The output of seafood in Australia has shown consistent growth from 2013 to 2023, reaching a value of 6.01 Billion Australian Dollars in 2023. Historical year-on-year growth rates fluctuated with a strong double-digit increase in 2016, moderate increases in most subsequent years, and a relatively lower rate of growth in 2020. The Compound Annual Growth Rate (CAGR) over the past five years has been 3.56%.
Looking ahead, the forecast indicates a steady increase in seafood output, reaching 7.14 Billion Australian Dollars by 2028. This projection implies a 5-year forecasted CAGR of 2.73%, translating to an overall growth of 14.43% over the forecast period.
Future Trends to Watch For:
- Impact of climate change on seafood production levels and sustainability.
- Advances in aquaculture technology potentially boosting output.
- Changes in trade policies that could affect import and export dynamics.
- Shifts in consumer preferences towards sustainable and locally sourced seafood.
