The gross value of Australian fisheries and aquaculture production is forecast to rise 8% in 2022-23, reaching $3.63 billion, according to the latest report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
ABARES Executive Director, Jared Greenville, said Australia’s aquaculture sector has been a key sector driving the growth.
‘In 2022–23, aquaculture production value is forecast to increase by 11% to $2.29 billion, driven by higher production values of salmonids, tuna and abalone,’ Dr Greenville said.
Salmonids production is forecast to see the largest growth, jumping by an estimated 13% in 2022-23 to a record $1.46 billion, based on higher prices.
The fisheries and aquaculture industry is then forecast for more stable growth into 2023-24, with valuations forecast at $3.7 billion, before slowly declining to 2027-28, with the real total value of fisheries and aquaculture production forecast at $3.44 billion.
Dr Greenville said the decline reflects lower projected real prices for seafood producers and an easing of growth in the volume of Australia’s aquaculture salmonids production.
‘The value of fisheries and aquaculture product exports is expected to increase by 7% in 2022–23 to $1.37 billion, then forecast to rise another 7% in 2023–24, to $1.47 billion.’
