The pelagic fish market in Australia has witnessed fluctuations over the past decade. Starting at 112.56 thousand metric tons in 2014, it saw significant growth in 2015 by 14.89% but experienced a downturn in 2016 by -2.95%. The market rebounded in 2017 with a 12.57% increase and maintained stability in 2018. A minor increase of 1.2% was observed in 2019, followed by a notable drop in 2020 by -15.67%. The market bounced back strongly in 2021 with a 16.22% rise and further grew by 6.83% in 2022. As of 2023, the volume stood at 151.84 thousand metric tons, reflecting a 1.44% year-on-year increase. The compound annual growth rate (CAGR) for the past five years is recorded at 1.45%.
Looking forward, the market for pelagic fish is projected to continue this steady growth with a CAGR of 1.14% over the next five years, reaching 162.66 thousand metric tons by 2028. The anticipated overall growth rate for this period is 5.84%.
Future trends to watch for include:
- Potential impacts of climate change on fish stocks and supply chains.
- Technological advancements in sustainable fishing practices and aquaculture.
- Regulatory changes and international trade policies affecting export volumes.
- Consumer demand shifts towards seafood sustainability and health consciousness.
