Seaweed has traditionally been used as a nutritious food source for humans, animals, and soil remediation for decades. In the recent years, seaweed cultivation has been associated with provision of ecosystem services such as biodiversity conservation, and climate change mitigation and adaptation while uplifting rural communities mainly women. Fueled by aquaculture, global seaweed production has been increasing at a rate of 6.2% per year since 2000 reaching an estimated 31.8 million tons (Mt) by 2018 with a market value of more than US$11.3 billion. Currently, 97% of seaweed is farmed.
A major challenge for a sustainable expansion of the seaweed farming sector, is the lack of reliable data on production, potential markets, and investment opportunities. The World Bank Group Aquabusiness Investment Advisory (AquaInvest) Platform, funded by PROBLUE Multidonor Trust Fund, released a comprehensive study, the “Global Seaweed New and Emerging Markets Report 2023” addressing this challenge. The report has identified ten global new and emerging seaweed markets with the potential to grow by an additional USD 11.8 billion by 2030 (Figure A).
The most promising short-term markets for seaweed are biostimulants, animal feed, pet foods, and methane-reducing additives. Methane-reducing additives used as functional ingredients for livestock are expected to be one of the most promising new applications that will combat climate change through emission reduction. Nutritional seaweed-based supplements, known as nutraceuticals, alternative proteins, bioplastics, and fabrics can offer medium-term opportunities.
Unlocking the potential for these various markets and opportunities requires public and private sector investment in research and seaweed farming to increase production, formulation of sector specific national policies and strategies and enabling regulations.
Key words: aquaculture, investment, markets, and seaweed.