As part of the Minns Government plan to develop regional economies in NSW, the Minister for Regional NSW Tara Moriarty has today launched the NSW Government's Seaweed Prospectus, which forecasts a potential $2.3 billion boost to the NSW economy through the growth of seaweed related industries.
The prospectus outlines the opportunities available for investors in NSW to tap into the fast-growing seaweed industry.
With the State's ready access to seawater, saline groundwater, abundant land, and skilled labour, economic modelling has shown NSW has the capacity to produce two million tonnes of seaweed each year by 2030, adding an estimated $2.3 billion to the NSW economy.
This production capacity could help meet growing demand in the global market for seaweed-derived products such as pet food, nutraceuticals, bioplastics, and methane-reducing supplements.
It is estimated the global market for seaweed-derived products could be worth an additional $16 billion by 2030, with NSW in a position to claim up to 14 percent of the market.
Of the 1,500 native Australian seaweed species, 230 grow in NSW. This includes key species Ulva spp, Ecklonia radiata, and Asparagopsis. Despite Australia boasting 15 percent of global seaweed species, we currently import some A$40 million of seaweed products.
The prospectus highlights the key opportunities for investment in the sector including:
- Cultivation of seaweed, including co-location with existing aquaculture systems and using nutrient-rich waste streams from food processing and wastewater treatment facilities.
- Processing and manufacturing value-added seaweed products such as cosmetics, pharmaceuticals, biofertilizer.
- Leveraging the State's research and development capacity with partnerships with leading universities and research institutions developing new and emerging seaweed applications and cultivation practices.
Minister Moriarty launched the prospectus in Huskisson at PhycoHealth, a South Coast business that specialises in sustainable seaweed products, during a three-day NSW Government-led trade mission beginning in the region today.
Consuls-General from 13 countries are exploring the region's progressive aquaculture, food and beverage, manufacturing, tourism and clean tech industries as part of the NSW Government's Regional Investment Activation Program, which aims to drive growth, create jobs, and promote investment in regional NSW.
The Seaweed Prospectus is a key deliverable under the NSW Government's recently released Aquaculture Vision Statement.
To view the Seaweed Investment Prospectus, go to: Investregional.nsw.gov.au/seaweed.
Minister for Regional NSW, Tara Moriarty said:
"The South Coast trade mission has been a great opportunity to roll out the welcome mat to global markets and launch the NSW Government's Seaweed Prospectus in a region that is already leading the way with its thriving aquaculture industry.
"Regional NSW has a lucrative opportunity to celebrate our natural resources, get ahead of the game and cultivate a strong state economy, and I am proud that this Seaweed Prospectus may help open doors to new investment opportunities."
Minister for Industry and Trade, Anoulack Chanthivong said:
"With the market for seaweed related products creating a potential $2.3 billion boost to the NSW economy, the Minns Labor Government is ready to capitalise on NSW's abundant natural seaweed resources.
"NSW is fortunate to grow 230 of the 1500 native Australian seaweed species, which places us in a great position to be an important player in the global seaweed product market which is forecast to be worth an additional $16 billion by 2030.
"The Minns Labor Government is focused on diversifying our international trade offerings, and the Seaweed Prospectus will provide a platform to supercharge a rich potential trade stream for NSW industry."
PhycoHealth Founder, Dr Pia Winberg said:
"With an estimated $1 billion in sustainable innovation and enterprise from seaweed alone on NSW's doorstep, the opportunity for Australia to lead the way in aquaculture and sustainability is immense.
"We are proud to be one of the leading aquaculture ventures in New South Wales, working alongside other remarkable initiatives, such as the largest shellfish industry in Australia and oyster and mussel leases dotting the state's coastline.
"Seeing the government acknowledge the importance of what we are building here makes our work all the more meaningful."
