Analyzing the value added of seafood in Australia from 2013 to 2023, it is evident that the industry has experienced significant fluctuations. Initially, the value showed an upward trend with substantial growth in 2015 and 2016, peaking in 2019 at AUD 2.26 billion. However, the subsequent years saw a decline, with the value standing at AUD 1.9 billion in 2023. Over the past two years, the value decreased by 3.71% in 2022 and 3.85% in 2023. The compound annual growth rate (CAGR) for the last 5 years also shows a downward trend at -2.7%.
Looking forward, forecasts indicate a continuous decline in value, with a projected CAGR of -3.44% over the next five years, leading to a 16.04% reduction by 2028.
Future trends to watch for include:
- Impacts of climate change on seafood availability.- Changes in consumer preferences towards plant-based alternatives.- Government policies regarding the fishing industry.- Technological advancements in sustainable fishing practices.
