A Case Study on Economic Analysis of Sea Cage Farms in the Black Sea, Türkiye

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The main aim of this research is to understand the value chains of enterprises engaged in aquaculture in sea cages in the Black Sea region of Türkiye, to determine production costs and to make a general analysis of the aquaculture sector. Random sampling method was used to ensure that farmers were equally represented in the survey. Data for the survey were randomly selected from 16 separate farms spread throughout 4 different marine cage locations. Furthermore, fish traders and sector stakeholders were interviewed. The businesses examined within the scope of the study are divided into 3 groups: small (250 -500 tons/year), medium (501-999 tons/year) and large (>1000 tons/year), according to their capacities. The most important expense items of enterprises consist of variable costs. Among the variable costs, the purchase of fry fish, feed purchase, and labor costs constitute the most important expenditure items. Among the fixed costs, the most important expense is depreciation costs. The unit cost of one kg of fish varies between 2.7 and 3.0 euros. Considering that the trout (Oncorhynchus mykiss) and seabass (Dicentrarchus labrax) in the Black Sea are at the level of 3.5 Euro, the profit rate of the enterprises is between these levels. Recently, since trout from the Black Sea has been exported to the Far East Country (particularly Japan), its price has also increased. In 2018, the average retail price (including VAT) and medium selling price of seabass and trout were at a level of 5.24 and 5.34 Euros respectively. Despite all these positive developments, climate change continues to pose a threat in terms of disease outbreak and marketing problems.