The trend analysis of crustaceans production in Australia from 2014 to 2023 shows a fluctuating pattern. In 2014, the production stood at 49.71 thousand metric tons and witnessed a significant dip in the following year, declining by 1.91%. The most notable drop occurred in 2020 with a decrease of 17.07%. Despite some recovery in 2021 with a 14.36% increase, the overall production in 2023 saw a minor year-on-year decline of 0.083%, settling at 48.4 thousand metric tons. The CAGR over the last 5 years has shown a slight negative trend, averaging -0.23% annually.
Looking ahead, the forecast data from 2024 to 2028 predict a gradual decline in production. The expected rate of change is minimal with a 5-year CAGR forecast of -0.05%, and the projected annual production reducing marginally to 48.07 thousand metric tons by 2028.
Future trends to watch for include:
- Effects of climate change on crustaceans habitat and reproduction.
- Impact of regulatory changes in fisheries management.
- Technological advancements in sustainable aquaculture practices.
- Market demand fluctuation due to changing global seafood consumption patterns.
