March 8, 2023

Australia's aquaculture industry lifts its seafood value to US$2.39 billion in 2022/23

Dr Jared Greenville, the executive director of the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said aquaculture is a key driver behind the country's expected 2022/23 seafood gross value rise by 8% to AUD 3.63 billion (~US$2.39 billion; AUD 1 = US$0.66), Fish Information & Services reported.

Dr Greenville said the value of aquaculture production in Australia is expected to rise by 11% to AUD 2.29 billion (~US$1.5 billion) in 2022/23 due to higher production values of salmonids, tuna, and abalone.

He said salmonids production will experience the largest growth, rising by 13% to a record AUD 1.46 billion (~US$964 million) in 2022/23 as a result of higher prices.

He also said production of fisheries and aquaculture is expected to remain comparatively stable in 2023/24, valued at AUD 3.7 billion (~US$2.4 billion).

The real total value of fisheries and aquaculture production in Australia is anticipated to decrease by 0.7% annually from 2023/24 to 2027/28, reaching AUD 3.44 billion (~US$2.2 billion). This is due to a projected real price drop for seafood producers and a slowing of salmonid production growth in the country.

-      Fish Information & Services