Aquaculture has emerged as the fastest-growing food production sector globally, now accounting for over half of aquatic food supply. This report revisits the sector’s evolution since the 2007 World Bank publication “Changing the Face of the Waters,” with a renewed focus on finance and investment. It synthesizes insights from seven case studies across Asia, Africa, and Latin America, highlighting how financial systems, public-private partnerships, and technological innovation have shaped aquaculture development. The report underscores aquaculture’s low carbon footprint, its role in food security, and its potential to generate up to 22 million new quality jobs by 2050. It is expected that under an upside case, aquaculture production (excluding seaweed) would grow by 97 million metric tons to reach 255 million metric tons by 2050 (Fig. 1).
A transition from small-scale to intensive systems, supported by enabling policies and inclusive financial instruments, is imperative to achieve this potential. Mobilization of financing and investment of up to US$1.5 trillion will support sustainable growth, particularly in emerging markets. Key emerging markets in 2050 include Brazil (15.1 m Mt), Turkey (4.3 m Mt), Mexico and Colombia (3.3 m Mt), Peru and Nigeria (1.9 m Mt) among others. Blended finance, credit guarantees, and investment in infrastructure and alternative feeds are key enablers for this to happen. As a nature-based solution, aquaculture brings significant environmental, economic, and social returns which calls for coordinated action among public, private, and philanthropic investors to unlock its trillion-dollar potential.