Aquaculture in Australia - Market Research Report (2013-2028)
Melbourne, Australia
Last Updated: August 2023
ANZSIC A0200Revenue
$2.7bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
7,306
Businesses
1,103
Wages
$XXX.Xm
Aquaculture in Australia industry analysis
The Aquaculture industry has expanded in recent years despite operators facing numerous challenges. Strong import penetration across the overall domestic fish and seafood market has hindered demand and prices for domestically produced fish and seafood. Aquaculture producers in Asian countries generally have lower operating costs and can therefore offer produce at a much lower price compared with domestic operators. However, the industry's sustainability and rising production volumes have allowed it to outperform wild-catch fishers recently. Industry-wide revenue has been growing at an average annualised 5.9% over the past five years and is expected to total $2.7 billion in 2023-24, when revenue will fall by an estimated 1.2%.Salmon production accounts for a significant and growing share of the industry's revenue. Other key industry products include prawns, tuna, edible oysters and pearl oysters. Falling salmon prices and rising freight costs caused by the COVID-19 pandemic significantly constrained industry probability over the two years through 2020-21. However, improved demand conditions and soaring prices have propelled profit margins over the three years through the end of 2023-24. Major players Tassal and Huon Aquaculture have recently posted strong revenue growth by expanding their production capabilities. The strong revenue growth of these companies has attracted foreign buyers, with JBS S.A acquiring Huon Aquaculture in October 2021, and Tassal being acquired by Cooke in November 2022.The industry is set to continue growing over the coming years, although at a slower pace compared with the past decade. Rises in disposable incomes and health consciousness will support strong demand for fish and seafood farmed by the industry. In addition, concerns regarding the sustainability of wild-caught seafood will boost investment in aquaculture production, aiding industry revenue growth. However, continued pressure from imports and substitute sources of protein, like poultry, is projected to constrain the performance of aquaculture farmers. Industry revenue is forecast to grow at an annualised 0.4% over the five years through 2028-29 to total $2.8 billion.
Trends and Insights
- The Aquaculture industry has recently overtaken the Fishing industry in gross value of production. Aquaculture farmers have benefited from declining wild-caught fish volumes.
- Finfish production accounts for most industry revenue and has climbed in recent years. The growing popularity of salmon among Australian consumers has driven this growth.
- Tasmania accounts for over 60% of industry revenue, producing the bulk of Australian Atlantic salmon and rainbow trout. Tasmania's isolated coastline, natural environment and cool climate make it the primary business location for Australian aquaculture.
- The Aquaculture industry is highly competitive. Most competition within the industry can be linked to consumption habits among Australian consumers, as certain industry segments can capitalise on consumption trends to increase their share of revenue.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 5.9 % over the past five years, to reach an estimated $2.7bn in 2023.
Trends and Insights
Declining wild-caught fish volumes have expanded the market for Aquaculture farmers
- Increasingly strict regulations in the Fishing industry have limited wild-caught fish volumes.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The upward trajectory of the Aquaculture industry will continue amid declining wild fish stocks
- The Aquaculture industry is set to grow over the coming years due to increased investments to expand the industry's production capabilities.
Biggest companies in the Aquaculture in Australia
| Company | Market Share (%)
2024 | Revenue ($m)
2024 |
|---|---|---|
Tassal | 728.0 | |
JBS Australia | 487.1 | |
Petuna | 117.3 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Salmon and trout, Crustaceans and Tuna. Salmon and trout is the largest segment of the Aquaculture in Australia.
Trends and Insights
The thriving salmon and trout farming industry is poised to face increased regulatory pressure
- Salmon and trout account for the largest share of industry revenue. Australian salmon farming commenced in the mid-1980s and over 95% of production occurs in Tasmania.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Fishing in Australia
Complementors
- Seafood Processing in Australia
- Fish and Seafood Wholesaling in Australia
- Fresh Meat, Fish and Poultry Retailing in Australia
International industries
- Fish & Seafood Aquaculture in the US
- Fishing & Seafood Aquaculture in Canada
- Fishing and Aquaculture in New Zealand
- Aquaculture in the UK
- Fish Farming in China
Table of Contents
About this industry
Industry definition
Industry operators primarily breed and farm finfish, molluscs and crustaceans.
What's included in this industry?
SalmonTroutCrustaceansTunaEdible oystersPearl oystersBarramundiEelSilver perchMolluscsCompanies
TassalJBS AustraliaPetunaPurchase this report to view all 4 major companies in this industry.
Related Terms
FISHERYFISH STOCKOCEAN FISHINGWILD-CAUGHTIndustry Code
ANZSIC 0201 - Aquaculture in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The Aquaculture industry has recently overtaken the Fishing industry in gross value of production. Aquaculture farmers have benefited from declining wild-caught fish volumes.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Finfish production accounts for most industry revenue and has climbed in recent years. The growing popularity of salmon among Australian consumers has driven this growth.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Tasmania accounts for over 60% of industry revenue, producing the bulk of Australian Atlantic salmon and rainbow trout. Tasmania's isolated coastline, natural environment and...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each region in 2023
- Number and share of revenue each region accounts for in 2023
- Number and share of wages each region accounts for in 2023
- Number and share of employees in each region in 2023
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The Aquaculture industry is highly competitive. Most competition within the industry can be linked to consumption habits among Australian consumers, as certain industry segme...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry’s two most prominent players, Tassal and Huon Aquaculture, are significant producers of Tasmanian Atlantic salmon. Both companies have been acquired by large mul...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Tassal's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of JBS Australia's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Petuna's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Tassal, and factors influencing its performance in the industry
- Description and key data for JBS Australia, and factors influencing its performance in the industry
- Description and key data for Petuna, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Aquaculture operators are primarily governed by the authorities of the states and territories in which they operate. However, the Federal Government has implemented parliamen...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Cost structures and profitability vary across the industry, with company size being the primary differentiating factor. Larger establishments can attain significant economies...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Aquaculture industry in Australia in 2024?
The market size of the Aquaculture industry in Australia is $2.7bn in 2024.
How many businesses are there in the Aquaculture in Australia industry in 2023?
There are 1,103 businesses in the Aquaculture industry in Australia, which has grown at a CAGR of 0.5 % between 2018 and 2023.
Has the Aquaculture industry in Australia grown or declined over the past 5 years?
The market size of the Aquaculture industry in Australia has been growing at a CAGR of 5.9 % between 2018 and 2023.
What is the forecast growth of the Aquaculture industry in Australia over the next 5 years?
Over the next five years, the Aquaculture industry in Australia is expected to grow.
What are the biggest companies in the Aquaculture market in Australia?
The biggest companies operating in the Aquaculture market in Australia are Tassal, JBS Australia and Petuna
What does the Aquaculture in Australia include?
Salmon and Trout are part of the Aquaculture industry.
Which companies have the highest market share in the Aquaculture in Australia?
The company holding the most market share in Australia is Tassal.
How competitive is the Aquaculture industry in Australia?
The level of competition is high and increasing in the Aquaculture industry in Australia.
