Seafood Processing in Australia - Market Research Report (2013-2028)
Melbourne, Australia
Last Updated: August 2023
ANZSIC C1120Revenue
$1.1bn
Past 5-Year Growth
Profit
$XX.Xm
Employees
2,036
Businesses
213
Wages
$XXX.Xm
Seafood Processing in Australia industry analysis
International trade has become increasingly important in the Seafood Processing industry. Seafood imports have commanded 68.0% to 74.0% of domestic demand in recent years, providing intense competition for the industry. This competition has limited establishment growth and constrained profit, particularly for low-value products. Importers in China and South-East Asia have significantly lower operating costs than local processors and are more competitive in the domestic market. Downstream buyers, like supermarkets, have consistently purchased large volumes of imported seafood.High demand for premium Australian seafood products in Asian markets has assisted larger processors and limited the negative effects of weak domestic demand. Hong Kong, Taiwan, Vietnam, China and Japan make up the key seafood export markets. Some of these markets have endured negative consumer sentiment, stifling demand for Australian seafood. Overall, revenue is stagnating, with 0.0% annualised growth through the end of 2022-23, leaving revenue at $1.06 billion. However, revenue is creeping upward by 1.0% in 2022-23.The pandemic has had mixed effects on the industry, like causing disruptions to global seafood demand that have constrained export volumes. Weaker demand from local food-service establishments from 2020 to 2022 has put pressure on seafood processors. At the same time, government-imposed lockdowns stimulated periods of frenzied supermarket shopping, which bolstered demand from these stores.Seafood processing is on track to expand gradually over the coming years. Import penetration will remain high but ease slightly, providing some space for local processors to grow. Seafood processors are increasingly targeting export markets, but an appreciating Australian dollar and more premium products in the global marketplace are poised to inhibit growth in exports and restrain revenue growth to an annualised 0.7% through the end of 2027-28, to total $1.10 billion.
Trends and Insights
- International trade looms large in this industry. Demand is falling in key export markets, while import competition remains high, crowding out cheap local products.
- Fresh is cool and frozen is not. Frozen seafood is losing popularity, as consumers increasingly prefer fresh seafood.
- Tasmania punches above its weight. Two of the industry’s three largest players, Tassal and Huon Aquaculture, are Tasmanian operations.
- Imports dominate the domestic market. Cheap, imported seafood holds more than two-thirds of Australia’s market, leaving limited space for local down-market processors to grow.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 0.0 % over the past five years, to reach an estimated $1.1bn in 2023.
Trends and Insights
Seafood consumption is on the rise
- Changes in seafood consumption and price within the domestic market are supporting growth.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Declining exports are set to inhibit revenue growth
- Considering the difficulties presented by import penetration, the key opportunities for revenue expansion lie beyond Australia's borders, where processors currently sell high-value, luxury seafood. Yet, opportunities overseas will be limited.
Biggest companies in the Seafood Processing in Australia
| Company | Market Share (%)
2023 | Revenue ($m)
2023 |
|---|---|---|
Tassal | 348.8 | |
Simplot Australia | 203.2 | |
Huon Aquaculture | 159.6 |
To view the market share and analysis for all 6 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 Fresh or chilled seafood, Frozen seafood and Prepared or preserved seafood. Fresh or chilled seafood is the largest segment of the Seafood Processing in Australia.
Trends and Insights
Frozen seafood is losing interest as more consumers demand fresh seafood
- The most commonly produced frozen seafood products are finfish, like tuna, and shellfish, like prawns and abalone. Long shelf life makes these products popular, forming the largest share of revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Poultry Processing in Australia
Complementors
- Fish and Seafood Wholesaling in Australia
- Aquaculture in Australia
- Fishing in Australia
International industries
- Seafood Preparation in the US
- Seafood Preparation in Canada
- Seafood Processing in New Zealand
- Seafood Processing in the UK
- Frozen Seafood Processing in China
Table of Contents
About this industry
Industry definition
Seafood processors process and manufacture fish or other seafood. The industry includes businesses that operate vessels that process, but don't catch fish or other seafood. The industry also includes processors that freeze whole finfish, or shell, freeze or bottle oysters in brine. The industry doesn't include fishing vessels that both catch and process fish or other seafood.
What's included in this industry?
Fresh or chilled seafoodFrozen seafoodPrepared or preserved seafoodSmoked, dried or salted seafoodSeafood by-productsFish oilCompanies
TassalSimplot AustraliaHuon AquaculturePurchase this report to view all 6 major companies in this industry.
Related Terms
FINFISHCRUSTACEANSOVERFISHINGIndustry Code
ANZSIC 1120 - Seafood Processing 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
International trade looms large in this industry. Demand is falling in key export markets, while import competition remains high, crowding out cheap local products.
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
Fresh is cool and frozen is not. Frozen seafood is losing popularity, as consumers increasingly prefer fresh seafood.
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 punches above its weight. Two of the industry’s three largest players, Tassal and Huon Aquaculture, are Tasmanian operations.
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
Imports dominate the domestic market. Cheap, imported seafood holds more than two-thirds of Australia’s market, leaving limited space for local down-market processors to grow...
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
Global demand for salmon has leapt while the supply has not increased. Salmon prices have risen, inspiring strong growth in Australian salmon producers’ revenue.
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 Simplot Australia's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Huon Aquaculture's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 3 additional companies
Detailed analysis
- Description and key data for Tassal, and factors influencing its performance in the industry
- Description and key data for Simplot Australia, and factors influencing its performance in the industry
- Description and key data for Huon Aquaculture, and factors influencing its performance in the industry
- Description, key data and performance trends for 3 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Seafood consumption is on the rise, especially global salmon consumption. Prices have followed suit and industry revenue is reaping the rewards.
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
Automation and advanced machinery have increasingly come into use. Automation is driving up depreciation and pushing down wages as a proportion of revenue, despite labour sho...
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 Seafood Processing industry in Australia in 2024?
The market size of the Seafood Processing industry in Australia is $1.1bn in 2024.
How many businesses are there in the Seafood Processing in Australia industry in 2023?
There are 213 businesses in the Seafood Processing industry in Australia, which has declined at a CAGR of 1.1 % between 2018 and 2023.
Has the Seafood Processing industry in Australia grown or declined over the past 5 years?
The market size of the Seafood Processing industry in Australia has been declining at a CAGR of 0.0 % between 2018 and 2023.
What is the forecast growth of the Seafood Processing industry in Australia over the next 5 years?
Over the next five years, the Seafood Processing industry in Australia is expected to grow.
What are the biggest companies in the Seafood Processing market in Australia?
The biggest companies operating in the Seafood Processing market in Australia are Tassal, Simplot Australia and Huon Aquaculture
What does the Seafood Processing in Australia include?
Fresh or chilled seafood and Frozen seafood are part of the Seafood Processing industry.
Which companies have the highest market share in the Seafood Processing in Australia?
The company holding the most market share in Australia is Tassal.
How competitive is the Seafood Processing industry in Australia?
The level of competition is high and increasing in the Seafood Processing industry in Australia.
