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Prawns
The Species
The marine prawns currently farmed in Queensland include the black tiger prawn (Penaeus monodon), the banana prawn (P. merguiensis), and the Kuruma prawn (P. japonicus).
Industry Background
The prawn farming industry in Queensland started in the 1980s. Currently, the industry is undergoing a transformation from small-scale operators to large professional farms of over 50 hectares. There are now four farms in Queensland producing over 200 tonnes per annum and 14 farms producing between 50 and 200 tonnes. Farm production is expected to double over the next five years, leading to further economies of scale that will drive a reduction in the high cost of feed and equipment.
Industry expansion forecasts for the Queensland prawn industry estimates growth to around $100 million (farm gate value of production) in the next five years. It is likely that the farms will be larger sized professional operations.
Production Summary
The value of prawn production reached $53.3 million in 2003/04 compared with $45.2 million in 1999/00. Total production increased by 18% from 2505 tonnes in 1999/00 to 3360 tonnes in 2003/04. Prawn farming is the largest aquaculture sector in Queensland, and Queensland dominates national prawn production.
Prawn farming is typically undertaken in earthen ponds, approximately one hectare in size, adjacent to estuaries or other sources of sea water. For marine prawn ponds, yields average 3600 kg per hectare per crop, with some facilities in northern Queensland able to produce two crops each year. Researchers are exploring the potential of prawn aquaculture using inland groundwater resources and recirculating systems.
Market Background
Marine prawns are sold fresh and frozen in both raw and cooked forms, mostly to interstate domestic markets and wholesalers. Kuruma prawns are sold almost exclusively to Japan in live form.
Queensland farmed prawns compete with wild caught and imported farmed products. Almost half of Australia’s prawn consumption is satisfied by imported product. The Queensland industry has directed its attention to product development and differentiation rather than attempting to compete directly with low-cost prawn imports.
Investment Prospects
Investor interest in the marine prawn sector in Queensland remains high. The Queensland farmed product is increasingly recognised in the market and well managed prawn farms can be profitable.
However, entry to the industry is not simple. Establishing a commercial prawn farm requires significant capital and investors are subjected to a rigorous approvals process. also PRAWNS ROCK |
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