‘On the right track’: Australia’s seafood industry bounces back to 20 year high

‘On the right track’: Australia’s seafood industry bounces back to 20 year high

Seafood Industry Australia (SIA), the national peak-body representing Australia’s commercial fishing industry, has welcomed the release of the ABARES Australian Fisheries and Aquaculture Outlook 2022, released today, which shows the sector would reach $3.55 billion GVP this year, the highest since 2002-03. 

“It’s no secret it’s been an extraordinary two years for the Australian seafood industry. We’ve dealt with natural disasters, trade export restrictions and the impacts of COVID-19. To see a return to growth shows we are on the right track and this needs to be celebrated,” SIA CEO Veronica Papacosta said. 

“There’s been unexpected growth in the prices for farmed salmonoids, edible oysters, and both farmed and wild-caught prawns, as consumers place their confidence in our healthy, sustainable great Australian seafood.

“For the first time, we are set to see Australia’s aquaculture products grow to $2.16 billion, up 21 per cent from last year. This figure surpasses the $2 billion by 2027 target, set in the 2017 National Aquaculture Strategy. 

“Following a sharp decline in seafood exports in 2020, we’re seeing increased international demand for select Australian seafood exports, with a forecast export value of $1.34 billion in 2021-22. The Australian seafood industry greatly appreciates the support provided by the Morrison Government’s International Freight Assistance Mechanism (IFAM) which has been crucial to keeping our seafood moving overseas during the pandemic.  

“IFAM has allowed our seafood producers to take advantage of these select category price rises and spikes in demand by exporting approximately 56,000 tonnes of seafood out of Australia during the pandemic, valued at more than $1.1 billion.

“ABARES predicts export growth will continue for years to come as COVID-19 restrictions ease, domestic and international travel resumes, our key international markets experience population growth, and more people get a taste for our great Australian seafood. 

“Despite the hurdles of the past two years, our great Australian seafood producers have managed to bounce back to a 20 year high and this is something to be celebrated. 

“The support of the Government through IFAM, the development and launch of our industry brand, Great Australian Seafood, and our efforts to diversify export markets through the Agricultural Trade and Market Access Cooperation program, has allowed the industry to unite and work together to achieve these results. The resilience, hard-work and unity of our seafood producers is paying off.” 

<ENDS>

The Australian Fisheries and Aquaculture: Outlook to 2026–27 can be read here: www.awe.gov.au/abares/research-topics/fisheries/fisheries-economics/fisheries-forecasts.

For more information or to organise an interview with SIA CEO Veronica Papacosta please contact SIA communications and public affairs manager Jessica McInerney

E: jessica@seafoodindustryaustralia.com.au

M: 0420 695 431