An Assessment of the Financial Viability of Small-scale Commercial Aquaponic Systems in Barbados

The aquaponics technology has grown in interest over the years. Within Barbados, persons are opting to use this system for growing their crops and also offer those crops for sale. Aquaponics incorporates both hydroponics and aquaculture where crops and aquatic species are grown in a recirculating system without the use of soil. This farming technique has been considered in various literature as sustainable and efficient in the use of resources. Although it is promoted as a technique by which farmers can earn an income, it is unclear as to whether this form of production is financially viable despite the positive environmental aspects. This paper, therefore, assesses whether or not aquaponics production in Barbados is financially viable and whether it should be promoted to farmers in the country. To determine the viability, two existing aquaponic farms were studied and were compared and contrasted to the other. The start-up and operational costs were identified as the financial costs. The benefits were the revenue gained from selling the fish and the crops. Both the financial benefits and costs identified for the two farms were analysed using the benefit cost analysis and based on the results from the benefit cost analysis, both aquaponic systems were found to be viable within a Barbados context