Linda Chen

Hatch Blue

Linda has dedicated each step of her career from The Nature Conservancy to Morgan Stanley to connect capital and resources with nature. Now, as an Associate with Hatch Blue’s Blue Revolution Fund, a global aquaculture VC, she is applying her interdisciplinary skills towards topics she cares deeply about – market-based approaches towards sustainable seafood transition.

Linda’s year-long research – Emerging Protein-rich Ingredients for Aquaculture – provided a deep dive into the volume, production, cost, capex, nutritional value and LCA footprint of nine competitive protein-rich ingredients for aquaculture inclusion.

Linda is the also the author of aquablurb, an aquaculture bi-weekly dealflow newsletter.

Session Future Proofing Asia’s Finfish Aquaculture
Presentation    Emerging protein-rich ingredients for aquaculture - the search for protein-rich alternatives to expand the aquafeed ingredient basket


At  87.5 million tonnes in 2020, aquaculture growth rate has exceeded captured fisheries and is expected to reach 106 million tonnes by 2030. Global aquafeed production reached 52.9 million tonnes in 2023 and needs to accelerate in volume to meet growing aquaculture demand. This research aims to identify the most competitive emerging protein-rich ingredients with potential for market-wide inclusion in aquafeed that complements existing ingredients, expands the raw materials basket and bridges the feed protein gap.

The report looks at the nutritional composition, digestibility, volume, production processes and challenges, cost, sale price and life cycle assessment of each ingredient to determine their scalability within the aquafeed market and summarises the challenges that need to be overcome before they can be adopted. The report also provides a comparative analysis of these ingredients, an overview of the aquafeed market, lessons for aquafeed market entry and insights into neighbouring markets that can provide additional revenue gains for ingredient producers.