The gross value of Australia's fisheries and aquaculture production is forecast to rise 8% in 2022−23, reaching $3.63 billion, according to a new Australian government report.
Australia's Department of Agriculture, Fisheries and Forestry (DAFF) executive director Jared Greenville said the aquaculture sector has been driving most of this growth.
"In 2022–23, aquaculture production value is forecast to increase by 11% to AUS $2.29 billion, driven by higher production values of salmonids, tuna and abalone. Salmonids production will see the largest growth, forecasted to increase by 13% in 2022–23 to a record AUS $1.46 billion following higher prices for salmonids," Greenville said in a statement.
The report, Australian fisheries and aquaculture outlook report for 2023, was launched by ABARES this month at its Outlook 2023 conference in Canberra, Australia.
The total value of fisheries and aquaculture product exports is expected to increase by 7% in 2022–23 to AUS $1.37 billion, before rising a further 7% in 2023–24, to AUS $1.47 billion.
The report forecasts Australian seafood production value will remain relatively stable in 2023-24, at $3.7 billion. GVP is forecast to increase by 2% in 2023–24, mainly reflecting higher production volume and prices for prawns, oysters and tuna.
However, over the period from 2023 to 2028, Greenville said, "the real total value of fisheries and aquaculture production is projected to decline by 0.7 per cent a year to AUS $3.44 billion by 2027–28."
Greenville said this prediction reflects lower projected real prices for seafood producers and an easing of growth in the volume of Australia's aquaculture salmonids production.
The report notes that relaxation of COVID-19-related restrictions on travel and public gatherings "is likely to support further growth of seafood consumption in 2022–23."
However, domestic demand for seafood is expected to take a slight downturn during the following years. Lower consumer demand is forecast due to "constrained household budgets in Australia following the tightening of monetary policy over 2022 and early 2023 to reign in high inflation."
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) is the research arm of the Australian Government Department of Agriculture, Fisheries and Forestry. Its mission is to provide professionally independent data, research, analysis and advice that informs public and private decisions affecting Australian agriculture, fisheries and forestry.