Introduction
Brazil has strong potential for aquaculture development, supported by its extensive coastline, vast hydrographic basins, and abundance of freshwater and land resources. In addition, favorable climatic conditions and the natural occurrence of species with zootechnical and commercial relevance reinforce the conditions for sectoral expansion.
Nevertheless, national aquaculture production remains far below its potential. Among the main challenges limiting sector growth is restricted access to credit lines, a key factor for the expansion and modernization of the activity. Brazilian literature indicates that rural credit available for the fishing and aquaculture chains remains insufficient in relation to their needs and sectoral importance.
Although fish farming is highly important, scientific studies still present gaps regarding the socioeconomic factors that affect its development. Researchs has predominantly focused on technological and biological aspects of species, while environmental, economic, and financial issues have received less attention, limiting a comprehensive understanding of the sector's challenges.
In this context, the analysis of rural credit becomes particularly relevant, although it remains an underexplored field within management studies. Therefore, the present research aims to investigate the recent trajectory of rural credit allocation for aquaculture in Brazil and its associated challenges.
Methodology and Data Sources
The study employs a descriptive and quantitative approach, enabling the analysis of both the statistical evolution of rural credit and the institutional context of aquaculture financing. The quantitative component relies on secondary data from the Central Bank of Brazil's Rural Credit Data Matrix, covering the period from 2019 to 2024, with information on the number of contracts and the total volume of credit allocated to aquaculture, disaggregated by purpose (operating/costing, investment, and commercialization).
To evaluate whether credit expansion has kept pace with productive growth, the study incorporates production data from the Brazilian Institute of Geography and Statistics (IBGE). The analysis is further complemented by sectoral data on production and exports from FISH Brazil and FAO (Food and Agriculture Organization), as well as official documents such as the 2024/2025 Agricultural Plan, which were used to identify available credit lines for the sector.
Results and Discussion
The empirical analysis reveals a significant expansion of rural credit directed to aquaculture between 2019 and 2024. Total credit volume increased from USD 95.6 million in 2019 to USD 235.2 million in 2024, representing an accumulated growth of approximately 147% over the period. This upward trajectory demonstrates a strong expansion in financial resources allocated to the sector.
A striking feature of the credit composition is the overwhelming predominance of operating (costing) credit. On average, 90% of total financial volume was allocated to operations, while investment credit accounted for approximately 10%, and commercialization credit represented a negligible share. This distribution indicates that financing has primarily supported short-term production cycles rather than long-term structural expansion and modernization.
Between 2020 and 2023, the average annual growth rate of rural credit for aquaculture reached 21.8%, while the average annual growth rate of national production value was 18.4%. In certain years, such as 2022 and 2023, credit growth even surpassed production growth.
The study identifies a strong regional concentration of credit and production in the South and Southeast regions, where infrastructure, logistics, technological adoption, and integration with industrial chains are more advanced. Cooperative systems and vertically integrated agribusiness groups—some originally specialized in poultry and pork—have entered tilapia production, enhancing efficiency and market access.
In contrast, the North and Northeast regions face greater obstacles, including land tenure irregularities, environmental licensing difficulties, limited technical assistance, and weaker institutional integration. In states such as Par�� and Amap��, small-scale producers often lack the documentation and guarantees required to access formal credit, which exacerbates regional disparities.
Despite encouraging financial indicators, several bottlenecks constrain broader credit expansion: (I) Excessive bureaucracy in credit approval procedures; (II) Complex and costly environmental licensing processes; (III) Land tenure irregularities and difficulties in obtaining water-use permits; (IV) High interest rates in certain modalities; (V) Inadequate infrastructure in emerging production regions; (VI) Credit lines not fully adapted to aquaculture production cycles (e.g., short repayment terms for operating credit); (VII) Limited use of private financial instruments such as Agribusiness Credit Bills (LCA), Agribusiness Receivables Certificates (CRA), and agribusiness investment funds (Fiagros).
The requirement for complete documentation—including proof of land ownership, environmental compliance, and financial regularity—frequently prevents small and medium producers from accessing financing. Studies cited in the research indicate that, in some cases, the payment guarantee structure of existing credit lines is incompatible with the biological and commercial cycles of fish farming.
Conclusions
The study concludes that rural credit for aquaculture in Brazil has experienced robust growth between 2019 and 2024, both in financial volume and in the number of contracts, which contradicts the existing literature. The expansion of credit has broadly accompanied the increase in national production value, signaling positive momentum for the sector.
However, persistent structural and institutional constraints continue to limit more inclusive and geographically balanced development. Bureaucracy, environmental and land regularization challenges, infrastructural deficiencies, and regional concentration remain significant barriers.
To unlock Brazil's full aquaculture potential, public policies must move beyond mere budget expansion and focus on institutional reforms, credit adequacy, regulatory simplification, and regional equity. By addressing these structural issues, rural credit can more effectively contribute to sustainable economic growth, income generation, and social inclusion within Brazil's expanding aquaculture chain.