Economic Value and Growth of Crocodile Industry
The Territory Government, in partnership with the Crocodile Farming Association of the Northern Territory (CFANT), has released a new report, the economic value of the Northern Territory’s crocodile industry, which outlines pathways to support the sustainable economic growth of the NT crocodile farming industry.
The NT’s crocodile industry is a unique and significant contributor to the local economy blending commercial production, international trade, cutting-edge research and tourism into a high-value, globally recognised sector.
CFANT’s recent economic review, undertaken by Ernst & Young (EY) modelled three growth pathways ranging from stabilised growth to incremental expansion (medium growth) to strategic diversification (high growth).
The stabilised growth pathway which assumes steady demand, stable operations and limited diversification could see the industry’s economic contribution reaching $176 million by 2035.
The medium growth pathway would be an incremental expansion with the economic contribution of the industry reaching $215 million by 2035.
The third and highest growth pathway would see the industry actively broaden its markets with new opportunities in Asian food and traditional medicine sectors, greater demand for crocodile meat domestically and innovative branding strategies.
This high-growth pathway involves major investment, new farm development, and a step-change. Under this scenario, the economic contribution of the industry could reach $243 million by 2035.
The economic review together with the industry led 10-year strategic plan will guide the NT’s crocodile industry and its vision for sustainable growth, innovation and community benefit.
Read the full report PDF (4.1 MB).
