Domestic price of fish and other seafood

IBISWorld expects the domestic price of fish and other seafood to increase by 1.8% in 2025-26 to 138.9 index points. Consumers typically view seafood as a healthier alternative to other meat products, supporting underlying demand across retail and foodservice channels. This preference helped amplify price growth in 2022-23 and 2023-24, when Australian seafood prices surged following the post-pandemic reopening. As hospitality venues and tourism activity resumed, demand for fresh fish and premium species rebounded sharply, at the same time as fuel, freight and labour costs rose steeply. These pressures were compounded by broad-based food inflation and strong export demand for high-value species such as rock lobster, tuna and abalone, pushing wholesale and retail prices higher.

Seafood consumption has increased over the past five years as people become more health-conscious. Consumers have increasingly opted to purchase fish and other seafood as they are leaner sources of protein than red meats, like beef and lamb. They are also high in omega-3 fatty acids, which are generally regarded as beneficial for heart health and brain function. This inclination has been a major reason for growing seafood prices.

Seafood prices have grown steadily in the last five years, though at varying levels. Price pressures remained elevated in 2023-24 as operating costs stayed high and supply was tight in some segments. Elevated fuel and energy prices, higher wage rates and lingering supply-chain disruptions linked to geopolitical tensions prevented costs from normalising quickly. ABARES data indicates that growth in the gross value of fisheries and aquaculture production was concentrated in higher prices for wild-caught rock lobster and increased output of export-oriented species such as tuna, abalone and oysters. Seafood price growth moderated in 2024-25 and is expected to remain subdued in 2025-26. This slower growth reflects improving global seafood supply, ongoing expansion in aquaculture production and easing food and fuel inflation. Export price support has softened as real prices for rock lobster, abalone and tuna flatten, while weaker demand growth in parts of Asia and an appreciating Australian dollar have reduced upwards pressure on export-oriented species. Although health-driven demand continues to underpin consumption, increased price sensitivity among households has limited further acceleration in seafood prices over the medium term. IBISWorld expects the domestic price for fish and other seafood will rise by a compound annual rate of 3.6% over the five years through 2025-26.