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


News provided by

IBISWorld

Feb 25, 2015, 09:00 ET

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IBISWorld Market Research
IBISWorld Market Research

Lower priced imports from overseas have flooded the market, making higher priced local produce less desirable

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Melbourne, Australia (PRWEB) February 25, 2015 -- The Fishing industry has struggled to perform over the past five years. Industry revenue is projected to decline at an annualised 0.6% over the five years through 2014-15, to reach $1.4 billion. According to IBISWorld industry analyst Brooke Tonkin, “ongoing depletion of fish stocks, increasing competition from imports and seafood farming, rising operating costs, and stricter regulation of catch quotas have hurt industry revenue.” Strong demand from overseas markets, particularly in Asia, has helped sustain export revenue over the past five years. Industry revenue is forecast to grow 0.9% in 2014-15. Higher domestic prices for fish and other seafood and expected rising export demand, in response to the depreciating Australian dollar, will help boost revenue in 2014-15. Despite increasing fish and seafood prices, operators in the Fishing industry have struggled to maintain revenue. Operators have been faced with depleted natural stocks of fish and seafood in wild catches. Additionally, federal and state governments have enforced strict quotas on catchment numbers in an attempt to improve sustainability. Operators have been forced to limit their catchment volumes, which has negatively affected industry revenue.

Fishing operators have faced fierce competition from farmed fish and other seafood from the Aquaculture industry. Fish farming is more sustainable than wild-catch fishing, as it enables operators to monitor fish and seafood stocks in a controlled environment. Furthermore, “lower priced imports from overseas have flooded the market, making higher priced local produce less desirable,” says Tonkin. Operating costs have continued to rise over the past five years – particularly outlays for vessel maintenance, navigation equipment and fuel. As such, operators have been forced out of the industry in increasing numbers due to waning profitability. Difficult conditions are set to continue over the next five years. Ongoing catchment restrictions will constrain revenue growth. Aquaculture producers are expected to meet the majority of rising domestic and international demand for fish and other seafood, hurting the Fishing industry's growth prospects. However, the depreciating Australian dollar and rising incomes among the Asian middle-class should help lift export demand and earnings over the period, providing some opportunity for the industry.

The Fishing industry is characterised by a low level of market share concentration. No player holds a commanding proportion of the industry. The industry is extremely diverse and operators are involved in a range of segments. This makes it difficult to operate as a major player across the entire industry, as a player would need to have expertise across a wide array of catchment techniques. Additionally, the overwhelming majority of players are owner-operators, who do not employ anyone.

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

Operators within this industry are primarily involved in the capture of ocean fish and seafood products, including finfish, molluscs, crustaceans, prawns, rock lobsters, oysters and pearls.

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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