The failure to keep up with surging demand and lack of modern harvesting methods are just some of the many constraints facing the industry.
But a new research centre, to begin operating in July, could turn around those problems, and effectively double the industry's value to $4.2 billion a year in 10 years.
At a cost of $135 million over seven years, the Seafood Co-operative Research Centre aims to increase production and profitability for top-end aquaculture and general wild catch.
The centre, which is tipped to be located in South Australia, will set out to make better use of fish farming and reduce waste.
Set up as a seven-year project, the federal Government will contribute $35.5 million, while the remaining funds will come from participants.
Source: The Daily Telegraph