PH, India Interested to Team Up for $12-B Global Seaweed Market

The Philippines and India are showing interest in joining forces in a venture to penetrate the USD12 billion global market for seaweeds.

The USD12 billion market equates to 32 million metric tons (MT) of the product.

This comes as private firms from both countries showed eagerness to invest in the other country’s marine fisheries and aquaculture sector.

The idea to collaborate was brought up by Indian Ambassador to Philippines Shambhu S. Kumaran during the India-Philippines Virtual Business Conference on Marine Fisheries and Aquaculture (IPBC-MFA) which was held last week, according to Philippine Chamber of Agriculture and Food Inc. (PCAFI) president Danilo Fausto.

The planned collaboration will aim to penetrate the global market which is currently dominated by China and Indonesia, with both countries taking 80 percent of the said market.

According to PCAFI, India and the Philippines has the capability and a high chance to disrupt the seaweed production market and penetrate it.

Moreover, India and the Philippines will mutually be able to benefit from each other’s resources and technology, Fausto added. (GFB)