Higher seafood retail prices and domestic seafood consumption should boost revenue.
Melbourne, Australia (PRWEB) February 02, 2013
Australia's Aquaculture industry has prospered over the past few years as it presents the most viable solution to the ongoing decline in global and domestic fish stocks. According to IBISWorld Industry analyst Suzannah Rowley, ‘the industry is expected to grow at an annualised 1.3% over the five years through 2012-13 as Australian ocean fishing production has fallen and global and domestic seafood consumption has risen’. Industry profitability has benefited from an overall increase in retail prices for seafood, though this did cause temporary declines during the height of the global financial crisis as consumers cut spending on more expensive seafood items in favour of poultry and other cheaper meats. In 2012-13, a jump in seafood retail prices and higher domestic seafood consumption are expected to boost revenue by 6.9% to reach $1.1 billion.
Global seafood consumption has risen over the five years through 2012-13 due to rapid population and income growth across developing countries in Asia. ‘Unfortunately, the industry has failed to capitalise on these growth opportunities due to the appreciation in the Australian dollar, which has made exports less competitive on the global market’, says Rowley. This stifled export growth over the five-year period has also meant that operators have not been able to take advantage of Australia's strong reputation for producing superior quality seafood that commands high prices abroad. The industry is expected to expand rapidly over the five years through 2017-18 as environmental policies are implemented to ensure the replenishment of fish stocks and as seafood consumption increases. The depreciation of the Australian dollar should enable industry operators to meet growing demand for seafood abroad, especially given the ongoing population and income growth across Asia. Overall, industry revenue is expected to increase in the five years through 2017-18.
The Aquaculture industry in Australia has a low level of market share concentration. Industry establishments generally operate on a small scale. Industry concentration has fluctuated over the five years through 2012-13, mainly in line with the performance of the industry's largest player, the Tassal Group. Other major players in the industry are Paspaley Pearling Company and Stehr Group.
For more information, visit IBISWorld’s Aquaculture report in Australia industry page.
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IBISWorld industry Report Key Topics
Operators in this industry breed and farm fish, molluscs and crustaceans.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
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