ABARES announced that the total value of Australian fisheries and aquaculture production is expected to climb 8% to $3.63 billion in 2022-23.
ABARES Executive Director Jared Greenville stated that Australia’s aquaculture has been driving most of the 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.
According to Dr Greenville, salmonid production will see the most rise, with a 13% increase to a record $1.46 billion in 2022-23 due to increasing salmonid pricing.
Dr Greenville added that fisheries and aquaculture production, valued at $3.7 billion in 2023-24, is expected to stay reasonably steady.
“From 2023–24 to 2027–28, the real total value of fisheries and aquaculture production is projected to decline by 0.7 per cent a year to $3.44 billion by 2027–28,” he said.
He explained that this reflects lower predicted actual prices for seafood producers and eases the volume of aquaculture salmonids produced in Australia.
Dr Greenville stated that the value of fisheries and aquaculture product exports is predicted to climb by 7% in 2022-23 to $1.37 billion, then another 7% in 2023-24 to $1.47 billion.
