by Diogo Thomaz, Managing Partner, Oraseas, Greece
Greek aquaculture remains one of the pillars of Mediterranean fish production, with sea bass (Dicentrarchus labrax) and sea bream (Sparus aurata) forming the backbone of a sector that is both export-oriented and globally competitive. In 2025, production reached approximately 126,500 tonnes, reinforcing Greece’s position as the leading producer in the European Union.
Beyond these core species, the sector also includes meagre, an emerging greater amberjack segment, freshwater trout and a shellfish industry centered primarily on mussels, with smaller contributions from oysters and shrimp. Despite this diversification, the industry remains heavily focused on a narrow biological and commercial base.
Behind these strong fundamentals, however, lies a sector undergoing a profound structural transformation.
Market Recovery Despite Pressure
Over the past 18 months, the market has shown signs of recovery. Export values have increased and average prices have returned to historically strong levels, offering a degree of relief after a challenging 2023. Both volumes and value have improved, suggesting that demand remains resilient.
Yet the underlying pressures have not disappeared. Greek producers continue to face intense competition from Turkey and other countries, while operating at a pricing disadvantage compared to Spain and Italy in certain markets. At the same time, demand volatility remains a constant risk.
In this environment, profitability is increasingly determined not by price alone but by operational efficiency—particularly feed conversion ratio (FCR), which remains the single largest cost driver in aquaculture production.
Industry Structure: Fragmented Yet Consolidating
The Greek aquaculture sector presents a dual structure: concentrated at the top yet highly fragmented at the base.
According to the latest HAPO annual report, the industry in 2023 consisted of 73 companies and groups operating 287 marine fish farms. Notably, around 60 percent of these companies are small and medium-sized, often family-owned operations producing up to 500 tonnes annually.
This distribution translates into a layered industry structure. At the top sits a single large producer, historically Avramar, with production of around 50,000 tonnes. Below, are a small number of medium-large companies in the 10,000 to 15,000 tonnes range, followed by a second tier producing between 5000 and 8000 tonnes. Beneath these sits a broader group of companies producing between 1000 and 3000 tonnes and finally a long tail of small producers operating below 1000 tonnes.
This structure provides flexibility and strong local expertise, particularly among smaller operators. At the same time, it introduces inefficiencies, especially in access to capital, technology adoption and operational optimisation. Consolidation is already underway and—potentially highlighted by the Avramar transaction—is likely to reshape the industry over time.
Structural Turning Point
The likely acquisition of Avramar by Cooke Aquaculture may represent a significant turning point for the Greek aquaculture sector, although the transaction has not yet been finalised at the time of writing.
If completed, the deal would introduce substantial capital resources along with a more industrial approach to operations and access to expertise developed in more mature aquaculture markets. This combination has the potential to accelerate technology adoption, standardise production practices and improve biological performance across the sector.
More broadly, the expected transaction signals a possible transition from a fragmented, experience-driven industry toward a more integrated and industrialised production model.
The Industrial Transition
Greek aquaculture is increasingly moving away from experience-based farming toward data-driven production systems. This transition is already visible across several key areas of operation.
Feeding systems are becoming more centralised, extending from hatcheries through nurseries and into grow-out sites. Combined with feeding control cameras, these systems allow operators to monitor fish appetite in real time, significantly reducing feed waste and improving FCR.
At the same time, stereoscopic camera systems are enabling continuous biomass estimation within cages, reducing the need for manual sampling and improving harvest planning. Environmental monitoring is also becoming more sophisticated, with continuous measurement of oxygen levels, temperature and current conditions feeding directly into operational decision-making.
Net management remains a critical component of performance. Frequent cleaning, when properly implemented, maintains oxygen exchange and directly supports fish growth and welfare.
Ultimately, these technologies are converging toward a single objective: reducing variability—whether biological, environmental or operational. However, technology alone is not sufficient. Its effectiveness depends heavily on human factors. Training, operational discipline and persistence are essential. In many cases, technologies underperform not because of technical limitations but because organisations fail to fully integrate them into their daily operations.
Operational Realities: Biology meets Culture
Despite technological progress, the sector continues to face fundamental biological and operational constraints. Oxygen availability, biofouling, site limitations and feeding inefficiencies all remain central challenges.
Equally important, however, is the need for a cultural shift within organisations. The industry must move from reactive management to proactive planning, from experience-based decisions to data-driven processes, and from periodic interventions to continuous optimisation.
This transition is not purely technical—it is organisational and behavioural.
Climate Pressure & the Limits of Current Farming Models
Climate change is increasingly influencing production conditions. Rising sea temperatures are affecting oxygen availability, growth performance and disease dynamics, placing additional pressure on existing farming systems.
Technical solutions exist. Submersible cages can access cooler, deeper water. Offshore expansion offers improved environmental conditions. More advanced site selection, based on hydrodynamic and temperature modelling, can significantly improve farm performance.
However, none of these approaches have yet been implemented at scale in Greece. This is not due to lack of awareness or technical capability but rather to structural constraints—primarily regulatory.
Spatial Planning: Key to Evolution
Spatial planning remains one of the most significant limiting factors for the development of Greek aquaculture. The sector has operated under a framework introduced in 2011, which envisaged the organisation of production through POAYs (Organised Aquaculture Development Areas).
In practice, implementation has been slow and incomplete. Many areas remain unapproved and the ability to expand or relocate farming operations is severely constrained. Compounding this issue, the current framework is expected to expire in November 2026 without a fully operational replacement in place. This creates significant uncertainty for investors and operators alike.
As a result, several well-understood improvements—such as better site selection, following strategies and offshore expansion—remain largely theoretical. Without regulatory flexibility, the sector’s ability to evolve is fundamentally limited.
Investment Programs and the Subsidy Paradox
The industry benefits from substantial public funding, with national and European programs providing significant financial support.
While this funding is important, it has also created a structural dependency. Investment decisions are often delayed until subsidies become available, slowing down the adoption of new technologies and reducing responsiveness to market conditions.
A shift is needed toward investment based on operational return rather than funding availability if the sector is to remain competitive.
The Mediterranean Competitive Landscape
Greek aquaculture operates within a highly competitive Mediterranean market. Spain, Italy and Croatia benefit from strong market positioning and proximity to key consumers, while Turkey has pursued rapid industrialisation and aggressive expansion.
Turkey’s adoption of technologies and production models derived from salmon farming has enabled significant cost advantages. However, biological performance remains variable, suggesting that full adaptation to Mediterranean species is still in progress.
For Greece, the challenge is clear: maintaining product quality is no longer sufficient. The sector must achieve operational excellence at scale.
Emergence of Service Ecosystems
As the industry matures, structural evolution is likely in the form of specialised aquaculture service providers.
These companies may take on functions such as net cleaning, vaccination, harvesting and technical maintenance. This model, already well established in salmon farming, allows producers to focus on their core objective—optimising feeding and maximising biological performance.
Given the scale of operations and the ongoing consolidation trends in Greece, such service ecosystems are likely to develop in the coming years.
From Leading Producer to Modern Industry
Greek aquaculture benefits from strong fundamentals, including its leading position in EU production, established export markets and decades of accumulated expertise. However, future success will depend less on volume growth and more on efficiency, control and adaptability.
Achieving this will require accelerated technology adoption, investment in human capital, a modernised regulatory framework that enables spatial flexibility and a move away from subsidy-driven investment decisions. Continued consolidation and professionalisation—potentially accelerated by strategic transactions such as the expected Avramar deal—will also play a key role.
The sector stands at a critical crossroads.
Its future will depend not on whether it can grow but on whether it can transform.
