The Seafood industry is poised for growth, with rising export demand driven by global economic recovery post-COVID-19. High-value products like rock lobster in Asian markets are in demand due to increasing incomes and population growth. Government investments will boost aquaculture which is crucial for long-term growth amid wild-catch volume restrictions.
Export Revenue
Total export value for the Seafood industry is forecast to increase for the year ending June 2023 to $2.1 billion . As of March 2023, export value for Seafood was $2 billion, accounting for 4% of the total export revenue in the food and fibre sector. The industry will continue to expand over the next four years, with increasing demand from Asian export markets and the Aquaculture industry becoming increasingly important. China is the largest export market for seafood (36%), followed by the United States (15%), Australia (14%), and the European Union (excluding United Kingdom) (13%).
In 2020, the export revenue from Seafood began to decline as the effect of COVID-19 took its toll on the industry. However, export revenue for the industry has bounced back and revenue is forecast to increase through to June 2025.
There has been substantial growth in export revenue from Aquaculture, with revenue expected to double between 2015 and 2025. Wild Capture continues to account for most of the total export value in the Seafood industry (currently around 75% of revenue).
GDP Trend
There has been significant volatility in the Fishing and Aquaculture industry’s contribution to GDP since 2013. In recent years there has been a decline, but the contribution to GDP from both the Fishing and Aquaculture industry and Seafood Processing industry is expected to steadily increase over the next six years.
2. IBISWorld, “Fishing and Aquaculture in New Zealand,” Industry Report (New Zealand: IBISWorld (access is by subscription only), August 2023), https://www.ibisworld.com/.