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Seafood Processing in Australia Industry Market Research Report Now Updated by IBISWorld
  • USA - English


News provided by

IBISWorld

Oct 02, 2014, 16:00 ET

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IBISWorld Market Research
IBISWorld Market Research

The volume of industry products demanded domestically has been buoyed by stable per capita seafood consumption and product innovation.

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Melbourne, Australia (PRWEB) October 03, 2014 -- Operators in the Seafood Processing industry in Australia have faced turbulent conditions over the past five years. Revenue has been adversely affected by declining seafood production, stagnant prices and increasing imports. According to IBISWorld industry analyst Ryan Lin, “the industry has also become increasingly dependent on export markets as domestic prices fall from mass imports, while high-value export markets open up new opportunities for exporters.” The volume of industry products demanded domestically has been buoyed by stable per capita seafood consumption, supported by continued increases in product innovation, positive media attention on the benefits of seafood and increasing consumer health awareness. However, production for lower value domestic markets have been affected by overfishing, climatic conditions, disease, increased fuel costs, and reduced quotas and access due to management policies supporting sustainability. In the five years through 2014-15, industry revenue is expected to decline at an annualised 4.9% to total $1.2 billion.

The future prospects of the Seafood Processing industry remain tenuous, as declining production and rising imports continue to threaten the domestic industry. Despite this, in 2014-15, industry revenue is expected to grow by 3.3% as exports perform well. Global demand for high-value Australian seafood (such as rock lobster and abalone) is expected to pick up over the next five years. “North America and Europe are forecast to ramp up demand, while emerging neighbouring economies develop an appetite for high-value Australian seafood,” says Lin. Domestic demand for seafood is expected to increase due to continued trends towards healthy eating, population growth and income growth. The industry exhibits a low level of market share concentration. Major players include Tassal Group Limited and Simplot Australia (Holdings) Pty Limited.

The domestic production of seafood will depend on domestic catches and aquaculture growth, which will be affected by fishery policies, costs of production, climate, disease and technological developments. The government is expected to continue to implement policies to increase the sustainability of Australian seafood stocks. The policies will reduce seafood catches in the short term, but improve stock levels and profitability of the Fishing industry over the long term. Aquaculture production is forecast to grow strongly over the next five years. However, it is not expected to solve the supply problem since it represents a small share of total fish and seafood product output.

For more information, visit IBISWorld’s Seafood Processing industry in Australia report page.

Businesses in this industry process and manufacture fish or other seafood. This industry also includes businesses that operate vessels that process, but do not catch, fish or other seafood. This industry does not include fishing vessels that both catch and process fish or other seafood. This industry also does not include firms that freeze whole finfish or shell, freeze, or bottle oysters in brine; these are included in the Fish Wholesaling industry.

Follow IBISWorld on Twitter: http://twitter.com/#!/ibisworldau

IBISWorld industry Report Key Topics

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
International Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalisation
Major Companies
Operating Conditions
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.

Gavin Smith, IBISWorld, http://www.ibisworld.com, +61 396553838, [email protected]

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