Plan to make Murray cod $100m sector to compete with Barramundi

There is an unmet demand for premium white flesh fish both global and domestically, and AgriFutures has developed a new strategic plan to help the industry take advantage of the growing opportunities.

Just over 500 tonnes of Murray cod is produced each year, worth $9.2m annually. Aquaculture Association of Queensland president Bruce Sambell said Murray cod was a sleeping giant in terms of market potential.

"Murray cod grows quickly, which makes it economical to produce, it's good to eat and it's an iconic species so it should be well received by consumers," Mr Sambell said.

"We envisage Murray cod could one day be like barramundi and sold on supermarket shelves."

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Uarah Fisheries has been breeding native species for almost half a decade. When managing director John Wu heard the Wagga Wagga-based company was for sale seven years ago, he jumped at the opportunity.

"There is huge potential for Murray Cod aquaculture - it is such a delicious fish, anyone who tastes it knows straight away its a beautiful product and very unique," Dr Wu said.

"It's a very firm white flesh, but full of moisture and very fresh. It has more oil content than other seafood and the cooking options are almost limitless."

Mr Sambell said the first step to growing the industry was increasing consumer awareness and demand. The strategic plan highlights the need for a comprehensive consumer study to better understand perceptions of the taste and price of Murray cod.

"Better product consistency will also help the overall growth of the industry," Mr Sambell said.

"This may be achieved through improvements to production systems, husbandry, and handling through the supply chain. Developing evidence-based best practice guidance for purging, taste-testing, chilling, handling and packing products will also enhance the industry's overall performance."

Mr Sambell says it was industry's best interests to emphasise Australia's "clean and green" credentials, with the hope consumers pay a premium for Murray cod products.

"Aquaculture producers in Australia are held to some of the strictest biosecurity regulations in the world," he said.

"This puts our products in a much better position globally as it means we are less susceptible to foreign diseases and we are also environmentally responsible in that no discharge from aquaculture farms goes back into our freshwater waterways."

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Dr Wu said everyone within the industry was looking to scale up, but capital and investment was hard to come by, as banks often view aquaculture as risky investments.

AgriFutures Aquaculture Advisory Committee member Jo-Anne Rusco said the time for investment was now, and the plan had made financially supporting the industry a priority, along with designing research projects and matching them with funding sources

"This transition funding will set the industry up to achieve its great potential," Ms Ruscoe said.