AQUACULTURE & AGRICULTURE
The Australian aquaculture and agriculture industries have seen a rise in demand over the past few years. The aquaculture industry is currently valued at $1.6 billion AUD and received an overall profit of $175.4 million AUD in the last financial year. From 2013 to 2018 the industry has seen a 4.7% growth, and a rise in average income as well as an increased focus on health mean the industry is expected to continue growing until at least 2023.
While most of the market hold is in Tasmania and South Australia, Queensland holds the third largest levels of production (8.6%). After slowing down in 2010 the industry has consistently shown promising growth, with the highest annual growth rate 11.3%. It is predicted that more than half of the fish consumed globally will be produced by aquaculture in 2020-21, and export markets are expected to rise as the global demand for seafood increases. Australian technology advances have anticipated this growing demand, increasing efficiency, production and quality.
Australia is one of the most globally trusted agricultural exporters, known for high quality and cutting-edge technology. By 2030, Australia aims to have trade deals in place with Asia’s five largest economies, who are currently some of the largest purchasers of our exports. The Australian Federal Government has developed a strategic plan to build and expand the current agriculture industry, with a goal of growing agriculture to become a $100 billion industry.
In the past decade the industry has become increasingly globalised, sparking foreign investments into local farms. The agricultural industry was valued at $60 billion AUD in the financial year ending 2017, and in this period produced total export earnings of $44.8 billion. The agricultural industry in Australia is a solid performer and it is anticipated that there will be strong industry growth over the next decade and beyond.