With all of the hype around seaweed farming some have begun to ask – is it worth it? This report explores the finances and profitability of seaweed through benchmarking, using Maine as a case study. An initial study was conducted in Maine based on 2017 data, when roughly 15,000 wet lbs. of seaweed were harvested. Two of the six participants had total losses. The numbers did not look promising.
This study presents an update and assesses changes in the sector since 2017. 16 farmers were interviewed and provided data based on the 2022 growing season, when over 1 million wet lbs. of seaweed were harvested. Benchmarks were calculated for production, expenses, breakeven prices and yields, profitability, financial, loan repayment, and efficiency (labor, capital, financial). Preliminary analysis shows strides have been made – farms have grown, yields have improved, and total losses were avoided. The sector has matured, with three different farm size groupings emerging and increased processing capacity. The presentation will highlight profitability metrics for farms across each size grouping in Maine, including how production practices have changed since 2017 and what practices provided the best yields.