Business

The World Bank 2023 Global Seaweed New and Emerging Markets Report highlights the untapped potential of the seaweed industry in addressing global challenges such as climate change, food security, and sustainable development. It identifies 10 emerging market sectors, including bioplastics, nutraceuticals, alternative proteins, and bioremediation, emphasizing the environmental and socioeconomic benefits of seaweed farming. Despite challenges like supply inconsistencies, regulatory barriers, and production costs, the report forecasts a market growth of $11.8 billion by 2030, driven by seaweed’s versatile applications and sustainability credentials. It also stresses the need for innovation, investment, and collaboration to overcome existing barriers and unlock seaweed’s full potential.