March 7, 2024

Australian aquaculture sector forecasts modest growth in production value

New data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) indicates a projected 0.5% increase in the gross value of Australian fisheries and aquaculture production for the fiscal year 2023-24, reaching AUD 3.56 billion (US$2.3 billion), The Mirage reported.

According to ABARES executive director Dr Jared Greenville, this growth is primarily attributed to higher prices of wild-caught rock lobster and increased production volumes of various aquaculture species, such as tuna, abalone, and oysters.

Dr Greenville highlighted that the value of aquaculture is anticipated to rise by 5% in real terms to AUD 2.21 billion (US$1.4 billion) by 2028-29, constituting 64% of the total seafood sector production value.

He noted that while prices for salmonids, prawns, abalone, and tuna are expected to decline, sustained growth in production volumes, particularly catering to domestic consumers, will drive further expansion in the aquaculture sector.

However, the outlook for fisheries and aquaculture exports remains subdued, with export value forecasted to decrease by 2% to $1.43 billion (US$940 million) in 2023-24.

Dr Greenville said that ongoing challenges, including declining competitiveness of Australian seafood exports and the uncertainty surrounding climate change's impact on global seafood production and trade, contribute to a projected continued decline in export value to AUD 1.23 billion (US$809 million) by 2028-29.

The Australian Fisheries and Aquaculture Outlook 2024 report is accessible online and was unveiled at the ABARES Outlook 2024 Conference in Canberra.

-      The Mirage