Australia Seafood Market Overview, 2029

Australia's seafood sector has changed dramatically throughout the years, reflecting shifts in customer preferences, technological breakthroughs, and regulatory structures. By the mid-twentieth century, Australia's seafood industry had grown significantly, driven by both domestic consumption and foreign trade. As environmental and health concerns grew, the market began to prioritise sustainable practices and quality improvements. Aquaculture, or fish farming, has emerged as a major sector, helping to the industry's growth by ensuring a consistent and reliable supply of seafood products. Improvements in farming techniques, such as better feed formulations, disease management, and breeding programs, have increased efficiency. The Australian Government imposes stringent rules through agencies including the Department of Agriculture, Fisheries, and Forestry and the Australian Fisheries Management Authority (AFMA). The Fisheries Management Act of 1991 oversees the management of Australian fisheries, while the Export Control Act of 1982 regulates the export of seafood products to ensure they satisfy international standards. Regular inspections, monitoring programs, and reporting requirements guarantee that industrial operations are consistent with regulatory standards. The Australian government also funds research and development projects to address new issues and enhance industry standards. According to the research report "Australia Seafood Market Overview, 2029," published by Bonafide Research, the Australia seafood market is anticipated to grow at more than 4.95% CAGR from 2024 to 2029. Increased local consumption, expanded export options, and breakthroughs in aquaculture and fishing technologies are all driving the Australian seafood sector forward. As one of the world's leading seafood producers, Australia benefits from a diverse marine environment and favourable climatic conditions that sustain a wide diversity of seafood species. The sector has grown steadily in recent years, fuelled by increased consumer demand for seafood due to its claimed health benefits and culinary diversity. The seafood industry is important for more than just economic reasons; it is an important part of Australian food culture and provides numerous job possibilities in fishing, aquaculture, processing, and distribution. The seafood business is critical to Australia's export economy, with seafood items being a significant export commodity. Major players in Australia's seafood market include Seafood Industry Australia (SIA), Australian Seafood Industries, Clean Seas Seafood, and Marron Farm. These companies are active in many parts of the industry, including aquaculture, fishing, processing, and distribution. Australia's seafood import partners include Japan, China, the United States, and South Korea. These international markets are critical for exporting Australian seafood goods, particularly high-value commodities like lobsters, abalone, and prawns.

Farm-raised seafood has grown significantly in Australia due to advances in aquaculture technology and rising customer demand for dependable and sustainable seafood sources. The farm-raised segment benefits from technology advancements that increase efficiency, reduce environmental impact, and boost fish health and growth rates. A variety of variables contribute to the expansion of the farm-raised seafood industry. First, it provides a consistent and predictable supply of seafood, which helps to fulfil rising domestic and worldwide demand. Second, advancements in sustainable aquaculture practices, including as better feed formulations and waste management systems, address environmental problems while increasing the desirability of farm-raised goods. Third, farm-raised fish frequently has certifications such as the Aquaculture Stewardship Council (ASC) logo, which appeals to consumers looking for responsibly sourced products. Clean Seas Seafood, recognised for its high-quality Kingfish and Yellowtail products, and Australian Seafood Industries, which maintains substantial aquaculture facilities, are among the market's leading suppliers and distributors of farm-raised seafood. Ocean Grown Abalone is another major player that specialises in farm-raised abalone. Wild-caught seafood is highly valued for its natural flavour and is an integral element of Australia's fishing legacy. However, the wild-caught seafood industry confronts numerous obstacles, including fluctuating fish stocks, regulatory demands, and environmental concerns about overfishing and bycatch. Fresh fish is a staple of Australia's seafood sector, renowned for its outstanding taste, texture, and nutritional content. Fresh seafood's popularity stems from its position in high-quality culinary experiences, as well as its appeal to consumers seeking premium, unprocessed items. Advances in cold chain logistics and transportation, which ensure that items remain fresh from capture to consumption, are driving the expansion of the fresh seafood market. Along with that, the growing popularity of seafood in a variety of cuisines, as well as health-conscious eating habits, help to drive category growth. Leading suppliers and distributors in the fresh seafood category include Australian Seafood Industries, which has substantial processing and distribution facilities, and Clean Seas Seafood, which is well-known for its premium barramundi. Consumer need for convenience and ready-to-eat options is driving growth in the processed seafood industry. Along with that, the capacity to keep and transport processed fish across great distances contributes to its popularity in global trade. Fish, molluscs, and crustaceans all play important roles in Australia's seafood industry, adding to its diversity and economic significance. Fish is the most important section in Australia's seafood market, covering a diverse range of species such as barramundi, salmon, tuna, and snapper. Fish is highly regarded due to its adaptability, nutritional value, and presence in Australian cuisine. It supports both domestic consumption and export markets. Farm-raised species, such as barramundi and Atlantic salmon, stand out owing to their sustainable production practices and great quality. Tasmanian salmon is a significant player in the farmed salmon business. Advances in aquaculture and fishing technology, which improve yield and quality, are helping to drive crab production higher. Along with that, global demand for Australian crustaceans, particularly in markets such as China and the United States, fuels the segment's growth. Seafarm, a prawn farming company, and Australian Lobster Producers, a major lobster exporter, are two key players in the crustacean industry. Ocean Harvest, another big corporation, specialises in both prawns and crabs. Molluscs, including oysters, mussels, and clams, are highly prized for their distinct flavours and textures. They make a substantial contribution to Australia's seafood market, particularly in the premium and gourmet segments. Supermarkets, convenience stores, speciality stores, and online platforms are among the distribution channels used in Australia's seafood sector to meet distinct consumer preferences and purchasing behaviours. Supermarkets are the primary distribution outlet for seafood in Australia. Supermarkets profit from their broad reach and capacity to carry big amounts of seafood, which is consistent with consumer expectations for one-stop shopping. Woolworths and Coles are market leaders, leveraging their scale and distribution networks to provide consistent and broad fish offerings. Convenience stores have a limited but growing position in the seafood distribution sector. They cater to customers looking for quick, convenient seafood options, frequently focussing on smaller quantities and pre-packaged items. Speciality stores provide a more curated variety of seafood goods, with a focus on high-quality, premium, or unusual options. These stores cater to specialised markets and sophisticated customers looking for speciality seafood or specific preparation methods. The Fishery and Seafood Direct are two leading speciality seafood shops known for their high-quality items and expertise. Online distribution is becoming an increasingly important channel in the Australian seafood market, driven by the growing popularity of e-commerce and home delivery services. Notable online seafood retailers include Kogan, which sells a variety of seafood goods on its platform, and The Sydney Seafood market's online site, which offers a wide selection of fresh and premium seafood. In Australia's seafood market, various processing methods, such as frozen, salted, dried, smoked, canned, or pickled, cater to different consumer preferences and market needs. Frozen fish dominates Australia's seafood market because of its convenience, quality preservation, and year-round availability. This segment's major suppliers and distributors include Simplot Australia, which is known for its vast selection of frozen seafood products, and Australian Prawn Farms, which specialises in frozen prawns. Salted seafood is less popular than frozen seafood but nevertheless has a niche market. Salted seafood refers to the process of curing seafood with salt to extend its shelf life and flavour. It is frequently utilised in traditional cuisines and recipes that require a preserved version of seafood. Dried fish is widely used in Australia, notably in the Asian cuisine sector. Dried seafood goods, such as fish, scallops, and prawns, are prized for their strong flavours and long shelf life. They are used in a wide range of traditional and gourmet cuisines. Smoked seafood comprises items such as smoked salmon and trout, which are valued for their distinct flavour and high quality. Smoked seafood is popular in both local and foreign markets, and is frequently utilised in gourmet cuisine and fine dining. The segment benefits from the growing customer demand for artisanal and luxury culinary products. While canned seafood is not as popular as frozen seafood, it is valued for its convenience and shelf stability. It is frequently utilised in pantry staples and quick supper options. This segment's growth is driven by convenience and the ability to store seafood for extended periods of time.

Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Seafood market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Source • Farm Raised • Wild Caught By Form • Processed • Fresh By Type • Fish • Crustaceans • Molluscs • Others (sea cucumbers, sea urchins,) By Distribution Channel • Supermarkets/Hypermarkets • Convenience Stores • Specialty Stores • Online Store • Others (wholesale markets, direct sales from fishermen) By Category • Frozen Seafood • Salted Seafood • Dried Seafood • Smoked Seafood • Others (canned or pickled seafood) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry. Keywords: Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood