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The demand for fish products in Black Sea riparian countries has been intensively growing annually by 4% since 2000. This demand was predominantly covered by importation and/or capture fisheries. To reduce pressure on the wild fish stocks of the shared sea basin, regional and national development plans are aiming to stimulate aquaculture production. However, there is a scarcity of instruments that allow assessment of the situation on the regional level to capture the multidimensional nature of such activity. A Composite Indicator or so-called Index has been recognized as one of the best ways to investigate the complex system statement and reveal areas of concern. The aim of this study was (1) to construct a Composite Indicator, (2) to analyze conditions created for aquaculture establishments, (3) to reveal competitive advantages and pitfalls in each country, and (4) to determine possible drivers of countries with better performance such as Turkey and Bulgaria. [ABSTRACT FROM AUTHOR]