February 13, 2008

South Australia's aquaculture tipped to worth US$901 million in next decade
 

South Australia's aquaculture industry is tipped to become one of the state's fastest-growing industries with more than AUD1 billion (US$901 million) in retail value in the next decade.

Almost 600 sites in South Australia are used for aquaculture farming and research, which reflects the considerable interest from investors, farmers, and researchers.

Close to 600 aquaculture sites for farming or research in SA reflect the considerable interest from investors, farmers, schools and researchers. 

The industry is expected to develop differently in several locations in the years ahead. Most of the AUD211 million (US$190.1 million) value of annual production is from the tuna sector, although the farming of abalone, kingfish and mussels are about to begin.

PIRSA aquaculture division executive director Ian Nightingale said all aquaculture sectors are facing strong demand and due to stagnant production value, market prices have been pushed up.

Nightingale said more traditional seafood suppliers are becoming interested in long-term necessity to source product from the aquaculture sector.

Discussions on the possibility of catching wild fish other than tuna and farming them have started. There is also a growing interest in species such as sea cucumber, sea urchin, and razor fish.

Most of the value is expected to come from finfish - especially kingfish, abalone, oysters and mussels.