The demand for alternative proteins is increasing globally, and although the impact on the fishing and aquaculture sectors is lagging, it is an opportune time to review the potential risks and opportunities. This will help us reposition the sector to make use of the opportunities and mitigate the risks.
Our multidisciplinary team will deliver a detailed assessment of risks and opportunities, and engage stakeholders to understand their needs, concerns and impact pathways. We will use our analysis to demonstrate the potential pathways they can use to make use of the opportunities and mitigate the risks.
Our project will:
- Understand the opportunities and risks for the growing trend of alternative proteins on the fishing and aquaculture sectors and supply chain
- Assess the potential impacts of alternative proteins on the fishing and aquaculture sectors and supply chain through scenario modelling
- Engage deeply with fishing, aquaculture and related stakeholders to co-design interpretation of insights into risks and opportunities as well as formulating options and responses
- Make recommendations on how fishing and aquaculture sectors and enterprises might re-position to embrace benefits associated with alternative proteins, and respond to associated risks.
Relevant outcomes:
Outcome 1: Growth for enduring prosperity
Outcome 3: A culture that is inclusive and forward thinking
Outcome 5: Community trust, respect and value
Enabling strategy III: Promote innovation and entrepreneurship
Enabling Strategy IV: Build capability and capacity
Final report
The study identifies both threats and opportunities: processed and lower-cost seafood products are most vulnerable to competition, while premium products like rock lobster and sashimi-grade tuna are protected by cultural significance and authenticity.
Key opportunities for the industry include developing hybrid products, investing in sustainable feed alternatives, and leveraging seafood waste for high value bioproducts. Economic modelling suggests that adopting alternative proteins can reduce costs and create new revenue streams, especially in aquaculture feed. However, regulatory and technological barriers remain, and maintaining social license through transparent sustainability practices is critical.
The report recommends strategic partnerships, regulatory engagement, and targeted innovation to help the sector adapt and thrive. Ultimately, proactive investment in sustainability, product diversification, and consumer education will be essential for Australia’s seafood industry to remain competitive and resilient in a rapidly evolving protein landscape.
