CANBERRA: Market research company IBISWorld said Australia’s overall seafood consumption will rise by 5% from 18.7 kilograms per capita in 2015 to 19.6kg per capita by 2021, reports Foodmagazine.
Subdued growth is anticipated for the nation’s fishing and aquaculture industries, forecast to grow by an annualized 0.9% and 2.7% respectively from 2015- 2021.
The ongoing rise in disposable incomes and health consciousness, coupled with rising awareness about the health benefits of certain types of fish and seafood — particularly salmon — is continuing to drive overall fish and seafood consumption – however industry challenges are expected to dampen revenue growth.
Ongoing depletion of fish stocks, increasing competition from imports and seafood farming, rising operating costs, and stricter regulation of catch quotas have hurt industry revenue.
In 2015-16, IBISWorld forecasts industry revenue of $1.46 billion, forecast to grow by an annualized 0.9% over the coming five years to $1.5bn in 2020-21.
Rock lobsters are the largest contributor to industry revenue, accounting for 32.6%, followed by fish (32.4%), crustaceans including prawns, crabs and crayfish (20%), and molluscs including abalone, octopus, scallops and squid (14.9%).
Fish caught by industry operators account for the largest share of production – at more than 70% by tonnage – however increasing competition from Australia’s aquaculture industry, particularly in the provision of popular fish products, such as salmon and trout, is resulting in the wild catch segment decreasing as a share of revenue. Sardines are the largest contributor to fish production volumes for the industry, followed by tuna, shark and flathead.
Aquaculture is one of Australia’s most lucrative primary industries, but rising industry operation costs – including fuel and wage costs – are anticipated to impact industry profit margins, reducing revenue growth. Industry revenue is forecast to grow at an annualized 2.7% over the coming five years, from $1.2bn in 2015-16 to $1.3bn by 2020-21.
Australia’s aquaculture industry accounts for just under 35% of all fishery production in the country and approximately 45% of total fishery value, with production increasing by an annualized 4.1% over the five years to 2015-16.
