Overview

FRDC's investment plays a crucial role in diversifying Australia's seafood industry by exploring market research and development opportunities. This involves utilizing existing production, by-catch, or waste streams to develop innovative value-added processing, packaging, and products for human or animal consumption. There's a growing exploration of catch and associated waste streams for unique and high-value compounds (bio-products) in the medicinal or cosmetic industries.

Research outcomes underscore the importance of quality assurance and traceability in unlocking the potential of seafood by-products. The approach of fully integrated businesses from ocean to plate has successfully commercialised niche species like octopus and pips.

Market-driven product development focuses on consumer preferences in packaging, preparation, and shelf-life, aiming to expand the consumer seafood palate. Highlighting the unique attributes of a species or product—such as seasonal availability, cultural connections, or preparation techniques—is crucial for market perception and consumer engagement.

Tailored communication strategies targeting specific seafood consumer segments, including engagement with traditional and social media influencers, particularly chefs, can elevate the profile of a seafood varietal or product to a broader audience.

Market development checklist

This checklist presents a comprehensive framework for seafood market development, emphasising product innovation, quality management, strategic market analysis, supply chain optimisation, stakeholder engagement, industry adaptability, and continual evaluation and improvement.

• Product Development and Innovation
  • Explore by-product conversion opportunities.
  • Conduct market-driven technological trials for new products.
  • Focus on species-specific research for unique product development.
• Quality and Safety Management
  • Implement and enhance quality assurance systems.
  • Ensure legal verification and authenticity of seafood products.
• Market Analysis and Strategy
  • Analyse by-products and underutilized species for market potential.
  • Develop value propositions and strategies for targeted products like wild-caught Barramundi.
  • Establish baseline performance measures for market development.
• Supply Chain and Resource Management
  • Manage consistent, quality supply chains.
  • Allocate resources and seek funding for development projects.
  • Engage the whole supply chain in product development and research efforts.
• Stakeholder and Consumer Engagement
  • Communicate with consumers about sustainability and nutrition.
  • Engage media influencers and stakeholders for positive industry portrayal.
  • Adapt communication strategies for different consumer segments.
• Industry Adaptability and Collaboration
  • Stay adaptable to changes in the commercial fishing industry.
  • Formulate collaborative approaches and educational campaigns focusing on sustainability.
• Monitoring, Evaluation, and Continuous Improvement
  • Implement monitoring systems to track market development progress.
  • Continuously evaluate and adapt strategies based on stakeholder feedback and industry dynamics.

Resources

• Fishfiles: Consuming Seafood
• Fishfiles: Health professional resource - Promoting Sustainable Australian Fish and Seafood
• Archived FISH Magazine articles:
  • Management and technology deliver fishery confidence
  • Global innovation in the box
  • Connecting health professionals with sustainable seafood
  • Seafood consumers open to options
  • In-store chefs help customers master seafood
  • Expertise underpins safe fish trade
  • Economics 101 transforms pipi fishery

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