Analysing the Drivers and Barriers for the Adoption of Eco-innovation : Case study on the Offshore Fish Farming Industry

Global environmental challenges and sustainable business are mainconcerns for the contemporary business world. Rules and regulations aregetting stricter and changing frequently. Moreover, customers and publicare more aware of the sustainable products and services. Customerpreferences have started to incline towards the use of eco-friendly productsand services. A shift from traditional innovation to eco-innovation isnecessary for businesses to meet the environmental objectives andcompanies must recognize the importance of eco-innovation andenvironmental practices. This study aims to identify and analyse the driversand barriers for the adoption of eco-innovation in the offshore fish farmingindustry.Aquaculture is one of the fastest growing industries in the food sector andis expected to play a vital role in global food supply. In this study theidentification of drivers and barriers of eco-innovation were drawn byanalysing the empirical data using both institutional and resource-basedtheories. Findings suggest that stringent regulations and policies,competition, market demand, customer demand, and corporate image arethe institutional drivers, while cost-savings, partnerships, technological improvements and R&D are the resource-based drivers for adoption of eco-innovation in offshore fish farming industry. Technological barriers, financial barriers, organizational and management barriers, natural andinfrastructural barriers are the main barriers for adoption of eco-innovationin offshore fish farming industry