Australia Frozen Fish and Seafood Market Report and Forecast 2024-2032

Australia Frozen Fish and Seafood Market Outlook

The Australia frozen fish and seafood market size was valued at USD 338.52 million in 2023. The market is further projected to grow at a CAGR of 3.1% between 2024 and 2032, reaching a value of USD 445.15 million by 2032.

Key Takeaways

• Australia's seafood exports amount to approximately USD 1.2 billion annually, with the total value of imports increasing by 3% to USD 2.4 billion each year. The country's seafood imports mainly consist of lower-value products like frozen fillets, frozen prawns, and canned fish.

• As per industry reports, the nominal value of Australian fisheries and aquaculture production expected to rise to USD 3.56 billion in 2024. 

• Aquaculture is the country’s fastest-growing primary industry, contributing to 40% of the total gross value of seafood production. 

• In terms of employment, the fishery sector provided approximately 17,000 direct jobs in 2021, with 41% of these positions being in aquaculture.

The growing consumer preference for convenience and ready-to-cook solutions is driving the demand for frozen seafood products that offer ease of preparation and storage. Additionally, advancements in freezing technologies and cold chain logistics have improved the quality and preservation of frozen fish and seafood, enhancing their appeal to consumers. Moreover, the rising awareness of the nutritional benefits of fish and seafood, increasing trade levels, along with the growing popularity of seafood-rich diets, contributes to the Australia frozen fish and seafood market development. For instance, in 2022, the total value of exports for fish and fishery products from Australia amounted to USD 1.1 billion, whereas imports were valued at USD 1.8 billion.

Other drivers aiding the Australia frozen fish and seafood market growth include the increasing consumer demand for high-quality seafood products at affordable prices, driving retailers to enhance their offerings to meet consumer standards. Consumers are placing importance on the origin and source of seafood, with a preference for products associated with freshness and quality, such as fish from Alaska. The trend towards wild-caught fish is also a significant driver, as consumers perceive wild-caught seafood as tastier, healthier, and fresher, leading to a boost in market growth.

Aquaculture production in Australia is primarily dominated by Atlantic salmon constituting 68% of share, followed by molluscs with 13% of total share. The frozen fish segment has witnessed growth due to the availability of frozen fish, such as sardines, trout, salmon, bream, and eels in various cuts and forms, including fillets and portions, provides flexibility in cooking and menu planning. The demand for frozen fishes is further influenced by their nutritional value, versatility in recipes, and the convenience of long-term storage, appealing to households, restaurants, and food processors.

Market Segmentation  

Australia Frozen Fish and Seafood Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Molluscs

• Shellfish

• Shrimps

• Fishes

• Crustaceans

Market Breakup by End Use

• Animal Feed

• Food Processing Industry

• Retail/ Household

• Pet Food

• Food Service Provider

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Speciality Stores 

• Online Channels

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

Competitive Landscape

Players are concentrating on providing high-quality seafood at competitive prices, emphasising the origin and source of the seafood to meet consumer preferences for freshness and quality.

• KB Seafood Company  

• A. Raptis and Sons Pty Ltd.  

• WestState Seafoods 

• Oceanic Foods 

• Others

Key Highlights of the Report