Pathways to a Sustainable Blue Economy: Exploring Its Barriers in an Emerging Economy

ABSTRACT A sustainable blue economy is primarily intended for responsible consumption of ocean resources, achieving economic growth, and strengthening the overall ecosystem. The roots of the blue economy are embedded in sustainable development, exploiting opportunities for economic welfare and growth, simultaneously focusing on conserving marine health. A sustainable blue economy helps protect and restore ocean health and its ecosystem, facilitating biodiversity and reducing environmental degradation. Moreover, it provides sustainable ways for social well‐being by supporting the livelihood of the people living in nearby areas. However, adopting a blue economy is complex, as highlighted in the literature. Therefore, in the presented research, the barriers to adopting a blue economy are investigated using scholarly research and verified using expert opinions. Moreover, we used a hybrid approach in this proposed research, a Fermatean Fuzzy Set‐based Analytic Hierarchy Process (AHP), and a Decision‐Making Trial and Evaluation Laboratory (DEMATEL). The research results show that the marine environment and technological infrastructure are the most significant barriers. The research results are highly insightful for business professionals, policymakers, and researchers trying to adopt sustainable blue economy practices successfully. Also, it will mitigate environmental issues, improve ocean health, and improve sustainable fisheries and aquaculture.