Abstract: Aquaculture is considered a high-risk industry in which the heterogeneity of the productions hinders the development and application of risk management. However, risk sources have still received little attention in aquaculture research. The present study aims to provide a framework of the main risk sources perceived by aquaculture producers. Firstly, we conceptualize the different dimensions and typologies of risks. Then, we integrate the main risk sources into a comprehensive framework based on a review of the literature providing empirical evidence on aquaculture producers? risk perceptions in different countries and aquaculture productions. Finally, the opinion of a panel of independent experts provides the vision of other relevant stakeholders in the value chain. This process allowed us to present a picture of risks in the aquaculture industry, consisting of eight risk categories, 19 risk types and 40 risk sources. The most relevant sources of risks for producers in the internal dimension are those related to operations (fingerlings, feeding, seeding and harvesting). In the external dimension, market risks (price variability, inputs price, and changes in demand) and production risks (climatic shocks and diseases) stand out. The perceptions of the stakeholders consulted highlight that producers tend to underestimate important risks, such as regulatory or financial ones. This picture provides a useful risk framework for policy makers, producers, scientists and other stakeholders to address such an essential first step in risk management and governance, the identification of risk sources.

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