Salties forecast to tip Territory scales with $151m profits with even more to follow
A newly published report shows the power behind the Territory’s world-renowned saltwater crocodile industry and estimates the sector will contribute big bucks in years to come.
The Northern Territory’s saltwater crocodile industry is expected to snap up a whopping $151m this year while supporting more than 300 jobs.
It appears the predator is not just a pretty (scary) face for the NT but is also powering the economy, according to a new report.
The newly published Economic Value of the Northern Territory’s Crocodile Industry review highlights the importance of the sector to the Territory and also outlines three areas in which it can grow.
Since officially beginning in 1979, the crocodile industry has become world-renowned for its high quality crocodile skins which supply global high end brands like Hermès.
This year the sector is expected to hit $151m in profits but if allowed to grow, the earnings could increase to between $176 million and $243 million in the next 10 years.
Crocodile Farmers Association of the NT (CFANT) chairman and well-known businessman, Mick Burns, said the review showed the strength of the sector and how far it could still go.
“CFANT was established in 2009 to provide an important and united forum dedicated to advancing best practice, innovation and strategic growth across the NT crocodile farming industry,” Mr Burns said.
“From humble beginnings, the Territory’s crocodile industry has evolved, and will continue to grow, as a significant contributor to the NT economy.
“We are proud to be globally recognised as a responsible and innovative industry, demonstrating world-best practices in sustainable farming.”
Forecast to grow to $243m through markets like Asian food and traditional medicine
In the review developed with the Crocodile Farmers Association of the NT and undertaken by Ernst & Young, it was noted that having a standardised process could help bring the industry’s economic contribution to $176m by 2035.
This is assuming there remains a steady demand for crocodile skins and “limited diversification”.
If this is grown through gradual expansion, this could rise to $215m.
However, if the industry is able to broaden into markets such as Asian food and traditional medicine, domestic demand for crocodile meat and new branding strategies, while investing in new farm development, it could increase by another $28m.
“With this latest economic review and strategic vision, we’re confident the NT crocodile industry can reach new markets, attract investment, and continue to deliver strong outcomes for regional communities and the environment,” Mr Burns said.
Acting Chief Minister and Minister for Agriculture and Fisheries, Gerard Maley, said the NT Government was committed to supporting the continued success of the crocodile industry.
“Crocodiles are an iconic feature of the Northern Territory’s landscape, culture and economy, with around 90 per cent of Saltwater Crocodile skins produced here in the NT,” Mr Maley said.
“Our crocodile industry is world-renowned, not just for the quality of its skins, but also for its innovation, research partnerships, and responsible farming practices.
“It is also a major contributor to opportunities in our regions, particularly through Aboriginal group partnerships in egg harvesting, habitat conservation and wildlife monitoring.
“We are proud to support this industry so it can grow sustainably, maintain world-leading standards in animal welfare and environmental management, and deliver strong outcomes for Territorians.”
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