FISH AND SEAFOOD IN AUSTRALIA - ANALYSIS

Country Report | Jan 2023

KEY DATA FINDINGS Market Sizes

Total volume sales grow by 2% in 2022 to 314,000 tonnes Sales of Fish and Seafood
Crustaceans is the best performing category in 2022, with total volume sales rising by Total Volume - '000 tonnes - 2008-2027
2% to 66,000 tonnes
Total volume sales are set to rise at a CAGR of 3% over the forecast period to 363,000
314 Forecast
400
tonnes

2022 DEVELOPMENTS
300
Slow recovery of foodservice channel a challenge
Foodservice is a key channel for Australian seafood, but pandemic restrictions led to
declines in this channel. Although sales are set to see some recovery in 2022, they will 200
remain far lower than the pre-pandemic level. By contrast, the retail channel
experienced an increase in demand during the pandemic, as people were confined at
home and spent more time cooking and preparing meals. Retail volume growth is set to 100
continue in 2022, as home and hybrid working continue. While increasing retail demand
was a positive trend and helped offset the decline in foodservice demand both globally
and locally, a number of issues have emerged from this shift for the wider seafood
industry. More specifically, higher-value seafood variants are generally sought-after by 0
foodservice outlets, but with the decline of foodservice demand, it has become a major 2008 2022 2027
challenge for manufacturers to ensure they are still profitable. The impact of this
shifting demand, as well as the ability for supply chains to adapt, will be crucial for the
recovery of fish and seafood in both value and volume terms. Sales Performance of Fish and Seafood
% Y-O-Y Total Volume Growth 2008-2027
Retailers and players alike are taking steps to incorporate sustainable
practices 2.1% Forecast
Food and beverage macro trends have drastically evolved, bringing about a wave of 4%
change in terms of where consumers shop and work, as well as how they eat. Since the
pandemic, the concept of sustainability has evolved for Australian consumers, as they
are more aware of the impact of their consumption on the environment, leading
2%
conscious consumers to support businesses that have a purpose which aligns with their
own personal values. Sustainable practices continue to be important for industry
players, with initiatives such as innovation around reusables, and the use of more
sustainable materials. Seafood giant Huon Aquaculture marked the direction it is taking 0%
towards sustainability with the company’s first fully recyclable packaging, launched in
2022.

-2%
PROSPECTS AND OPPORTUNITIES

Resilience of seafood industry key for unlocking value growth

-4%
The seafood industry demonstrated incredible resilience in responding to the 2008 2022 2027
challenges of COVID-19, with innovative solutions such as home delivery and digital
seafood marketplaces. The Australian government also brought in a range of measures
to help the seafood industry, including waiving levies for Commonwealth- managed
fisheries, supporting seafood exporters through the AUD670 million International Sales of Fish and Seafood by Category
Freight Assistance Mechanism, and providing grants for an Agri-Business Expansion Total Volume - '000 tonnes - 2022 Growth Performance
Initiative to help businesses expand and grow their seafood exports. Fish and seafood
is set to maintain total volume growth in the forecast period, with aquaculture species Crustaceans
66.4
expected to see growth including prawns, oysters, abalone, and other finfish varieties,
including barramundi and kingfish. Fish
227.2

Changing competitive landscape expected to spur innovation and shifts Molluscs and Cephalopods
20.0
in market power -5% 0% 5%
Mergers and acquisitions can have a significant impact on market dynamics, as they can FISH AND SEAFOOD 313.5 CURRENT % CAGR % CAGR
change the competitive landscape of an industry and alter the balance of power YEAR % 2017-2022 2022-2027
between companies. The combined entity often becomes larger and more influential, GROWTH
which can enable the merged company to set prices or negotiate terms more
favourable to itself. For instance, looking at the Australian seafood industry, Cooke Inc,
a Canadian aquaculture company, was successful in taking over Tassal Group. This
shake-up in market dynamics in Australia is also likely to lead to increased efficiency
and innovation, as the merged companies can leverage the strengths of both
organisations and eliminate the duplication of effort. This could result in cost savings

© Euromonitor Interna onal 2023 Page 1 of 2

and the development of new products or services that benefit customers, especially in
light of the rising cost of living.

Summary 1 Major Processors of Fish and Seafood 2022

Company name Product type Rank

Tassal Fis h, crus ta cea ns , mollus cs a nd cepha lopods 1
Catalano’s Seafood Fis h, crus ta cea ns , mollus cs a nd cepha lopods 2
Australian Tropical Foods Fis h, crus ta cea ns , mollus cs a nd cepha lopods 3

Source: Euromonitor Interna tiona l from compa ny reports , compa ny res ea rch, tra de pres s , tra de
s ources

© Euromonitor Interna onal 2023 Page 2 of 2