Seafood consumption

IBISWorld projects that per capita seafood consumption will remain flat at 25.2 kilograms in 2024-25. Despite growing health consciousness among consumers, which usually signal a rise in fish and seafood intake because of their perceived health benefits, sustainability concerns are emerging as a significant barrier. Heightened awareness of the environmental impact of some fishing practices, like overfishing and destroying marine habitats, prompts consumers to reconsider their consumption habits. Although cost of living and inflationary pressures are anticipated to ease, many consumers will still move away from higher-priced seafood products.

Fish accounts for the largest share of total seafood consumption in Australia. Tuna, salmon and trout are some of the most frequently consumed varieties of fish. Crustaceans include prawns, lobster and crabs. Molluscs include scallops, oysters, squid, octopus and abalone.

The type of seafood consumed in Australia is expected to have changed over the past five years. A growing share of consumers are switching from processed seafood, like calamari rings, to high-value fresh seafood, like Atlantic salmon and oysters. Growing demand for premium foods, caused partly by the popularity of TV cooking shows, is boosting demand for higher-value Australian seafood products. Low-value seafood products are becoming increasingly supplied by imports from Asian countries with lower operating costs, like Vietnam.

Fish and seafood sustainability is becoming increasingly important, with Australia's fish and seafood catchment quotas gradually being reduced. Consumers' concern over seafood origins, perceived high prices and an inability to determine quality are other key barriers to consumption. While the more sustainable Aquaculture industry is growing, it is still some way off replacing the Fishing industry in terms of production volumes. Supply issues and restrictions on in-person dining during the pandemic have exerted downward pressure on seafood consumption over the past five years. Cost of living and inflationary pressures have also forced many consumers to opt for cheaper protein sources, like poultry, suppressing seafood consumption over the past few years. However, seafood consumption rebounded strongly in the three years through 2022-23 as borders reopened and restrictions eased. The production of other meat, like beef, also plunged in the two years through 2021-22, pushing up beef prices and drawing consumers towards seafood. Australia's growing health consciousness trend has also supported seafood demand, with many viewing it as a lean protein and a healthier choice than red meat, in addition to seafood's Omega 3 benefits. IBISWorld forecasts per capita seafood consumption to grow by a compound annual rate of 1.0% over the five years through 2024-25.