According to a new report published by IbisWorld, the industry is expected to grow at an annualised 1.3 per cent over the five years through 2012-13 as Australian ocean fishing production has fallen and global and domestic seafood consumption has risen.
Industry profitability has benefited from an overall increase in retail prices for seafood, though this did cause temporary declines during the height of the global financial crisis as consumers cut spending on more expensive seafood items in favour of poultry and other cheaper meats. In 2012-13, a jump in seafood retail prices and higher domestic seafood consumption are expected to boost revenue by 6.9 per cent to reach $1.1 billion.
Barriers to aquaculture entry are relatively high for the industry, mainly due to the significant start-up costs needed to establish operations, the high level of competition, demanding working conditions and the number of licenses needed to commence farming.
According to the Queensland Government's business and industry portal, start-up costs for the farming of prawns, barramundi, finfish and red claw range between $100,000 and $700,000 depending on annual production volumes.
 |
Further ReadingYou can purchase the full report by clicking here. |
