Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 309

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 309
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 tons of steelhead salmon by 2028. If we can
successfully access the necessary funding through the equity capital markets and through certain debt facilities, we hope to build a
series of 1,500 metric ton and 3,000 metric ton facilities throughout strategic locations in British Columbia and other Canada,
similar to where TOBC is currently based.

Industry
Overview

The
international seafood industry is going through a period of rapid change as it strives to meet the needs of a growing population around
the world, where food consumption habits are evolving. We believe there are powerful trends emerging in the developing world (including
a growing demand for animal-based protein) as well as in the developed world (where there is an increased awareness and focus on sustainable
sourcing and the protection of marine ecosystems).

Changes
in Population Growth and Global Seafood Consumption:

The
United Nations latest projections suggest that the global population could grow to around 8.5 billion in 2030, 9.7 billion in 2050 and
10.4 billion in 2100(1).

As
the population has grown, so has per capita fish consumption. Per capita food fish consumption grew from 9.0 kg (live weight equivalent)
in the 1960s to 20.2 kg in 2020, at an average annual rate of 3% compared with a population growth rate of 1.6%(2).

Rising
incomes and urbanization, improvements in post-harvest practices and changes in dietary trends are projected to drive a 15% increase
in aquatic food consumption, to supply on average 21.4 kg per capita in 2030(3).

Aquaculture
Has Developed as a Major Source to Meet Global Seafood Demand:

In
2020, fisheries and aquaculture production reached an all-time record of 214 million tons, worth about $424 billion. Production of aquatic
animals in 2020 was more than 60% higher than the average in the 1990s, considerably outpacing world population growth, largely due to
increasing aquaculture production(4).

Total
production of aquatic animals is expected to reach 202 million tons in 2030, mainly due to sustained growth of aquaculture, projected
to reach 100 million tons for the first time in 2027 and 106 million tons in 2030(5).

We
believe that the growth in consumption drives the increased growth of aquaculture and the