Rare Foods Australia

What Rare Foods Australia does

Rare Foods Australia Limited (ASX: RFA), formerly Ocean Grown Abalone, is an Australian aquaculture company headquartered in Augusta, Western Australia, that operates the world's first commercial abalone ranch using proprietary ocean-ranching technology. Its core technology is the ABITAT artificial reef system — purpose-built reef structures deployed across a 413-hectare Flinders Bay lease within the Ngari Capes Marine Park, where juvenile Greenlip Abalone are reared in a land-based hatchery, seeded onto reefs via a patented release module (88,000 juveniles in approximately four hours of dive time), and grow naturally on wild drift algae from the Indian and Southern Oceans over three to four years before harvest. The company produces Greenlip Abalone and Wild Roei Abalone under the Two Oceans Abalone premium brand, holding the only Marine Stewardship Council certification for a wild enhanced fishery in the world (achieved June 2022) and harvesting approximately 25% of global Greenlip Abalone supply.

The company monetises its harvest through four revenue streams: bulk frozen/cooked/canned Greenlip and Roei abalone exports (whole in shell, IQF, vacuum packs, retail-ready), by-products including polished and natural shells ($4.99-$15.00 per unit) and canned roei abalone ($83.00 per 213g unit), the Ocean Pantry retail store and online click-and-collect operation in Augusta, and the Subsea Estate ocean-cellared wine joint venture launched in 2023. Go-to-market is an enterprise field sales motion: approximately 93-95% of sales volume routes through export channels into Asian premium markets (China, Japan, Hong Kong, Singapore), with distribution partnerships anchoring scale — KYOKUYO (Japan's largest seafood importer) and The Seafood Company Singapore handle Japan and Singapore respectively, while Chinese supermarkets carry retail-ready packs for Chinese New Year gifting. The remaining 5-7% serves Australian food service and domestic retail. Customers include three-star Michelin chef Massimo Bottura (Osteria Francescana), Leeuwin Estate, and Miki's Open Kitchen, validating the ultra-premium positioning. The company listed on the ASX in November 2017 after raising A$10 million and rebranded from Ocean Grown Abalone in November 2021.

Name

Rare Foods Australia

Legal name

Rare Foods Australia Limited

Website

https://rarefoodsaustralia.com.au

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Rare Foods Australia (ASX: RFA) operates the world's first commercial ocean-ranched abalone business in Augusta, Western Australia, producing MSC-certified Greenlip and Wild Roei abalone for premium Asian export markets and Australian food service via its proprietary ABITAT artificial reef technology and Two Oceans Abalone brand.

Ownership category

akta.pro rank

Product category

Premium Aquaculture & Wild-Enhanced Seafood

NAICS

Shellfish Farming (112512), Seafood Product Preparation and Packaging (31171), Fish and Seafood Merchant Wholesalers (42446)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092), Fishing, Hunting And Trapping (900)

akta.pro primary industry

Marine Shellfish Farming (e.g., oysters, mussels, clams) (AFAEAAAB)

akta.pro secondary industries

Seafood Wholesale (Fresh & Frozen) (AFAIADAD), Sushi/Sashimi-Grade & Raw Ready-to-Serve Seafood (Including Poke) (AFANALAI), Seafood Markets & Fishmongers (CRAHAHAC)

Keywords

• Wild abalone ranching
• Premium seafood production
• Artificial reef aquaculture
• Ocean ranching technology
• Sustainable seafood exports

Headquarters

HQ city

Augusta

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Greenlip Abalone Products: Sales of MSC-certified wild ocean-grown Greenlip Abalone in various forms: frozen whole in shell, individually quick frozen (IQF), cooked, canned, vacuum packs, and retail-ready packs. Also includes Wild Roei Abalone products.
2. By-Product Sales: Sales of abalone shells (natural and polished), abalone liver for food stock and soups, and canned products.
3. Ocean Cellared Wine (Subsea Estate): Ocean-cellared wines produced through the Subsea Estate brand, aging wine on the ocean floor using the Winereef system at 20 meters depth in the Southern Ocean.
4. Ocean Pantry Retail Store: Physical retail store in Augusta, WA offering click-and-collect service for abalone products, shells, and Subsea Estate wines.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels10 records

Core offering

Rare Foods Australia operates a wild-enhanced ocean abalone ranch in Flinders Bay, Western Australia, producing MSC-certified Greenlip Abalone and Wild Roei Abalone sold frozen, IQF, cooked, canned, and in vacuum packs to enterprise food service distributors and Asian export markets. The company also sells retail products (polished and natural abalone shells, canned abalone) via its Ocean Pantry store and online shop in Augusta, and has diversified into ocean-cellared wines through its Subsea Estate brand.

Product overview

Rare Foods Australia operates as a seafood production company with a unified product portfolio centered on premium wild-enhanced abalone ranching. Their core offering is the Two Oceans Abalone brand, which includes Greenlip Abalone (their flagship product since 2009) and Wild Roei Abalone (newer extension). The company has expanded into ocean-cellared wines through Subsea Estate. They utilize proprietary ABITAT artificial reef technology for ocean ranching, distinguishing them from traditional aquaculture. Products are sold frozen, cooked, or canned, with retail products including polished shells and canned abalone available through their Ocean Pantry shop.

Differentiator

Problem solved

Functional benefit

Brands

• Two Oceans Abalone: Premium wild-caught Abalone brand featuring Greenlip Abalone and Wild Roei Abalone, sold under the Two Oceans brand.
• Ocean Pantry
• Subsea Estate

Products and services

• Greenlip Abalone Wild ocean-grown Greenlip Abalone raised on proprietary ABITAT artificial reefs in Flinders Bay, taking 3-4 years to reach market size by grazing on natural drift algae from the Indian and Southern Oceans. Sold frozen whole in shell, IQF, cooked, canned, and in vacuum packs to enterprise food service buyers and Asian export markets.
• Wild Roei Abalone Premium wild abalone sourced from shallower reefs off Western Australia down to South Australia; smaller in size with stronger taste, unique shape, and colour. Sold under the Two Oceans Abalone brand to enterprise and retail customers.
• Polished Abalone Shell Polished decorative abalone shell sold as a retail product at $15.00 per unit (incl. tax), often included in gift packs.
• Natural Abalone Shell Natural unpolished abalone shell sold as a retail product at $4.99 per unit (incl. tax).
• Canned Roei Abalone 213g Canned Wild Roei Abalone in a 213g format, sold at $83.00 per unit, targeted at retail and gifting consumers.
• Subsea Estate Wines Premium ocean-cellared wines from Margaret River, including the Land & Ocean range, produced using the Subsea Estate subsea winery technique at Winereef locations in the Southern Ocean.

Quantifiable outcome

• Record harvest of 75.9 tonnes in FY2020-21
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• Tangaroa Blue FoundationcoreStrategic or Co-development Partner · 17 July 2023Collaboration with not-for-profit marine debris organization dedicated to removal and prevention of marine debris. RFA working with Tangaroa Blue to develop systematic methods for collecting and retrieving deployment baskets that break loose from reefs, enhancing environmental practices.
• The Seafood Company SingaporecoreChannel Partner/ Reseller/ Distributor · 11 May 2020Distributor of Two Oceans Abalone products in Singapore. Shares recipes and promotes greenlip abalone products to Singapore market.
• KYOKUYO CO. LTDcoreChannel Partner/ Reseller/ Distributor · 21 February 2018Japan's largest seafood importer. First Japanese client for OGA - importing frozen whole in shell abalone for sashimi and high-end food service distribution.
• 888 HatcherycoreOthersPartner hatchery supplying hatchery-reared juvenile Greenlip Abalone for seeding onto ABITAT artificial reefs.
• Subsea EstateflagshipStrategic or Co-development PartnerJoint venture for ocean-cellared wines. Wine aged 20 meters below surface on Australia's first Winereef in the Southern Ocean, creating unique ocean-crafted wines. Part of RFA's diversification strategy.
• Optus Stadium / Fremantle Football ClubminorGTM or Marketing PartnerRFA and Two Oceans Abalone signage displayed at Optus Stadium during Fremantle Football Club home games. Partnership symbolizes deep connections with Fremantle and WA fishing communities.
• Fremantle City ColdstorescoreOthers50% joint venture in bulk cold storage business at Fremantle, supporting abalone export storage capabilities.
• One Sea Pty LtdcoreStrategic or Co-development PartnerIan Ricciardi serves as director overseeing FRDC Scallop Stock Enhancement Project with DPIRD. Part of broader WA fisheries interests.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Bakkafrost: Faroese salmon aquaculture leader with vertically integrated operations and ASC certification. Comparable as a publicly listed premium aquaculture operator with strong ESG positioning and global distribution, relevant as a sustainability-focused aquaculture comp despite salmon focus.
• Clean Seas Seafood: ASX-listed Australian aquaculture company (CSS) producing premium finfish including southern bluefin tuna and kingfish. Comparable as an Australian small-cap publicly listed aquaculture peer targeting premium Asian export markets, though operates in finfish rather than shellfish.
• Mowi ASA: World's largest Atlantic salmon producer (Oslo Stock Exchange). Comparable as the global benchmark for publicly listed aquaculture with strong sustainability certification (ASC) and broad Asian distribution — relevant for capital markets and valuation benchmarking despite species and scale differences.
• Tassal Group: ASX-listed (TGR) Australian salmon aquaculture leader acquired by Cooke Aquaculture. Comparable as a publicly listed Australian aquaculture operator with sustainability certifications and Asian export exposure, though significantly larger scale and salmon-focused.
• Huon Aquaculture Group: Formerly ASX-listed (HUO) Tasmanian salmon producer acquired by JBS. Australian aquaculture peer with similar sustainability branding and Asian export channels, though salmon-focused and much larger scale.

Regional players

• Sanford Limited: New Zealand's largest seafood company (NZX: SAN) operating across wild capture, aquaculture, and processing. Comparable as an Asia-Pacific premium seafood producer with sustainability focus and Asian export channels, though species-mix and scale differ materially.
• Petuna Group: Tasmanian-based premium salmon and seafood aquaculture operator. Comparable Australian aquaculture peer with similar sustainability positioning and export focus, but smaller and Tasmania-focused rather than Western Australia.

Others

• Thai Union Group: Global seafood giant (SET: TU) and owner of Chicken of the Sea, operating in canned tuna, shrimp, and value-added seafood. Comparable as a major Asian-export-oriented premium seafood company with sustainability commitments, though much larger and product-diversified.

Emerging players

• Australis Aquaculture: Producer of barramundi and seriola in Asia and Australia, focused on sustainable marine finfish aquaculture. Comparable as a premium sustainability-positioned aquaculture operator targeting Asian seafood markets, though focused on finfish species.

Direct peers

• Yumbah Aquaculture: Australia's largest land-based abalone aquaculture operator producing Greenlip Abalone for premium export markets. Most directly comparable peer — competes for the same Asian sashimi and gift-grade customers with a similar premium sustainability positioning, but uses land-based tank systems rather than ocean ranching.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@rarefoodsau
• Facebookfacebook.com/rarefoodsau
• LinkedInlinkedin.com/company/rarefoodsau
• Instagraminstagram.com/rarefoodsau
• Xx.com/rarefoodsau

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rare Foods Australia