Seafood value expected to rise in 2022–23

The gross value of Australian fisheries and aquaculture production is forecast to rise to $3.63 billion in 2022–23, an 8% increase. This growth has been driven by Australia’s aquaculture sector, according to ABARES Executive Director Jared Greenville.

“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,” Greenville said.

The largest growth is expected in the production of salmonoids, which is forecast to see a 13% increase in 2022–23, to a record high $1.46 billion following higher prices for salmonoids.

According to Greenville, the production of fisheries and aquaculture is forecast to remain relatively stable in 2023–24, valued at $3.7 billion. The real total value of fisheries and aquaculture production is projected to decline by 0.7% a year to $3.44 billion from 2023–24 to 2027–28.

“This reflects lower projected real prices for seafood producers and an easing of growth in the volume of Australia’s aquaculture salmonids production,” Greenville said.

Greenville said 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.

The Australian Fisheries and Aquaculture Outlook 2023 report was released at the ABARES Outlook 2023 Conference on 7 March in Canberra.

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