Australian seafood sector production to slide 6% to $2.9b before steady recovery

Published 2021년 3월 2일

Tridge summary

Australia's seafood industry is expected to recover from a six percent slip in production value due to COVID-19 and trade disruptions, as farmed salmon, prawns, and oysters are predicted to drive growth. The Australian Bureau of Agricultural Resource Economics and Sciences foresees a rebound, with industry values expected to increase at a rate of 1.6 to 2.0 percent per year from 2021-22 to 2025-26, led by aquaculture. Salmonid production is anticipated to grow at a yearly average of 4.4 percent, contributing 35 percent to the industry's total value by 2025-26. Other aquaculture species like prawns, oysters, abalone, and other finfish are also expected to see growth. Real export value is projected to rise by 1.8 percent to $1.4 billion from 2021-22 to 2025-26.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Australia's seafood industry is expecting farmed salmon, prawns and oysters to help lift the sector back into positive territory after coronavirus and trade disruptions. Latest data from the Australian Bureau of Agricultural Resource Economics and Sciences reveals production value is forecast to slide six per cent in 2020-21 to $2.9 billion. But thanks largely to a projected uplift in aquaculture production, overall industry values are set to climb again - at an average annual rate of 1.6 per cent to 2025-26 - with export values also on the up. "The impact of COVID-19 has been complex, disrupting usual trade, particularly for highly export orientated products, such as rock lobster and abalone," ABARES fisheries and aquaculture forecaster Robert Curtotti said. "However, we are seeing signs that recovery is imminent, and the expected growth of aquaculture is set to contribute positively to industry overall. "Products focused on the home market are expected to do better over the ...

Source: Queenslandcountrylife