This presentation will provide an overview of a new project funded under the NOAA Sea Grant funding opportunity titled, “Addressing Economics and Market Needs of the U.S. Aquaculture Industry.” Kelp, Saccharina spp. are the most common seaweed species cultivated in the United States. Kelp farming, as well as the farming of various other seaweeds, is a significant and growing industry in the US as seaweeds, especially kelp, can be used for food, medicinal products, additives and bioremediation. With any new industry, barriers to its development and expansion always emerge. One of the greatest barriers is the lack of economic/financial information on the cultivation of domestic kelp. There is a need to better understand the realistic economic and financial parameters associated with kelp aquaculture in order for farmers, investors and lenders to make more informed decisions regarding investment in this type of venture.
The goal of this project is to support the development of a vibrant, profitable, and sustainable seaweed aquaculture industry in the United States. Project objectives include: (1) Develop business planning and management tools for kelp aquaculture systems, which improve the economic and financial viability of this industry; (2) Increase access to capital among existing and prospective seaweed farmers via an emphasis on improved industry knowledge for investors/financers/potential market entrants: (3) Conduct a comprehensive economic assessment of the ecosystem services provided by seaweed aquaculture; and (4) Develop outreach and education activities through SG extension for industry, regulators and financial institutions to support the development of a seaweed aquaculture industry. Anticipated outcomes include more access to capital, more informed business decisions by farmers, investors and lenders; increased employment; greater success of business; and environmental improvements.