Abstract
The global seaweed market is currently valued at USD $11 billion annually and utilizes about 29 million tonnes of seaweed (dry weight) for a variety of applications (Ferdouse et al., Globefish Res Programme 124:I, 2018). By 2025 the global market is estimated to reach USD $30.2 billion dollars (Bloomberg, 2020). The current Australian seaweed market is valued at US$3 million, which is relatively small, contributing only 0.03% to the global market. However, the Blue Economy CRC and Marine Bioproducts CRC together have resulted in a public/private funding of nearly AUD $600 million over the past 3 years with the aim of expanding towards a billion-dollar seaweed market in Australia within the next decade. Furthermore, a recent CSIRO Data 61 report identified ’Microalgal and Macroalgal Resources’ as an emerging growth sector, specifically in the state of Queensland (Naughtin et al., 2021). Currently, most of the seaweeds on the Australian market are imported, and this sector has seen a rapid expansion from 2005 to 2017. This growth highlights the increasing demand for seaweed products in Australia and potential for the expansion of domestic producers. International seaweed markets are also expanding rapidly at a rate of 12% and so offer significant export opportunities (IMARC, 2021). Despite the huge domestic biodiversity of seaweeds and their use by First Nations peoples, the commercialisation of native seaweed products has been limited. To date, seaweed cultivation and research has been broadly managed by the Department of Aquaculture and Marine Sciences, and more recently this has expanded to specific organisations (e.g. CSIRO, AgriFutures, ASI) and an increasing number of universities (e.g. the combined marine cooperative research centers (CRCs) have been approved for a total of AUD $580 million development over the next 10 years for marine bioproduct development and the blue economy with a consortium of ~100 industry, government and research partners). These collaborative networks with seaweed production companies provide evidence of a growing interest and demand for seaweed-based products in Australia and internationally. The two major seaweeds cultivated in Australia today comprise Durvillaea potatorum and Undaria pinnatifida. D. potatorum (commonly known as Bull Kelp) is a native brown seaweed species, which is collected primarily on King Island (Tasmania). Sustainable harvesting both generates an income of about AUD $2.63 million annually and helps preserve kelp forest ecosystems, motivating further research and sustainable cultivation. Both species are widely used to produce thickening agents for the food and cosmetics industry. In Queensland, New South Wales and Victoria there are currently a number of promising seaweed-based research projects developing seaweed-based products ranging from 3D bio-printing technology, livestock feed (methane emissions mitigation) and optimisation of seaweed mariculture systems. This chapter reviews current trends and future perspectives of seaweed-based products in the Australian market, highlighting the limitation of import and export restrictions and the importance of expanding investments into research on native strains. A growing domestic Australian seaweed industry not only offers to create regional jobs and reduce the cost of imports but has significant opportunities to become an export industry, extending value chains in the near future.