AQUACULTURE production in northern Australia is set to increase five-fold in the next decade to become a $1.34 billion industry.
A new Cooperative Research Centre for Developing Northern Australia report found growth in aquaculture would create 2,340 direct new jobs if the industry worked together to overcome challenges and capitalise on opportunities.
CRCNA CEO Jed Matz said the James Cook University led research has for the first time clearly articulated a future vision for the whole northern Australian aquaculture industry.
"The project team has engaged with more than 400 industry players from across the aquaculture sector, including those from Indigenous communities," Mr Matz said.
"The outcome of this engagement is the delivery of a set of strategic and well-supported recommendations not only focussed on addressing impediments but also providing solutions to these challenges."
JCU Professor Dean Jerry said the willingness of industry participants to contribute to the research provided an unprecedented insight into the current state of play of the north Australian sector.
"The opportunity for the development of northern Australia's aquaculture industry is vast, with between 500,000 to 700,000 hectares suitable for marine farming in earthen and lined ponds and 50 times that available for freshwater operations," Prof Jerry said.
"Our best-case scenario outlined in this report is based on better utilisation of the available areas for expansion and growth of on-shore and off-shore facilities.
"A more coordinated approach across the sector is needed to support stronger biosecurity protocols and infrastructure investment, good (research, development and education) and production outcomes, strong marketing efforts and an increase in global demand to fully realise our 2030 vision."
Commercial aquaculture advisors Blueshift Consulting's Robert Bell said having a strategic industry plan would help the sector and the government attract investment in commercially viable projects.
"The key to success is matching the right species, systems, critical-scale infrastructure and market accessibility with the right investors, financial structures and terms," Mr Bell said.
"Further, government policy and facilitation, (research and development), aquaculture operators, investors, and local communities must also align with northern Australia's natural and strategic advantages.
"We now have a strong body of evidence to support decision-making processes and to highlight what has and has not worked commercially across these areas in the past and what needs to change to ensure success."
The report also highlighted opportunities for Indigenous Australians.
Indigenous Land and Sea Corporation chairperson Eddie Fry said Indigenous Australians were responsible for managing 45 per cent of land and sea country in northern Australia.
"Aquaculture has been practiced for thousands of years by Indigenous Australians and understanding how communities value fishing resources and fishing access is a key component to achieving greater participation of Indigenous people in commercial fishing," Mr Fry said.
"By translating traditional rights and interests into tangible economic and social benefits for communities, Indigenous Australians can achieve far higher levels of economic participation and wealth creation through employment, investment and enterprise development."