Fishing in Australia - Market Research Report (2014-2029)

Floundering: Catch volume limits and weakening seafood consumption have caused revenue to sink

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Fisheries have faced mixed trading conditions over recent years. Demand from Asian export markets surged, before plummeting during the COVID-19 pandemic and amid trade tensions with China. Intensifying competition from low-cost Asian imports has also hindered revenue for fisheries. Government-imposed quotas have restricted the volume of seafood caught over recent years. Overall, fishing revenue is expected to weaken at an annualised 0.6% over the five years through 2022-23, to $3.5 billion. This trend includes an anticipated dip of 3.4% in 2022-23, as sales of domestic fish and other seafood trend downwards amid higher prices, inflationary pressures and the cost-of-living crisis.

Industry operators primarily catch ocean fish and seafood products, including finfish, molluscs, crustaceans, prawns, rock lobsters, oysters, pearls and other seafood products.