The first meeting of the Black Sea Aquaculture Observatory was conducted online on 31 May 2021. The meeting was organized by the General Fisheries Commission for the Mediterranean (GFCM) of the Food and Agriculture Organization of the United Nations (FAO) and was attended by almost 80 participants. The objectives of the meeting were to: i) discuss available data and share possible options for facilitating information exchange in the region; ii) raise awareness on the importance of data availability regarding market-oriented aquaculture; and iii) discuss data analysis and the use of indicators. Specific sessions were organized in order to highlight the importance of market data and information in a market-oriented aquaculture sector in the Black Sea. During the meeting, experts presented the indicators on market data, the Black Sea aquaculture market profiles and the impacts of COVID-19 on the aquaculture sector and explained the data collection systems. The GFCM also presented the Information System for the Promotion of Aquaculture in the Mediterranean (SIPAM) and demonstrated the Black Sea Aquaculture Observatory. Finally, during a round-table discussion, participants ranked the indicators on market data for the Observatory through an online questionnaire. It was stressed that these indicators be considered in order to enhance data accessibility and availability. The main outputs suggested that indicators such as foreign trade of aquatic products, country demographic and socio-economic data, supply balance and apparent per capita domestic consumption of aquatic products (all products from both capture fisheries and aquaculture), and supply balance and apparent per capita domestic consumption of select aquaculture products should be considered.