$1.1bn
$XX.Xm
2,036
213
$XXX.Xm
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.
Industry revenue has declined at a CAGR of 0.0 % over the past five years, to reach an estimated $1.1bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($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.
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.
Frozen seafood is losing interest as more consumers demand fresh seafood
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.
Purchase this report to view all 6 major companies in this industry.
ANZSIC 1120 - Seafood Processing in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
International trade looms large in this industry. Demand is falling in key export markets, while import competition remains high, crowding out cheap local products.
Learn about an industry's products and services, markets and trends in international trade.
Fresh is cool and frozen is not. Frozen seafood is losing popularity, as consumers increasingly prefer fresh seafood.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Tasmania punches above its weight. Two of the industry’s three largest players, Tassal and Huon Aquaculture, are Tasmanian operations.
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.
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...
Learn about the performance of the top companies in the industry.
Global demand for salmon has leapt while the supply has not increased. Salmon prices have risen, inspiring strong growth in Australian salmon producers’ revenue.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Seafood consumption is on the rise, especially global salmon consumption. Prices have followed suit and industry revenue is reaping the rewards.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
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...
Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Seafood Processing industry in Australia is $1.1bn in 2024.
There are 213 businesses in the Seafood Processing industry in Australia, which has declined at a CAGR of 1.1 % between 2018 and 2023.
The market size of the Seafood Processing industry in Australia has been declining at a CAGR of 0.0 % between 2018 and 2023.
Over the next five years, the Seafood Processing industry in Australia is expected to grow.
The biggest companies operating in the Seafood Processing market in Australia are Tassal, Simplot Australia and Huon Aquaculture
Fresh or chilled seafood and Frozen seafood are part of the Seafood Processing industry.
The company holding the most market share in Australia is Tassal.
The level of competition is high and increasing in the Seafood Processing industry in Australia.