The demand for crustaceans in Australia has shown fluctuations over the past decade. After a peak in 2017 with significant year-on-year growth of 17.41%, the values experienced slight variations, including a notable decline in 2020 by 16.41%. By 2023, the demand stood at 120.87 thousand metric tons, showing a modest year-on-year increase of 0.65%. Over the past five years, the compound annual growth rate (CAGR) was 0.44%, pointing to overall stability. Looking forward, from 2024 to 2028, the CAGR is forecasted at 0.54%, indicating a slow yet steady growth with an expected 2.74% overall increase.
Future trends to watch for:
- Environmental sustainability and the impact of climate change on crustacean habitats, potentially affecting supply and thus demand.
- Changing consumer preferences toward sustainable seafood options could drive growth in locally sourced crustaceans.
- Technological advancements in aquaculture may boost production efficiency and contribute to meeting rising demand.
