Capturing the Prize: the A$200 billion opportunity for Australia's food and agribusiness sector/ Food Security and Sustainability / Sustainable fisheries
Opportunities associated with identifying and improving sustainable and circular economy production techniques for aquaculture, wild fisheries and bivalves.
MainStream Aquaculture is a sustainable producer and supplier of Australian Barramundi. Through an advanced selective breeding program, it raises premium juvenile Barramundi (fingerlings) for its own table fish brand, as well as supplying a third of the global Barramundi industry with improved stock.
Its focus on aquaculture has provided for the increased consumer demand for fish, where wild fisheries simply cannot. Current forecasts for per capita consumption of fish due to population growth and changing diets will require the aquaculture industry to triple in size by 2050.
Mainstream owns the world’s largest Barramundi hatchery, based just outside Melbourne. Exporting to twenty-seven countries across five continents, it is estimated that 120 million Barramundi meals a year are now underpinned by their fingerling supply.
Collaborating with others in the industry through the Australian Barramundi Farmers Association (ABFA) was critical to their success. With FIAL’s help, they were able to reach over 90 per cent of the industry to encourage provenance testing and a base-level national quality standard across the industry.
The origin of every farmed Barramundi available in Australia is now traceable to a tank, pond, cage and batch level with 100% accuracy. Countering inferior product from overseas, consumers can now be confident that they are buying Australian, sustainably produced, premium seafood, worthy of a premium price point. This has built valuable brand equity and fostered growth – both for MainStream Aquaculture and the wider domestic market.
This case study is from FIAL's 2022 edition of Celebrating Australian Food and Agribusiness Innovations 2022