Average costs increase with scale of operation with feed cost being the highest across all operational scale (Table 1). While the overall results suggest that aquaculture is generally profitable, deeper analysis highlights the multifaceted nature of small-scale profitability. Micro-scale farmers reported positive net profit, but their ROI, profit per kg, and OPM were significantly lower than those of other groups and fell well below the overall relative average (Table 2). These results indicate that, despite making a profit in absolute terms, the margins are minimal and unlikely to sustain long-term viability. Supporting this, survey responses show that many farmers exiting the industry cite high production costs or a lack of meaningful profit as key reasons.
The findings underscore the importance of scale-specific analysis and the use of multiple profitability indicators in assessing economic performance. To ensure the sustainability of the aquaculture sector, especially for the most vulnerable operators, there is a clear need for targeted policy support and programme interventions aimed at improving the profitability of micro- and small-scale producers.