The WA FRAB has identified market intelligence and information as a priority for 2006-07. The Australian Southern Rocklobster industry has identified the need to "consider big picture market forces shaping the global food markets'" in the management of profitability of the industry, and the WRLDA has identified the need to develop long term strategic marketing plans.
To catch trends in global lobster markets, Australian lobster industries must have information on their market position relative to each other and other exporting nations. They see the need to increase
understanding by stakeholders of pressures, drivers and economic trends in the global lobster industry.
To achieve this, the unique Global Lobster Market Database (GLMD) developed by WRLDA in 2004 now must be expanded to include the other Australian lobster industries. This will allow them to identify trends in markets enabling development of predictive models by industry, improving the ability of industry to “fish to the market”. Information currently collected does not include all the markets targeted by
Australian lobster producers.
The development of a larger scale, more detailed lobster database, containing information pertinent to all Australian lobster industries, as well exchange rates and market intelligence, will allow the Australian lobster industry to become a significant and more powerful competitor on the world market, addressing needs and wants of consumers rather than being dictated to by commodity markets.