nearly 10 billion by 2050, there is an imminent need to revolutionize food production systems.

Traditional agriculture faces challenges such as land scarcity, water depletion, and climate change, necessitating the exploration of alternative and sustainable methods. Aquaculture, the cultivation of aquatic organisms, presents itself as a viable and transformative solution to address these concerns.

The Aquaculture Advantage Aquaculture involves the breeding, rearing, and harvesting of fish, shellfish, and aquatic plants. It provides several advantages over traditional forms of agriculture. Firstly, aquaculture can take place in various environments, including oceans, rivers, lakes, and land-based facilities, reducing the pressure on finite land resources. Secondly, aquatic organisms, particularly fish, are highly efficient converters of feed into protein, making them a resource-effective protein source.

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Aquaculture Innova on Thirdly,aquaculture allows for the production of a wide range of species, contributing to dietary diversity and nutritional security.

Challenges in Aquaculture While aquaculture holds immense promise, it is not without challenges. Environmental sustainability, disease management, and ethical concerns related to the industry must be addressed. Overcoming these challenges requires a commitment to innovative solutions that enhance the efficiency and sustainability of aquaculture practices.

Technological Innovations Several technological innovations are driving progress in the field of aquaculture. These innovations not only address existing challenges but also open up new possibilities for sustainable and responsible practices.

Recirculating Aquaculture Systems (RAS): RAS represents a significant advancement in aquaculture technology. These closed-loop systems recycle and filter water, minimizing the environmental impact of aquaculture operations.

By maintaining optimal water conditions, RAS enables the cultivation of fish species in landbased facilities, reducing the reliance on natural water bodies.

Precision Aquaculture: Drawing inspiration from precision agriculture, precision aquaculture employs sensors, cameras, and data analytics to monitor and optimize fish farming conditions.

This technology allows farmers to precisely control factors such as feeding, water quality, and environmental conditions, enhancing efficiency and minimizing resource inputs.

Genetic Improvement: Selective breeding and genetic engineering contribute to the development of aquaculture species with desirable traits such as faster growth, disease resistance, and improved feed conversion rates. Genetic advancements aim to enhance the overall robustness and productivity of cultivated species.

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Alternative Feeds: Traditional aquaculture relies on wild-caught fish for feed, contributing to overfishing and environmental degradation. The development of sustainable and alternative feeds, such as those derived from plant proteins and insects, reduces the industry’s dependence on marine resources and promotes a more circular and eco-friendly approach.

Smart Farming Practices: Leveraging the Internet of Things (IoT), smart farming practices involve the integration of sensors and automation to monitor and manage aquaculture systems.

Real-time data on water quality, feeding patterns, and fish behavior enable farmers to make informed decisions, prevent disease outbreaks, and optimize resource utilization.

Global Impact and Regional Approaches The impact of aquaculture on global food security is substantial. As a highly efficient protein source, fish and other aquatic products play a crucial role in meeting the nutritional needs of a growing population. Moreover, aquaculture contributes to the livelihoods of millions of people, particularly in developing countries where small-scale fish farming provides income and sustenance.

minimize their ecological footprint, respect local communities, and prioritize the well-being of aquatic ecosystems.

Challenges and Future Outlook Despite the progress in aquaculture innovation, challenges persist. Disease outbreaks, particularly in densely stocked facilities, can have devastating effects on fish populations. The responsible use of antibiotics and the development of diseaseresistant strains are critical aspects of addressing this challenge. Additionally, concerns related to the environmental impact of aquaculture, such as nutrient runoff and habitat degradation, necessitate ongoing research and investment in sustainable practices.

Looking ahead, the future of aquaculture holds immense promise. Continued research and innovation will likely lead to further advancements in technology, breeding practices, and sustainable approaches. Collaboration between governments, industry stakeholders, and research institutions is essential to navigating the complex challenges and unlocking the full potential of aquaculture for global food security.

While aquaculture has a global reach, its implementation often requires region-specific approaches. In coastal regions, marine aquaculture, including the farming of seaweed, mollusks, and finfish, holds great potential. Inland areas may benefit from freshwater aquaculture, with a focus on species adapted to local conditions. Additionally, land-based aquaculture facilities can be strategically located to reduce transportation costs and environmental impact.

Sustainable Practices and Certification The growth of aquaculture must be accompanied by a commitment to sustainability and responsible practices. Certification programs, such as the Aquaculture Stewardship Council (ASC) and the Best Aquaculture Practices (BAP), set standards for environmentally and socially responsible aquaculture. Adherence to these standards ensures that aquaculture operations 22 November, 2023

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The Economic of

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Aquaculture A

quaculture, the farming of aquatic organisms such as fish, mollusks, and crustaceans, has emerged as a critical player in the global economy, revolutionizing traditional fisheries and contributing significantly to food security. As the demand for seafood continues to rise and wild fish stocks face depletion, aquaculture offers a sustainable solution with profound economic implications. Further, we explore the economic impact of aquaculture, delving into its transformative role in fisheries and the broader economic landscape.

The Rise of Aquaculture The exponential growth of the world’s population has intensified the demand for protein-rich food sources, and seafood remains a popular choice. Traditional capture fisheries, however, are facing challenges such as overfishing, habitat degradation, and climate change, threatening the availability of wild-caught seafood. In response to these challenges, aquaculture has experienced unprecedented growth, becoming the fastest-growing food production sector globally.

Aquaculture’s Contribution to the Global Economy The economic impact of aquaculture is multifaceted, influencing job creation, trade balances, and overall economic growth. The sector provides livelihoods for millions of people globally, ranging from small-scale

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Revolu onizing Fisheries farmers in developing countries to workers in large-scale aquaculture operations. As aquaculture production expands, so does its contribution to employment and income generation, particularly in regions where alternative economic opportunities may be limited.

In addition to job creation, aquaculture plays a pivotal role in international trade. The globalization of seafood markets has turned aquaculture products into major commodities, with significant volumes of fish and seafood crossing borders each year. This has led to the development of aquaculture as a lucrative export industry for many countries, contributing to favorable trade balances and foreign exchange earnings.

Regional Dynamics The economic impact of aquaculture varies across regions, with different countries leveraging the industry in diverse ways. In Asia, particularly in countries like China, Vietnam, and India, aquaculture has become a cornerstone of economic development. These nations have embraced aquaculture to meet domestic demand, boost exports, and create employment opportunities.

In Africa, where fisheries contribute significantly to the livelihoods of coastal communities, there is a growing recognition of the potential of aquaculture to enhance food security and economic resilience. Governments and international organizations are increasingly investing in aquaculture projects to harness the economic benefits of sustainable fish farming.

In developed regions like Europe and North America, aquaculture serves as a vital component of diversified seafood production. The sector contributes to food supply chains, supports coastal economies, and reduces the pressure on wild fisheries. While challenges such as environmental sustainability and regulatory frameworks exist, the economic advantages of aquaculture are increasingly acknowledged.

Innovation and Technological Advancements Technological advancements are driving innovation in aquaculture, enhancing efficiency, sustainability, and economic viability. The adoption of precision aquaculture, which involves the use of sensors, data analytics, and automation, allows farmers to monitor and optimize key parameters such as water quality, feeding practices, and disease management.

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This not only improves production outcomes but also contributes to cost-effectiveness and resource efficiency.

The development of recirculating aquaculture systems (RAS) is another technological leap that reduces environmental impacts and operational costs. RAS enables the efficient reuse of water, minimizes waste discharge, and provides a controlled environment for fish growth. These innovations contribute to the economic sustainability of aquaculture operations, making them more resilient and competitive.

Economic Challenges and Environmental Concerns Despite its positive impact, aquaculture faces economic challenges and environmental concerns that require thoughtful management. Disease outbreaks, fluctuations in market prices, and access to finance are among the economic hurdles that aquaculture operators may encounter.

Strengthening support mechanisms, such as access to credit and risk mitigation strategies, is essential to bolster the economic resilience of the sector.

Environmental sustainability remains a critical consideration in the expansion of aquaculture. The discharge of effluents, habitat alteration, and the use of fishmeal in feeds are environmental challenges associated with certain aquaculture practices. Sustainable aquaculture certification programs and responsible farming practices aim to address these concerns, ensuring that economic growth aligns with environmental stewardship.

develop best practices, build resilience against common threats, and ensure the equitable distribution of economic benefits.

The Future of Aquaculture As the world navigates complex challenges, including population growth, climate change, and food security, aquaculture emerges as a beacon of economic hope. The sector’s ability to generate income, create jobs, and contribute to global food supplies positions it as a catalyst for sustainable economic growth. Continued investment in research, technology, and responsible management will be instrumental in maximizing the economic benefits of aquaculture while safeguarding the environment for future generations.

In conclusion, the economic impact of aquaculture extends far beyond the confines of fish farms. It resonates in coastal communities, international trade networks, and global markets, shaping the livelihoods of millions. As aquaculture continues to revolutionize fisheries, its role in securing food, supporting economies, and fostering innovation underscores its significance in the evolving landscape of global food production.

The Role of Government Policies and International Collaboration Government policies play a pivotal role in shaping the economic landscape of aquaculture. Supportive policies that promote sustainable practices streamline regulatory frameworks and provide incentives for innovation to foster a conducive environment for aquaculture development.

Governments can also invest in infrastructure, research, and extension services to enhance the productivity and competitiveness of the aquaculture sector.

International collaboration is essential for addressing shared challenges and unlocking the full economic potential of aquaculture. Knowledge exchange, technology transfer, and joint research initiatives contribute to the global advancement of the sector. Collaborative efforts can help

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Rob Jorden | CEO | Rare Foods Australia

Sustainable Transformation of the Greenlip Abalone Fishery

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nhancing a greenlip abalone fishery through Marine Stewardship Council-certified sustainable practices involves obtaining rigorous MSC certification.

This comprehensive approach not only safeguards the greenlip abalone population but also contributes to a thriving marine ecosystem and the sustained prosperity of the fishing industry.

Rare Foods Australia, a trailblazing leader in abalone production, stands as a beacon of sustainable practices as the world’s only MSC-certified enhanced Greenlip Abalone fishery.

At Rare Foods Australia, we strive to continuously improve how we produce premium products in a way that is not only sustainable but also naturally enhances one of the world’s most pristine locations, the south-west of Western Australia.

Guided by a profound mission, Rare Foods Australia continuously seeks to enhance its processes and products while nurturing the pristine natural environment of the South-West of Western Australia.

Its founder, Brad Adams, a visionary third-generation fisherman and professional diver, set out on a journey to create a regenerative commercial fishery after seeing wild stocks decline and fishing quotas tighten.

More than two decades of unwavering commitment led to the remarkable achievement of establishing a sustainable and enhanced greenlip abalone fishery, building stocks, and bringing new life to Flinders Bay on Western Australia’s South-West coast.

Rare Foods Australia worked tirelessly over 20 years to achieve this goal, which motivated Insights Success to interview Rare Foods Australia’s CEO, Rob Jorden, to better understand how things work.

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Below are the highlights of the interview: As a leader in the fisheries sector, could you provide an overview of your company’s mission and its significance within the industry?

At Rare Foods Australia, we strive to continuously improve how we produce premium products in a way that is not only sustainable but also naturally enhances one of the world’s most pristine locations, the South-West of Western Australia. Our ongoing pursuit of developing a regenerative commercial fishery started when our founder, Brad Adams, began to witness rapidly declining wild abalone stocks in

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his beloved Flinders Bay. Brad was determined to find a way that would ensure the survival of the abalone fishery and the reinvigoration of the bay.

He experimented tirelessly over 20 years to achieve this goal in the face of an industry governed by stakeholders with different agendas and motivations. Today, our innovation generates approximately 20% of the world’s supply of wild Greenlip abalone. Looking ahead, we have strong potential to grow thanks to our scalability and the fact that our harvests are not curtailed by quotas. We are also in the process of scaling and growing by both strengthening our core business and adding to our range of aligned, premium products.

Today, our innovation now generates approximately 20% of the world’s supply of wild Greenlip abalone.

In a competitive landscape, what strategies have you employed to secure your position as one of the top fisheries companies in 2023?

In terms of our biomass, our goal is to achieve a 5% improvement year on year in juvenile survival rates, which equates to an estimated A$550k in additional revenues from greater harvest tonnages.

To reach this goal, we have been developing a database to better understand what is happening on the reef within our 413ha ocean lease. This feeds into our “Knowledge” and “best management routine” for the reef. We began improving deployment practices during FY23 and have

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now refined those to better track juvenile survival throughout FY24.

In the key area of sustainability, our founder, Brad Adams, was named the Marine Stewardship Council (MSC) Sustainability Hero for 2023. This followed our MSC accreditation as a sustainable and wild-enhanced fishery in June 2022 after a rigorous auditing process by the international organization.

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Innovation is driving transformation across industries.

How has your company embraced innovation to optimize processes, improve products, or enhance sustainability?

Innovation is part of Rare Foods Australia’s DNA, as our artificial reefs for abalone were developed by our founder.

The reefs are now used to commercially produce Greenlip abalone, with the tonnage in FY23 a record 87 tonnes. The innovation additionally enhances sustainability by reducing reliance on wild-harvested stocks of this highly sought-after seafood. The reefs also have a regenerative effect by attracting a variety of marine life. As we gain a deeper understanding of the reef through data collected by our divers, discussed above, we are trialing initiatives that we expect to yield even better results for our biomass.

With increasing environmental concerns, how does your company address sustainability practices to ensure responsible fishing and long-term environmental preservation?

Our MSC accreditation is extremely important to us as a recognition of our long-term efforts to grow a sustainable fishery, and we are committed to upholding the MSC’s values. While our fishery is sustainable by its very nature, we constantly aim to minimize our environmental impact by, for example, finding markets for the abalone shells and intestines so these “waste” products can be repurposed.

The fisheries industry is influenced by consumer preferences and trends. How does your company anticipate and adapt to these changing market dynamics?

We maintain very close relationships with our Master Distributors in regions across the globe, and they give us immediate feedback and insights on consumer demand. In FY23, we added Brownlip and Roei abalone to our range through partnerships with local quota holders to help meet strong market demand for these products.

Our Master Distributors additionally track evolving consumer demand for our abalone meat, whole in shell, and canned options. We can adapt to any changes in demand for these products thanks to the upskilling and flexibility of our processing team. Navigating challenges is part of any industry.

Can you share a specific challenge your company has faced and the innovative solutions you’ve implemented to overcome it?

To create a rare, premium wild Greenlip abalone is an almost five-year journey. At 18 months, juveniles are deployed by our specialist dive team onto our reef, left to grow naturally by feeding off algae carried by ocean currents and harvested about three years later. Thanks to our close monitoring of life on the reef and our adaptations to learnings, our biomass value grew to $8.4 million in FY23 compared to $7.6 million the previous year, and we have systems in place for further growth.

Looking ahead, where do you envision your company’s role in shaping the future of the fisheries industry? Are there any exciting projects or initiatives on the horizon?

We’re embarking on FY24 with a clear plan to scale and grow our business to create the next generation of “Sustainability Heroes” while better understanding and measuring our Environmental, Social, and Governance (ESG) profile.

Additionally, we share with the public the importance of sustainable fisheries through our website and tours of our innovations at the Augusta Boat Harbour.

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We are proud to have MSC accreditation for our ranched abalone, and the same accreditation applies to the abalone product acquired from local licensed quota holders that we process and sell.

While our ishery is sustainable by its very nature, we constantly aim to minimize our environmental impact.

This accreditation underpins our credentials as sustainably supplying products from wild fisheries. When considering future supply chains to scale and grow, we will be ensuring they come with, or we can gain for them, similar accreditation to maintain our sustainability guarantee for customers. While our fishery is sustainable by its very nature, we constantly aim to minimize our environmental impact.

An innovative product that complements our seafood offerings is ocean-cellared wine, or wine that is matured on our ocean lease. After a successful trial in 2020, we now have agreements with local wineries from Australia’s famous Margaret River wine region to expand this business For aspiring entrepreneurs and professionals in the fisheries field, what advice would you offer to excel in a dynamic and evolving industry?

The seafood industry has immense opportunities as the global demand for sustainably produced protein expands, but there are also challenges such as social license, competing resource access issues, and cost pressures.

Innovation - and the preparedness to learn through trial and error - is key to overcoming these challenges.

Also important is an understanding of the supply chain from the aquaculture or commercial fishing stage through to postharvest processing, sales, and marketing. To better leverage our ocean lease, processing capabilities, and sales channels, we have been doing due diligence on other premium and sustainable products from WA’s South-West to which we can add value and that are scalable.

As a leader, what role does your company play in promoting responsible fishing practices and contributing to a sustainable global seafood supply chain?

36 November, 2023

www.insightssuccess.com