From 2014 to 2023, pelagic fish demand in Australia experienced fluctuations. Starting at 336.06 thousand metric tons in 2014, the demand notably declined during the years, reaching 299.29 thousand metric tons in 2023. The year-on-year demand changes were considerable, with a notable decline of 17.57% in 2020, partly rebounding with a 13.68% increase in 2021. The compound annual growth rate (CAGR) over the last five years was -0.62%. Looking ahead, by 2028, forecasted demand is expected to decline slightly with a negative CAGR of -0.55%.
Future trends to watch for:
- Potential impacts of sustainable fishing practices and regulatory changes.
- Changing consumer preferences towards alternative protein sources.
- Effects of climate change on fish populations and availability.
