Global demand for seafood is outstripping supply with Australia's seafood sector a major beneficiary of the trend, according to Rabobank.
In its report, Smooth sailing for Australian seafood, the agribusiness banking firm says seafood consumption has grown by 26 per cent over the past 15 years and it predicts that the growth will continue for the next 10 years.
“Rapid demand growth is outstripping supply, with an estimated 30 to 40 million tonnes of additional seafood required globally to meet consumer demand by 2030,” the report said.
Australia is in a ‘box seat’ to take advantage of this growing demand at the high-value premium end of the global market, it says.
The report says although the Australian seafood industry accounts for only a small proportion of world seafood production and trade, it plays an important role globally, given the wide range of premium aquaculture and wild-catch products produced in this country.
Australia’s seafood sector – which is forecast to have a value of A$2.5 billion in 2014/15 – consists of a diverse range of sectors, including Australian rock lobster, southern bluefin tuna and Tasmanian salmon.
“With one of the strongest reputations globally for producing high-value, world-class, sustainable and environmentally-friendly seafood products, the Australian seafood industry is very well positioned to supply seafood hungry consumers internationally and domestically,” said Matt Costello, Australian animal proteins analyst and a co-author of the report, along with Rabobank senior analyst and global seafood specialist, Gorjan Nikolik.
“Of particular note has been the rapid increase in demand from China, playing a significant role in global consumption and trade flows, while at the same becoming a crucial export destination for Australian seafood,” Costello said.
Globally, the major consumers of seafood include Korea, Norway and Japan with per capita per annum consumption in 2014 expected to reach 57.7 kilograms, 57.65 kilograms and 52.6 kilograms respectively.
