Aquaculture lifts seafood value to $3.63 billion in 2022–23

Photo: Western Australia Department of Primary Industries and Regional Development

The gross value of Australian fisheries and aquaculture production is forecast to rise eight per cent in 2022 to 2023, hitting $3.63 billion.

Australian Bureau of Agricultural and Resource Economics (ABARES) Executive Director Jared Greenville said Australia’s aquaculture sector has been driving most of this growth.

“In 2022–23, aquaculture production value is forecast to increase by 11 per cent to $2.29 billion, driven by higher production values of salmonids, tuna, and abalone,” Dr Greenville said. “Salmonids production will see the largest growth, forecasted to increase by 13 per cent in 2022–23 to a record $1.46 billion following higher prices for salmonids.

Dr Greenville added that fisheries and aquaculture production is forecast to remain relatively stable in 2023–24, valued at $3.7 billion. ABARES projects that, from 2023–24 to 2027–28, the real total value of fisheries and aquaculture production will decline by 0.7 per cent a year to $3.44 billion by 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,” said Dr Greenville.

ABARES expects the value of fisheries and aquaculture product exports to increase by seven per cent in 2022–23 to $1.37 billion, then forecast to rise another seven per cent in 2023–24, to $1.47 billion.

The Australian Fisheries and Aquaculture Outlook 2023 is available here.


Published since 1978, Ausmarine is the foremost magazine servicing the Australian and New Zealand commercial, military and government marine sectors.