Do you want to start a seafood business but you want to go niche? If YES, here are 20 best profitable seafood business ideas & opportunities for 2020.
There are vast business opportunities that revolves around the seafood industry and interestingly the business opportunities are open to both big-time investors and entrepreneurs looking to start a mom and pop kind of business.
Seafood primarily is any type of sea life regarded as food by humans. Seafood includes fish, shellfish, and roe. Shellfish include various species of molluscs, crustaceans, and echinoderms. Historically, sea mammals such as whales and dolphins have been consumed as food, though that happens to a lesser extent in modern times.
Edible sea plants, such as some seaweeds and microalgae, are widely eaten as seafood around the world, especially in Asia. In North America, although not generally in the United Kingdom, the term “seafood” is extended to fresh water organisms eaten by humans, so any edible aquatic life may be broadly referred to as seafood.
It is a fact that seafood is consumed all over the world; it provides the world’s primary source of high-quality protein: 14 – 16 percent of the animal protein consumed worldwide. As a matter of fact, over one billion people rely on seafood as their primary source of animal protein.
If you are interested in starting a business in the seafood industry, here are 30 best seafood business ideas that you can choose from;
20 Best Seafood Business ideas & Opportunities for 2020
- Seafood Restaurant
One of the thriving seafood related businesses that an aspiring entrepreneur should consider starting especially if they are interested in the restaurant industry is to open a seafood restaurant. In the case of seafood restaurants, their main delicacy is seafood and seafood is any form of sea life regarded as food by humans, prominently fish and shellfish.
Shellfish include various species of molluscs (e.g. bivalve molluscs such as clams, oysters, and mussels and cephalopods such as octopus and squid), crustaceans (e.g. shrimp, crabs, and lobster), and echinoderms (e.g. sea urchins).
- Pearl Farming
If you live around coastal regions or in a location that is blessed with lakes and rivers and you looking towards starting a business, you need not look further because you can successfully start a pearl farming business. With this type of business, you can be certain that there is a large market for its produce.
Pearl farming is indeed big business because it requires moderate capital base and technical skills to be able to start and manage it. As a matter of fact, pearly farming is highly mechanized and you can count the number of companies that are into big time pearl farming.
Trout is the common name for a number of species of freshwater fish belonging to the genera Oncorhynchus, Salmo and Salvelinus, all of the subfamily Salmoninae of the family Salmonidae. The word trout is also used as part of the name of some non-salmonid fish such as Cynoscion nebulosus, the spotted seatrout or speckled trout.
Because of their popularity, trout are often raised on fish farms and planted into heavily fished waters in an effort to mask the effects of overfishing. Farmed trout and char are also sold commercially as food fish. Trout is sometimes prepared by smoking.
- Ornamental Fish Farming
Another thriving seafood related business idea that an entrepreneur should consider starting is ornamental fish farming business. Ornamental fishes can be defined as attractive colorful fishes of peaceful nature that are kept as pets in the confined spaces of an aquarium or a garden pool with the purpose of enjoying their beauty for fun and fancy.
Ornamental fishes are also called “live jewels” because of their beautiful colors and playful behavior. Ornamental fishes are kept in home aquariums primarily for aesthetic purposes.
- Lobster Farming
In this era when people are opting for healthy food, lobster farmers are bound to do pretty well and interestingly, the United States of America has one of the longest ocean lines in the world where seafood farming thrives. Lobsters are dark colored, either bluish green or greenish brown so as to blend in with the ocean floor, but they can be found in a multitude of colors.
Lobster recipes include lobster Newberg and lobster Thermidor. Lobster is used in soup, bisque, lobster rolls, and cappon magro. Lobster meat may be dipped in clarified butter, resulting in a heightened flavor. Cooks boil or steam live lobsters.
If you are looking to go into the sea food business, the good news is that you can’t get it wrong with indoors shrimp farm business. This is especially if you live in a property that is within the zone for such business. It is easy to start, cheap to maintain and it takes a shorter time to get a good return on your investment, if you know the ropes. All you need to get started with your indoor shrimp farming business is to set up your shrimp tanks.
Place a maximum of 10 shrimp per 20 gallons of water to give the shrimps adequate personal space to thrive and grow. Set up a pump and filter system; line the aquarium with substrate and provide rocks, shrubs and plants for the shrimp to hide. Put a heater and thermostat in the aquarium, and fill it with dechlorinated or distilled water.
- Fish Hatchery Business
Another seafood related business that an aspiring entrepreneur should consider starting is fish hatchery business. Please note that beyond the general knowledge of fish farming, you need to study the process of hatching fish in commercial quantities if you want to become successful with the business.
Hatcheries produce larval and juvenile fish and shellfish for transferal to aquaculture facilities where they are ‘on-grown’ to reach harvest size. Fish hatchery business is indeed a big business and it requires moderate capital base and technical skills to be able to start and manage it.
- Tilapia Fish Farming
A tilapia fish farming business is yet another profitable seafood business idea that an aspiring entrepreneur can start. Tilapia fishes are basically fresh water fish that live in shallow streams, ponds, rivers, lakes and can sometime be found in brackish water. As a matter of fact, tilapia is the general name for over a hundred species of cichlid fish from the tilapiine cichlid fish – tribe.
- Crocodile and Alligator Farm
A crocodile or alligator farm is an establishment for breeding and raising of crocodilians in order to produce crocodile and alligator meat, leather from crocodile and alligator skin, and other goods. Many species of both alligators and crocodiles are farmed internationally. In Louisiana alone, alligator farming is a $60 to $70 million industry.
No doubt this is a very profitable and not too popular business, but it is important to state that starting a crocodile farming business comes with its own fair share of challenges and risk, but that does not rule out the fact that it is a business venture that is open to all and sundry. An aspiring entrepreneur can either choose to start a crocodile farming business on a small scale or on a large scale depending on their financial status and the availability of land in their chosen location.
- Start Farming Salmon Fish
If you are interested in starting a seafood related business, then you should consider starting a salmon fish farm. Salmon fish farming is perhaps one of the most lucrative seafood farming businesses an entrepreneur can start, but that does not rule out the fact that it can sometimes be challenging especially if you don’t live around coastal areas where you can conveniently create a demarcation for breeding your salmon fish.
In order to maximize profits with your salmon fish farming business, you would have to learn the process of hatching salmon eggs and then groom them to maturity when they will be due for harvest.
- Start Farming Catfish
Another seafood related business idea that an aspiring entrepreneur can successfully start is to go into catfish farming business. Catfish is consumed by a good number of people and catfish farming happens to be one of the easiest fish farming businesses to run. You can actually run a catfish farm in your backyard and from artificial ponds.
There are loads of business opportunities in the fish and seafood farming industry and oyster farming is one of them. Oyster is known as one of the world’s healthiest foods and is eaten in all the continents of the world.
Its antioxidant and anti-inflammatory content make it most desirable by those who are careful about their cholesterol intake. It is classified as a marine creature and it is easy to come by especially in coastal areas and riverside. So, if you are considering starting a seafood related business, then one of your options is to farm oysters.
- Start Crayfish Farming Business
Another profitable seafood related business that an aspiring entrepreneur should consider starting is crayfish farming. Crayfish, also known as crawfish, crawdads, freshwater lobsters, mountain lobsters, mudbugs or yabbies, are freshwater crustaceans resembling small lobsters is one of the world’s healthiest foods and is eaten in all the continents of the world.
Its antioxidant and anti-inflammatory content makes it most desirable by those who are careful about their cholesterol intake. It is classified as a marine creature and it is easy to come by especially in coastal areas and riverside.
- Start Abalone Farming Business
Abalone farming is yet another profitable seafood related business idea that is open to an interested entrepreneur. Abalone is a shellfish considered a delicacy in many parts of the world. Abalone not only tastes great, but is also an excellent source of many vital nutrients.
Its antioxidant and anti-inflammatory content makes it most desirable by those who are careful about their cholesterol intake. So, if you are interested in starting a seafood related business, then one of your options is to start an abalone farm.
- Start Prawn Farming Business
If you are interested in starting a seafood related business, you can start a prawn farming business. It is important to state that prawn farming does pretty well in water logged areas except you want to invest in building artificial ponds. If you are able to locate this business in a water-logged area, an area with the right climatic condition, then you likely going to struggle less in your prawn farming business.
Ideally, prawn farms require temperatures that are above 25º C during production seasons. Prawn species includes; the black tiger prawn, Penaeus monodon and the banana prawn, Fenneropenaeus merguiensis, the kurama prawn and Penaeus japonicas.
- Start Farming Minnows
Just like trout, minnow is a member of the finfish family and they are consumed by majority of fish consumers. This goes to show that those that are into farming minnows are likely to rake in good revenue annually. So, if you are interested in starting a seafood related business, then you consider farming minnows.
- Start Farming Crustaceans
Another seafood related business that is open to an aspiring entrepreneur is crustacean farming. Crustacean is a member of the shellfish family and they are consumed by a good number of people. So, if you are interested in starting a seafood related business, then one of your options is to go into crustacean farming.
- Start Mollusks Farming Business
Mollusks farming business is yet another thriving and profitable seafood related business idea that an aspiring entrepreneur can start. Just like crustaceans, mollusk is a member of the shellfish family and there is indeed a large market for mollusks in all parts of the world. The truth is that no matter the part of the world that you choose to start your farm, you are sure of making good returns if you know how to market your mollusks.
- Start Clam Farming Business
Another seafood related business that is open to all and sundry is clam farming. Clams are members of the shellfish family and they are eaten in all parts of the world. So, if you are interested in starting a seafood related business, then one of your options is to go into clam farming. Just ensure that you do your due diligence and you won’t have to struggle much with the business.
- Raising and Harvesting Other Aquaculture (e.g. Seaweed, Alligators, Frogs and Turtles)
If you are interested in starting a seafood related business, then you should consider raising and harvesting other aquaculture such as seaweeds, alligators, frogs and turtles et al. There is indeed a large global market for seaweeds, alligators, frogs and turtles provided you know how to channel your marketing energy to the right target market.
- Start a Seafood Processing Plant
When fish farmers harvest fishes and other seafood, all the fishes and seafood are not just sold directly to end consumer. There are businesses in the value chain of the fishing industry that also make money from fishing. Fish and seafood processing plant is one of such business.
A seafood processing plant is a food processing plant that processes and packages fish and other seafood. One good thing about processed seafood is that they can be exported to other countries of the world. So, if you are looking towards starting a seafood related business, you may look towards starting a seafood processing plant.
- Open a Fresh Seafood Shop
Selling fresh seafood is yet another thriving and profitable seafood related business that anybody can start. You don’t need to be a fisherman to successfully run a fresh seafood shop. If you have access to fishermen, then you are good to go. You can open your fresh seafood shop in a food hub or a farm market. Just ensure that you know how to get supplies of fresh seafood and you will do pretty well with this business.
- Start Pond Construction Business
If you are good with construction, then one of the seafood related business ideas that you should consider starting is to go into the construction of ponds for fish and seafood farmers or those who are interested in starting a seafood farm. The fact that ponds of various sizes can be constructed in any location makes this business good to start.
- Start Breeding and Selling Baits
The fact that it is difficult to go fishing without a bait means that those that are in the business of breeding and selling baits would always make money from fishermen. If you are interested in starting a seafood related business, then one of your options is to start breeding and selling baits.
You can start with baits such as worms, maggots, and crickets. You can sell them directly to fishermen. In order to do pretty well with this business, you must ensure that your bait shop is located around a fishing community.
- Start Drying and Smoking Seafood
Going into drying and smoking different types of seafood is yet another seafood related business that an aspiring entrepreneur with little business skills can start. Seafood can be harvested in excess in some seasons and if they are not properly frozen, can get spoilt.
Any business that helps in preserving seafood will always be profitable. One good thing about drying and smoking seafood is that you can run the business in Norway and have your biggest customer in Africa. This goes to show that seafood that are dried and properly smoked can be exported to any country of the world.
- Sale of Seafood Medications and Nutrients
People that run seafood farms usually need medications and nutrients for their seafood. The fact that seafood can become sick and die makes seafood medications and nutrients a necessity. So, if you are looking towards starting a seafood related business, then one of your options is to open a shop where seafood medications and nutrients will be retailed.
- Production of Seafood Medications and Nutrients
If you are a pharmacologist or a vet doctor, one of the seafood related businesses that you should consider starting is the production of fish and seafood medications and nutrients.
Despite the fact that there are various brands of fish and seafood medications and nutrients on our shelves today, but any entrepreneur who comes up with a unique product will always get a fair share of the available market. Just ensure that your fish and seafood medication and nutrients are effective and well-packaged, and you won’t have to struggle much with your marketing and sales.
- Offer Vet Services to Fish and Seafood Farms
Another seafood related business that is apt for a vet doctor is to start offering vet services to fish and seafood farms in and around you.
No doubt, fish and seafood farmers usually consult vet doctors once in a while and if you are well positioned as a vet doctor with good grasp of how to treat fishes and other seafood, then you will most likely be the ‘go to vet doctor’. Just ensure that you give out your business cards to fish and seafood farmers you come across and you will do fine with this business.
- Seafood Distribution Business
Starting a seafood distribution business is no doubt one of the seafood related businesses that can be started with fewer challenges most especially if you have the needed experience, licenses and permits.
A seafood distribution business involves buying different types of seafood in wholesale from seafood farmers and then distributing them to retailers, hotels, restaurants and farm markets et al. With this type of business, you can choose to own a store/warehouse if you have the financial capacity to or you can choose to operate without a store.
A frozen seafood store is a retail outlet where different frozen seafood are sold and the business that can be started in any location in the United States of America. It is open to all and sundry as long as you have the drive to run the business.
Starting a frozen seafood store is a very easy and it is not so capital intensive. Getting the right products that people want to buy and good stock keeping records are the secrets of running a frozen seafood store. A frozen seafood store can be run offline in the conventional retail store or online on an online e-commerce retail site.
- Open a Marine Mammal Aquarium
Another profitable seafood business that an aspiring entrepreneur should consider starting is to open a marine mammal aquarium; a place where people can pay to see various marine mammals.
Trust me, marine mammals such as whales, seals and dolphins et al usually attract people especially if they are trained to entertained visitors. Please note that in order to get it right with this business, you should ensure that it is located in and around an amusement park or any location that is assigned for such business in your city.