Why Feasibility Studies Matter
The Harsh Reality of Aquaculture Investments
According to industry data, more than 40% of aquaculture startups fail within the first 3 years. Of those that survive, 80% never reach their designed production capacity.
Why Do They Fail?
Inadequate Site Selection
Wrong water source, poor access, regulatory issues
Unrealistic Financial Projections
Underestimated costs, overestimated yields
Wrong Technology Choice
System doesn't match climate, species, or expertise
Market Misunderstanding
Product doesn't match demand or pricing assumptions
Operational Oversights
Labor, energy, feed costs exceed projections
Regulatory Blindness
Permits, certifications, compliance costs overlooked
A Feasibility Study Protects You From These Mistakes
Validates or Invalidates
Your concept with hard data
Identifies Fatal Flaws
Before they become expensive disasters
Provides Realistic Projections
Based on actual operational data
Secures Financing
With bankable analysis investors trust
Guides Design Decisions
With technical and economic optimization
Creates Your Roadmap
From concept to profitable operation
The Investment Decision
Option A: Skip feasibility study
- ✓ Save: €15,000 - €50,000 (study cost)
- ⚠️ Risk: €2,000,000 - €10,000,000+ (total project investment)
- ⚠️ Chance of failure: 40%+
Option B: Commission proper feasibility study
- ✓ Invest: €15,000 - €50,000 (study cost)
- ✓ Protect: €2,000,000 - €10,000,000+ (total project investment)
- ✓ Informed decision: Proceed only if viable
- ✓ If not viable: Save millions by not proceeding
A feasibility study is not an expense—it's insurance.
Our Feasibility Study Methodology
The Vismar Aqua Approach: DBOT Integration
Our feasibility studies are unique because we use the same Design-Build-Operate-Transfer (DBOT) methodology that guides our project execution. This means we don't just analyze—we know how to build what we're studying, understand real operational costs, anticipate construction challenges, and provide actionable recommendations.
7-Phase Feasibility Study Process
Project Definition & Objectives
1-2 weeks- Stakeholder workshops to understand investment goals
- Preliminary concept development (RAS, HFTS, ponds, cages)
- Success criteria definition (IRR, NPV, payback period)
- Production targets (tons/year, survival rates, FCR)
Deliverables:
Project objectives document, Preliminary concept options (3-5 alternatives), Evaluation criteria matrix
Site Assessment & Analysis
2-4 weeks- Physical site visit and assessment (topography, soil, drainage)
- Water source analysis (quantity, quality, reliability)
- Climate & environmental conditions review
- Regulatory & legal assessment (permits, licenses, compliance)
Deliverables:
Site assessment report with maps, Water quality analysis, Regulatory requirements checklist, Site suitability rating
Technical Feasibility
3-5 weeks- Species selection analysis (biological suitability, economics)
- Production system design (RAS, HFTS, Biofloc, Ponds)
- Engineering analysis (facility layout, equipment specs)
- Technology assessment (automation, biosecurity, monitoring)
Deliverables:
Species selection recommendation, Production system comparison matrix, Preliminary facility layout, Major equipment list
Market Analysis
2-4 weeks- Demand & supply analysis (local, regional, export)
- Price analysis (historical trends, seasonal variations)
- Market positioning & competitive advantage
- Marketing strategy & distribution channels
Deliverables:
Market research report (30-50 pages), Competitive analysis, Sales projections (5-year), Distribution strategy
Financial Modeling
3-4 weeks- CAPEX estimation (land, buildings, equipment, services)
- OPEX estimation (feed, labor, energy, maintenance)
- 10-year financial projections (P&L, Cash Flow, Balance Sheet)
- Investment analysis (NPV, IRR, Payback, ROI)
- Sensitivity analysis (price, yield, costs, scenarios)
Deliverables:
Detailed financial model (Excel), 10-year financial projections, Investment metrics summary, Sensitivity analysis report
Risk Assessment
2-3 weeks- Risk identification (technical, biological, market, financial)
- Risk analysis (impact × probability = risk score)
- Mitigation strategies for each major risk
- Contingency planning & business continuity
Deliverables:
Risk register, Risk matrix and heat map, Top 10 risks detailed analysis, Mitigation strategies, Contingency plans
Recommendations & Roadmap
2-3 weeks- Clear go/no-go recommendation with justification
- Optimal project configuration (species, system, scale)
- Implementation roadmap (phase-by-phase plan)
- Critical success factors & next steps
Deliverables:
Executive summary, Go/no-go recommendation, Optimal project configuration, Implementation roadmap, Final report (150-250 pages)
Study Packages & Pricing
We offer three levels of feasibility study to match your project needs
Express Feasibility Study
€8,000 - €12,000
3-4 weeks • 50-75 pages
Quick evaluation of basic viability
- Desktop analysis (no site visit)
- Simplified technical assessment
- Basic financial model (5-year)
- High-level market review
- Go/no-go recommendation
Ideal For:
Initial project screening, Budget <€500K, Concept validation, Basic grant applications
Standard Feasibility Study
€15,000 - €35,000
8-12 weeks • 150-200 pages
Most aquaculture projects
- Single site visit (2-3 days)
- Comprehensive technical analysis
- Detailed financial model (10-year)
- Full market analysis
- Risk assessment
- Implementation roadmap
Ideal For:
Serious investors, Budget €500K-€5M, Bank financing required, Greenfield projects
Premium Feasibility Study
€35,000 - €75,000
12-20 weeks • 200-300 pages
Large-scale or complex projects
- Multiple site visits
- Detailed engineering (30% design)
- Advanced financial modeling (Monte Carlo)
- Comprehensive market research
- Environmental impact assessment
- Investor presentation materials
- Due diligence support
Ideal For:
Large investments (€5M+), Multiple funding sources, Institutional investors, International projects
What You Receive
Comprehensive Feasibility Study Report
Report Sections (150-250 pages total)
Executive Summary
10-15 pagesProject overview, key findings, financial highlights, recommendation
Project Definition
10-15 pagesObjectives, stakeholder analysis, success criteria, concept alternatives
Site Assessment
20-30 pagesLocation analysis, water quality data, infrastructure, regulatory environment
Technical Analysis
40-60 pagesSpecies selection, production system design, facility layout, equipment specs
Market Analysis
30-40 pagesMarket research, competitive analysis, pricing strategy, sales projections
Financial Analysis
40-50 pagesCAPEX/OPEX breakdown, 10-year projections, investment metrics, sensitivity analysis
Risk Assessment
20-30 pagesRisk register, mitigation strategies, contingency plans, insurance recommendations
Implementation Plan
15-20 pagesProject roadmap, critical path, resource requirements, key milestones
Recommendations
5-10 pagesGo/no-go decision, optimal configuration, next steps, critical decisions
Appendices
VariesWater quality test results, equipment specs, market data, financial model (Excel)
Additional Deliverables
Who Needs This Service
Five client profiles we typically serve
The First-Time Aquaculture Investor
Challenge:
Passionate about aquaculture but lacks industry experience. Needs validation that the concept is viable.
How We Help:
We provide objective, data-driven analysis to confirm if the project makes financial sense, preventing costly mistakes.
Results:
Confidence to proceed with realistic expectations OR saves millions by not pursuing an unviable project.
The Existing Farm Operator
Challenge:
Currently running a farm, considering expansion or modernization. Needs to justify the investment.
How We Help:
We analyze expansion options, compare technologies, and model financial returns to guide the decision.
Results:
Clear roadmap for growth with ROI projections and risk mitigation strategies.
The Corporate Developer
Challenge:
Developing a large-scale commercial aquaculture project. Needs bankable feasibility study for investors/lenders.
How We Help:
We deliver institutional-grade analysis that meets bank and investor due diligence requirements.
Results:
Successful financing secured, project approved by investment committee.
The Government or NGO
Challenge:
Evaluating aquaculture for rural development, food security, or job creation. Needs comprehensive analysis.
How We Help:
We assess technical, economic, social, and environmental dimensions to guide policy decisions.
Results:
Evidence-based decision making, successful grant applications, sustainable project design.
The Equipment Supplier or Technology Provider
Challenge:
Selling aquaculture systems to clients who need feasibility validation before purchasing.
How We Help:
We provide independent, third-party feasibility analysis that validates the technology choice.
Results:
Increased sales conversion, client confidence, reduced post-sale disputes.
Real Case Studies
Real projects. Real results. Including projects we recommended NOT to proceed.
Alpine Trout Farm - Austria
GOLocation
Austrian Alps, 1,200m elevation
Investment
€3.2 million
Species
Rainbow Trout
System
Hybrid Flow-Through System (HFTS)
- Feasibility study: €28,000 (Standard package)
- Recommendation: Proceed with phased implementation
- Project approved by bank (€2.5M loan + €700K equity)
- Farm now producing 180 tons/year
- Achieved positive cash flow in Year 2
- Exceeded FCR projections (1.05 vs. 1.15 projected)
Key Insight:
Study identified groundwater temperature as critical success factor. Recommended HFTS over RAS to leverage cold, pristine mountain water.
Tropical Shrimp Project - Nigeria
CONDITIONAL GOLocation
Niger Delta region
Investment
€1.8 million
Species
Vannamei Shrimp
System
Biofloc System
- Feasibility study: €32,000 (Standard package)
- Recommendation: Go IF alternative site secured
- Original site: Flood risk too high, unreliable power
- Alternative site identified 15km away
- Client relocated project, construction underway
- Study saved client from €500K+ flood damage costs
Key Insight:
Risk assessment revealed fatal flaws in original site. Alternative site analysis saved the project.
Baltic Salmon RAS - Latvia
GOLocation
Coastal Latvia
Investment
€12 million
Species
Atlantic Salmon
System
Large-scale RAS
- Feasibility study: €68,000 (Premium package)
- Recommendation: Proceed with 30% design complete
- Secured €8M loan + €4M equity from 3 investors
- Environmental permit approved (EIA included in study)
- Detailed engineering now 60% complete
- Construction start Q2 2025
Key Insight:
Premium package provided 30% engineering, EIA, and investor materials that de-risked the €12M investment.
Desert Tilapia Farm - UAE
NO-GOLocation
Abu Dhabi desert region
Investment
€5.5 million
Species
Nile Tilapia
System
Indoor RAS
- Feasibility study: €42,000 (Standard package)
- Recommendation: DO NOT PROCEED
- Energy costs 3x higher than viable (solar not sufficient)
- Market oversupplied (imports from Egypt, Jordan)
- Water costs prohibitive despite RAS recycling
- Client saved €5.5M by not proceeding
Key Insight:
Sometimes the best recommendation is NO-GO. This study saved the client €5.5 million and their reputation.
Why Choose Vismar Aqua
15+ Years of Experience
50+ feasibility studies completed across 4 continents. We've seen it all—from tiny startups to €50M megaprojects.
Design-Build-Operate Experience
We don't just study projects—we build and operate them. Our feasibility studies are grounded in real-world operational experience.
Independence & Objectivity
We have NO equipment sales agenda. If your project isn't viable, we'll tell you. Our reputation depends on honest analysis.
Bankable Reports
Our feasibility studies are accepted by major European banks, development finance institutions, and private equity investors.
Frequently Asked Questions
How long does a feasibility study take?
Express: 3-4 weeks. Standard: 8-12 weeks. Premium: 12-20 weeks. Timeline depends on project complexity and data availability.
What if the study recommends NOT to proceed?
You just saved millions. A NO-GO recommendation is valuable—it prevents you from making a catastrophic investment. We've stopped clients from losing €2M-€20M with honest NO-GO recommendations.
Can I get financing based on your study?
Yes. Our Standard and Premium feasibility studies meet bank due diligence requirements. We've supported successful financing for 80%+ of our GO recommendations.
Do you provide ongoing support after the study?
Yes. We offer post-study services: detailed engineering design, equipment procurement, construction management, and operational support.
What information do I need to provide?
Project concept, target location, available budget, investment goals, and any existing data (site maps, water tests, market research).
Do you do site visits?
Standard and Premium packages include site visits. Express package is desktop analysis only.