Australia Fisheries and Aquaculture Market

Australia Fisheries and Aquaculture Market Overview:

The Australia fisheries and aquaculture market size reached 316.01 Thousand Tons in 2023. Looking forward, IMARC Group expects the market to reach 442.06 Thousand Tons by 2032, exhibiting a growth rate (CAGR) of 3.50% during 2024-2032. The market is significantly growing due to rising need for sustainable seafood, ample export opportunities, and advancements in aquaculture technology. Moreover, the market profits from beneficial government schemes encouraging sustainable practices, further fueling market expansion.

Australia Fisheries and Aquaculture Market Trends:

Rising Trend of Sustainability in Aquaculture

Australia fisheries and aquaculture market is witnessing a substantial inclination towards sustainability. With government policies endorsing responsible and eco-friendly fishing, aquaculture activities are actively emphasizing on lowering environmental impact. Moreover, cutting-edge technologies, such as recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA), are increasingly gaining momentum, bolstering production capacities while reducing ecological disruption. For instance, in July 2024, Huon Aquaculture, a leading food processing and aquaculture company in Australia, announced the development of a RAS facility in Tasmania, with an investment of USD 73 million. The construction is anticipated to initiate in Q1 2025. In addition, this trend caters to the heightening global customer demand for ethically sourced seafood, offering a competitive edge for Australian producers in global market dynamics. Furthermore, by heavily investing in sustainable techniques, the sector is poised to address both export and local demands, establishing itself as one of the major markets in sustainable seafood production.

Rapid Growth of Export Market

The fisheries and aquaculture market in Australia is witnessing robust growth in seafood exports, primarily driven by propelling international demand for sustainable as well as high-quality seafood products. According to the Department of Agriculture, Fisheries and Forestry, Australia produces around 300,000 tons of seafood annually. Key exports market in certain continents have substantially contributed to this trend, as costumers in these regions are rapidly preferring premium Australian seafood. Moreover, the country’s stringent certifications and regulation policies regarding fishing practice improve its appeal in global market, where food traceability as well as safety are prime objectives. Additionally, export versatility beyond conventional markets is also being pursued, with significant opportunities ascending in certain international regions, further boosting Australia’s position as one of the major seafood exporters. 

Increasing Technological Innovations in Aquaculture

Technological innovations are revolutionizing fisheries and aquaculture market in Australia, notably driving both sustainability and efficiency. Some of the advancements that are rapidly being deployed include artificial intelligence (AI) for fish health tracking, automated systems for fish feeding, and real-time monitoring systems for water quality assessment. For instance, in July 2023, researchers at James Cook University developed Australia’s first prototype tool called Mobile Fish Landmark Detection Network that leverages AI algorithm, industrial camera, and a conveyer belt to detect and monitor healthiest fish for selective breeding practices. Moreover, such upgraded technologies facilitate aquaculture operators to minimize cost, maintain required standards of product quality, and streamline production. In addition, biotechnological advancements in disease prevention and breeding are supporting the adaptability as well as higher yield in aquaculture species. Furthermore, the incorporation of such innovations establishes Australia as a pioneer in tech-driven, modern aquaculture sector, fueling both export and domestic market profitability. 

Australia Fisheries and Aquaculture Market News:

• In August 2024, Tidal, a leading AI and underwater robotics company, announced new investments to expand its foothold in Australia aquaculture market. Tidal will provide aquaculture farmers with AI-integrated camera system and software to track and monitor fisheries growth in real-time.
• In February 2023, NaturalShrimp Inc., a well-known aquaculture company, announced a strategic collaboration with the Australian Prawn Farmers Association and the Fisheries Research and Development Corporation (FRDC) to evaluate company’s patented technology of electrocoagulation for prawn wastewater treatment, The company aims to aid aquaculture farmers in removing pollutants like nitrites and ammonia from water, which is a major challenge for prawn market in Australia, and boost prawn yield.

Australia Fisheries and Aquaculture Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on segment.

Segment Insights:

• Fishes
• Crustaceans
• Molluscs
• Others
   

The report has provided a detailed breakup and analysis of the market based on the segment. This includes fishes, crustaceans, molluscs, and others.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Fisheries and Aquaculture Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia fisheries and aquaculture market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia fisheries and aquaculture market?
• What is the breakup of the Australia fisheries and aquaculture market on the basis of segment?
• What are the various stages in the value chain of the Australia fisheries and aquaculture market? 
• What are the key driving factors and challenges in the Australia fisheries and aquaculture?
• What is the structure of the Australia fisheries and aquaculture market and who are the key players?
• What is the degree of competition in the Australia fisheries and aquaculture market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia fisheries and aquaculture market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia fisheries and aquaculture market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia fisheries and aquaculture industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.