Australia Seafood Market Size, Share, Growth Analysis Report and Forecast Trends 2024-2032

Australia Seafood Market Trends

The Australia seafood market flourishes thanks to the nation’s clear waters, which provide fresh seafood that enhances flavour and nutritional value. Local markets source directly from fishermen to maintain quality standards. Strict sustainability guidelines protect marine environments for future generations, and purchasing at these markets boosts local fishermen's livelihoods and community development, which propels the growth of the Australia seafood industry. Following the federal government's mandate for compulsory country-of-origin labelling, hospitality venues must now disclose seafood origins. This initiative was backed by a USD 1.6 million allocation in the 2022 budget to extend labelling beyond supermarkets.

The Australia seafood market dynamics and trends are being influenced due to its significant health benefits, being high in omega-3 fatty acids, vitamins, and minerals that support overall well-being, heart health, and cognitive function. Additionally, the market showcases Australia’s culinary heritage, allowing consumers to discover unique local dishes and enhancing their dining experiences while promoting food diversity. Aboriginal and Torres Strait Islander peoples have historically relied on seafood, employing traditional fishing methods to prepare dishes like barramundi and mud crab. Coastal communities also celebrate fresh, locally sourced seafood such as prawns, oysters, and snapper, focusing on quality and seasonal availability.

Australia Seafood Market Growth

The Australia seafood market is experiencing growth due to increasing global demand, especially in Asia, which opens new export opportunities for local producers. Government programs that promote sustainability and the Australia seafood market development, in addition to expenditures on infrastructure and research, further increase the industry's potential for growth and innovation. According to the Department of Agriculture, Water and the Environment's 2022 seafood export outlook, Australia exported an average of USD 1.4 billion worth of seafood annually between 2018–19 and 2020–21. Most seafood exports are high-value products transported via air freight, with about 90% consumed in Asian markets. The top seafood exports by value include rock lobster, salmon, abalone, and tuna.

E-commerce has revolutionized the seafood market by increasing accessibility and enabling direct sales from producers to consumers, enhancing Australia seafood market reach. Meanwhile, stricter food safety regulations bolster consumer confidence and attract health-conscious buyers, with a focus on quality and safety. In May 2024, Australia introduced a legal requirement for Country of Origin Labelling (CoOL) for seafood in hospitality settings. This mandated that restaurants, cafés, and similar food businesses provide information about the origins of their seafood dishes and products. The goal was to empower consumers to make informed choices based on their dietary preferences.

Australia Seafood Market Insights

• In 2021, industry reports indicated that Australia’s total fishery production amounted to 295,100 tonnes, with 42% coming from aquaculture, contributing to the growth of the Australian seafood market.
• The Department of Agriculture, Fisheries, and Forestry noted that seafood consumption in Australia hit 350,000 tonnes during the 2021-22 period.
• The Department of Agriculture, Fisheries, and Forestry reported that the Gross Value of Production (GVP) for Australian fisheries and aquaculture was $3.42 billion in 2021-22.

Industry News

January 2024

The AquaWatch Australia Mission launched, offering near real-time water quality monitoring and forecasts to enhance seafood production and aquaculture management. By integrating data from water sensors and satellites, it aimed to improve insights into Spencer Gulf, Australia’s key seafood-producing area, benefiting local farms.

November 2023

Tassal, a well-known brand in fresh Tasmanian salmon, expanded its integrated brand platform to include prawns and barramundi, adopting the new tagline "Tassal – It’s Australian for Seafood." Collaborating with Kantar, Tassal seized the opportunity to acquire Cone Bay Barramundi, rebranding the Tropic Co Tiger Prawn line.

Australia Seafood Market Drivers

Sustainability Focus

The Australia seafood market has increasingly prioritised sustainability in response to growing environmental awareness among consumers. This change has led to a rising demand for responsibly sourced seafood, prompting both consumers and seafooders to seek certifications that confirm ethical fishing practices. The aquaculture industry is also experiencing growth, leveraging advancements in sustainable farming methods that minimise environmental impacts. Regulatory bodies and industry groups are promoting these sustainable practices, resulting in improved fisheries management and conservation efforts. As a result, businesses are implementing transparent supply chains to provide consumers with information about where their seafood comes from, fostering trust and increasing the Australia seafood market revenue. The Marine Stewardship Council defined sustainable seafood as that which is caught at levels that ensure future fish populations can thrive. Fish require time to grow and reproduce, and sustainable methods support this. The sustainable seafood guide helps consumers find sustainable choices, urging them to look for the MSC's blue fish tick on wild-caught seafood available in supermarkets, speciality seafooders, and restaurants.

Health and Wellness Awareness

The Australia seafood market has increasingly focused on health and wellness, driven by consumers' growing recognition of seafood's nutritional benefits. Packed with omega-3 fatty acids, vitamins, and minerals, seafood is marketed as an essential part of a healthy diet. As a result, more consumers are adding seafood to their meals to support heart health and cognitive function. Health-oriented marketing strategies are emphasizing seafood’s importance in balanced diets, enhancing demand in the Australia seafood market. According to Oceanwatch Australia, Australians are encouraged to consume two to three servings of seafood each week, with an adult serving being 150g and a child serving 75g. To lower the risk of heart disease, the Heart Foundation advises that Australian adults aim for approximately 500 milligrams of omega-3 from marine sources daily.

Opportunities in the Australia Seafood Market

Traceability and Transparency

The Australia seafood market is benefiting from initiatives aimed at improving traceability, such as blockchain technology, which enables consumers to track seafood from its source to their plates, ensuring responsible sourcing. This trend builds consumer trust and helps address issues like seafood fraud and mislabeling. As awareness of ethical consumption grows, brands that prioritize transparency in their supply chains are more likely to appeal to conscientious consumers, boosting the Australia seafood industry revenue. Additionally, the FRDC's investment plays a crucial role in diversifying seafood industry through market research and development, aiming to leverage existing production, by-catch, and waste streams to create innovative, value-added products for both human and animal consumption. There is a growing emphasis on extracting unique bio-products from these streams for the medicinal and cosmetic industries. Technologies such as water quality management, automated feeding, disease control, and advanced systems like RAS and IMTA enhance efficiency, sustainability, and environmental responsibility.

Market Restraints

The Australia seafood market faces several key restraints, including sustainability challenges from overfishing and climate change, which threaten marine ecosystems. Strict regulatory compliance can be costly, particularly for smaller businesses. Supply chain disruptions, rising operational costs, and changing consumer preferences also complicate profitability.

Additionally, market competition from lower-priced imports pressures local producers, while technological adoption barriers hinder smaller operators. Finally, environmental impacts like ocean acidification and temperature increases pose risks to fish populations and aquaculture yields, requiring significant adaptation and investment in innovative solutions to ensure the industry’s future viability.

Australia Seafood Industry Segmentation

“Australia Seafood Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Shrimps
• Fish
• Others

Market Breakup by Form

• Processed
• Fresh/Chilled
• Frozen/Canned

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Specialty Stores
• Online Channels
• Others

 Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Australian Capital Territory
• Western Australia
• Others

Australia Seafood Market Share

By Types Analysis

The Australia seafood market benefits greatly from shrimp, which provides substantial nutritional value as low-calorie, lean protein source rich in omega-3 fatty acids, vitamins B12 and D, and essential minerals like selenium and iodine. Its culinary versatility appeals to consumers looking for diverse meal options. Moreover, sustainable farming practices improve its environmental appeal, while the shrimp industry strengthens local economies by creating jobs and providing export opportunities, contributing to the Australia seafood demand growth. The Queensland Museum notes around 4,000 shrimp species globally, with about 900 found in Australia. In December 2023, the Marine Stewardship Council reported that 63 per cent of wild-caught prawns were MSC-certified, highlighting sustainable fishing practices. It was projected that Australians would consume at least 22,000 tonnes of prawns during the festive season, with certification ensuring healthy fish stocks and minimized ecological impacts through annual independent audits.

The Australia seafood market thrives as fish serves as a highly nutritious food source, offering essential protein and omega-3 fatty acids that promote heart and brain health. Its notable culinary diversity includes various species with unique flavours and textures, suitable for a wide range of dishes. Many Australian fisheries follow sustainable practices, appealing to consumers who seek responsibly sourced seafood. Trends in the Australia seafood market indicate that regular fish consumption is associated with various health benefits. Additionally, purchasing local fish helps support Australian fishermen, bolstering local economies and strengthening community resilience. Australia boasts the world’s third-largest fishing zone and home to over 5,500 known fish species. The industry plays a vital role in the national economy, benefiting directly and through support sectors like seafood supply and tourism, as well as generating valuable export revenue. The Australian Fisheries Management Authority (AFMA) oversees commercial fisheries in Commonwealth waters, while various State Fisheries agencies manage fishing in state waters for both commercial and recreational purposes.

Australia Seafood Market Regional Insights

The Australia seafood market varies regionally, with distinct consumption patterns and seafood preferences. Eastern Australia, especially NSW and Queensland, favours fresh prawns and barramundi. Southern Australia is known for high-quality fisheries and exports, while Western Australia boasts unique species and a strong focus on sustainable practices.

According to the FAO, Australia has a 25,760 km coastline and an exclusive economic zone of nearly 11 million km², making it the third largest in the world. The fishing industry, valued at USD 2.32 billion, is the sixth most important food sector. In 2021, total fishery production reached 295,100 tonnes, with 42 per cent coming from aquaculture, primarily consisting of Atlantic salmon and molluscs. The Australia seafood industry revenue is reflected in the 2022 figures, where fishery exports were valued at USD 1.1 billion, and imports totalled USD 1.8 billion.

Competitive Landscape

The Australia seafood market key players are leading companies that focus on high-quality fish and seafood products. Renowned for their commitment to sustainability, these companies source their catch from environmentally responsible fisheries and aquaculture. They serve both domestic and international markets, emphasising the delivery of fresh, premium seafood while supporting local fishing communities and advocating for sustainable seafood practices.

Key Industry Players

Raptis & Sons Pty Ltd: Established in 1961, it is headquartered in Queensland, Australia. The company specializes in seafood, offering a wide range of products including prawns and fish, known for its commitment to quality and sustainability.

Seafarms Group Ltd: Founded in 1988, it is based in Queensland, Australia. The company focuses on aquaculture, particularly in prawn farming, and is dedicated to sustainable seafood production while striving to meet growing global demand.

Walker Seafoods Australia: Established in 2000 and headquartered in Western Australia, is a prominent seafood company specializing in the supply of high-quality fish and seafood products, with a commitment to sustainable practices and local sourcing.

Tasmanian Seafoods Pty Ltd: Founded in 1996, it is in Tasmania, Australia. The company is known for its premium seafood offerings, particularly abalone and salmon, and emphasizes sustainable fishing practices to support local fisheries and the environment.

Other key players in the Australia Seafood market report include The Seafood Experts Australia Pty Ltd., Clean Seas Seafood Ltd., and Southern Unite Seafood Pty Ltd., among others.

Recent Development

January 2024

Australian biotech company Genics launched Shrimp MultiPath2.0, a cutting-edge technology for early shrimp disease detection. This innovation allowed the identification of 18 pathogens in a single test, offering accurate detection and distinguishing genetic subvariants, thereby acting as an early warning system for farmers before visible illness occurred.

September 2022

Sydney Fish Market launched SFMblue, a digital trading platform aimed at modernizing seafood trading alongside its physical auction. Utilising ShoreTrade technology, it facilitated national trading, connecting suppliers and buyers across the eastern seaboard. SFMblue also offered transparent market intelligence and 24/7 access to seafood from Australia and New Zealand.