The crustaceans market in Australia has exhibited notable fluctuations over the past decade. In 2023, the market stood at 120.87 thousand metric tons, reflecting a modest year-on-year increase of 0.65%. Over the last two years, the market experienced a 5.98% increase in 2022 and a 15.25% bump in 2021, showing recovery after a significant 16.41% decline in 2020. The average annual growth rate (CAGR) over the past five years has been 0.44%, indicating modest but steady growth.
Future trends to monitor include:
- The projected steady increase at a CAGR of 0.54% over the next five years, expecting to reach 124.63 thousand metric tons by 2028.
- Potential impacts of climate change on marine ecosystems and subsequent effects on crustacean populations.
- Shifts in consumer preferences towards sustainable seafood, which may influence market dynamics and demand patterns.
