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. Most of the seaweed has traditionally been used as a food source for humans, animals, and soil remediation. 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.
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, recently released a comprehensive study, the “Global Seaweed New and Emerging Markets Report 2023” addressing this challenge. The report identifies ten global new and emerging seaweed markets with the potential to grow by an additional USD 11.8 billion by 2030 (Figure A). It indicates most promising short-term non-conventional markets for seaweed to include biostimulants, animal feed, pet foods, and methane-reducing additives. Methane emission reducing additives in livestock feed are together with ability to sequester carbon and excess nutrients are expected to enhance provision of ecosystem services and combat climate change. Nutritional seaweed-based supplements, known as nutraceuticals, alternative proteins, bioplastics, and fabrics can offer medium-term opportunities.The greatest challenge to realization of this potential is the slowing down of seaweed production in many countries. Unlocking the potential for these various markets and opportunities requires public and private sector investment in research of genetics and breeding, conservation of wild population biodiversity, disease prevention, and expansion of seaweed farming into new frontiers to increase production, and formulation of sector specific regional and national policies and strategies and enacting enabling regulations.
Key words: aquaculture, investment, markets, and seaweed.