The latest data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) for the year 2021-22 reveals a notable shift in the balance between fisheries and aquaculture. While both sectors experienced growth, it is aquaculture that emerges as a standout performer, surpassing the value of wild catch.

The recently released Australian Fisheries and Aquaculture Statistics indicate that the gross value of fisheries and aquaculture production (GVP) for the mentioned period witnessed an impressive 8% increase, reaching 3.42 billion AUD (2.31 billion USD).

The share of aquaculture in the total Australian fisheries and aquaculture GVP for 2021-22 stands at a substantial 56%, primarily driven by the increased value of salmonids.

When it comes to the export market, ABARES figures show a 2% rise in the total value of fishery and aquaculture products in 2021-22, totaling 1.28 billion AUD (866 million USD). This increase is largely attributed to the growing export values of salmonids and abalone.

On the home front, Australians displayed a robust appetite for seafood, consuming approximately 350,000 tons in 2021-22, equivalent to 13.8 kilograms per person. Although seafood consumption trailed behind chicken, pork, and beef, it outpaced lamb and mutton meat consumption for the year.

However, not all seafood consumption is met by domestic production, especially in the case of prawns. ABARES data reveals a 2% increase in the value of imports of fishery and aquaculture products for 2021-22, reaching 2.19 billion AUD (1.4 billion USD). This growth is specifically attributed to the rising value of prawns in the import market.