The next phase of the aquaculture sector’s market development plan has been announced today by Economic Development Minister Pete Hodgson.

The plan focuses on how to meet the industry’s goal of earning NZ $1 billion per annum by 2025.

“Up to $500,000, provided through Food & Beverage Taskforce funds will be used over 2007/2008 to build value for the industry, identify new market demands, strengthen the industry’s position in accessing markets, and enhance capability and cohesion across the sector,” Pete Hodgson said.

There are five tasks in this phase of the development plan that are expected to achieve these goals.

Firstly, Aquaculture New Zealand, the country’s aquaculture sector body, will develop an industry marketing development plan in consultation with industry leaders and companies. Its aim is to leverage New Zealand’s unique existing aquaculture species in key markets.

Further familiarisation with markets will be undertaken through attending international conferences and tradeshows.

International sustainability and eco-labelling best practice will also be explored. An industry position regarding its carbon footprint will be established, and potentially a New Zealand quality mark or eco-label developed.

A benchmarking survey of the sector will be carried out, and finally, barriers to market access for existing species will be analysed and addressed.

Pete Hodgson said that subject to targets being met, further funding – up to $6 million of Food and Beverage Taskforce funds – will be available over the next four years, potentially bringing the total aquaculture market development package to $6.5m.