Australian seaweed, a $1.5 billion blue economy opportunity
Tuesday, September 22, 2020
AgriFutures Australia published an Australian Seaweed Industry Blueprint that outlines plans for a $1.5 billion Australian seaweed industry that could employ 9,000 people and reduce greenhouse gas emissions by 10%.
The Australian seaweed industry is making waves, with plans to be a $100 million plus industry in the next five years. Investors and entrepreneurs are lining up to get involved in seaweed to make money and make a difference by reducing emissions, improving ocean health and creating jobs in regional areas. For current seaweed producers, the Blueprint offers the foundations needed to mobilize industry development and realize the opportunities in sight.
“Seaweed offers a huge opportunity for Australia’s blue economy development with the global seaweed market projected at $30 billion by 2025. Australia has no commercial-scale seaweed ocean farms and no industry development plan, but rapid change is on the horizon,” said Jo Kelly, CEO of the Australian Seaweed Institute and lead author of the Australian Seaweed Industry Blueprint.
The opportunity for an Australian seaweed industry is important from an economic, environmental and social impact lens. Just one of the native seaweeds found off the Australian coast, Asparagopsis, has been shown to reduce methane emissions from cattle to almost zero when added to their feed. This is significant given around 10% of greenhouse gas emissions in Australia come from the digestion process of cattle. Recent media coverage has revealed major investors such as Andrew Forrest, Woolworths and GrainCorp have invested in Future Feed to commercialize the Asparagopsis feed additive pioneered by the CSIRO.
The future of the industry will rely on significant expansion into ocean cultivation of native seaweeds and the development of high-value nutritional products for humans, animals and plants. Major opportunities identified by the report include:
- Large scale ocean cultivation of Asparagopsis seaweed is projected to feed at least 30% of Australia’s cattle herd by 2025.
- Extension of Kelp farming around fish farms to clean the water and provide additional revenue streams for aquaculture businesses across temperate southern Australia.
- Development of seaweed biofilters to remove excess nutrients and protect the Great Barrier Reef while providing beneficial agricultural products in an innovative circular economy solution.
- Development of offshore integrated food, energy and carbon sequestration platforms for sustainable food production into the future.
- Biodiscovery from native Australian seaweeds to uncover valuable compounds.
- Development of new seaweed products using advanced manufacturing techniques.
Download the Australian Seaweed Industry Blueprint – A Blueprint for Growth here.
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