Summary:
Currently valued at Rs. 200 crore (US$ 23.02 million), India's seaweed farming industry is set for rapid growth, with estimates projecting an expansion to Rs. 3,277 crore (US$ 377.19 million) in the next decade. According to Primus Partners, this surge could uplift 1.6 million people, while the number of families engaged in seaweed cultivation could rise from 40,000 to 4,00,000 if sufficient support is provided. With potential annual earnings of up to Rs. 13.28 lakh (US$ 15,286) per hectare, this sector is proving to be highly lucrative for farmers. The driving force behind this expansion is the increasing demand from industries like food, pharmaceuticals, cosmetics, biomaterials and agriculture, leading companies such as Britannia, Nestlé, Amul, Cipla, Zydus Cadila, Hindustan Unilever, Tata Chemicals and BASF India to integrate seaweed into their supply chains.
Positioning itself as a leading seaweed farming hub, Lakshadweep has achieved productivity levels reaching up to 15X in certain areas, significantly higher than the usual 5X. However, persistent challenges such as inconsistent quality, limited connectivity, legal uncertainties and environmental concerns continue to hinder growth. To support the sector, the government has allocated Rs. 640 crore (US$ 73.66 million) under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), alongside financial backing through Kisan Credit Cards (KCC) and Mudra Loans. Strengthening the industry with skill development programs, seed banks and improved infrastructure, the National Fisheries Development Board (NFDB) and other agencies are playing a crucial role. Highlighting the importance of structured policies, private investment and Public-Private Partnerships (PPPs), the Primus Partners report underscores the need for improved market expansion, better quality control and enhanced export potential. Contributing significantly to India’s blue economy, seaweed farming is expected to drive substantial economic benefits while uplifting coastal communities.
Source: IBEF
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