The latest Ross Lobegeiger Report 2022-23 reveals that the value of Queensland, Australia’s aquaculture industry has surged by 17.1% in the past year. This growth is part of a long-term trend, with the industry’s value increasing at an average annual rate of 7.8% since 1999-2000.

Key Contributors: Black Tiger and Banana Prawns

Two species of prawns, black tiger and banana, are the mainstay of Queensland’s marine prawn industry. In 2022-23, prawn production saw a substantial 12.6% increase, bolstering the industry’s growth. This rise in production volume contributed significantly to the overall increase in aquaculture value.

The total value of Queensland’s aquaculture industry reached AUD 263.2 million (USD 175.5 million) in 2022-23, up from AUD 224.7 million (USD 149.83 million) in 2021-22. This AUD 38.5 million (USD 25.6 million) increase sets a new record for the state.

Long-Term Value Trends

Despite occasional fluctuations due to factors like weather conditions, the overall trend for Queensland’s aquaculture industry has been one of steady growth. The industry’s relative importance within the state’s total fisheries production has also been rising, reflecting a shift towards aquaculture over traditional fishing methods.

The prawn sector remains the most valuable part of Queensland’s aquaculture industry. In 2022-23, production increased from 8727.5 tons to 9825.5 tons, while the sector’s value jumped by AUD 45.8 million (USD 30.54 million) to AUD 212.9 million (USD 141.9 million).

Contrary to the prawn sector’s success, barramundi production faced a decline. Volumes dropped by 16.9%, and the sector’s value decreased by 21.4% from the previous year, highlighting a challenging period for this segment of the industry.

Other Sectors’ Performance

The freshwater fish grow-out sector, producing species like silver perch and Murray cod, saw increases in both volume and value despite a reduction in the number of producing farms. In contrast, redclaw crayfish production declined by 30.9%, affecting its overall value. The oyster sector, however, experienced a 54.8% increase in production and value.

The hatchery and aquarium sector also saw growth, with 7.9 million fish sold in 2022-23. However, the value of fingerlings sold for commercial grow-out decreased slightly compared to the previous year.

Government Support and Regional Impact

The Queensland Government’s strong support for aquaculture is yielding significant dividends, especially in North Queensland. Areas like Mackay, Cairns, the Gold Coast, and Townsville are primary contributors to the industry’s value and production.

The combined aquaculture industry employed 854.8 Full-Time Equivalent (FTE) workers in 2022-23, a slight decrease from the previous year. The prawn sector remains the largest employer, accounting for 72.7% of the industry’s total labor force.