India's seaweed industry to hit Rs. 3,277 crore (US$ 377.19 million) in 10 years, needs policy push

India’s seaweed farming sector, currently valued at Rs. 200 crore (US$ 23.02 million) is projected to grow to Rs. 3,277 crore (US$ 377.19 million) over the next decade, potentially benefiting 1.6 million people, according to a report by Primus Partners. Families engaged in seaweed farming could rise from 40,000 to 4,00,000 with adequate support. Farmers could earn up to Rs. 13.28 lakh (US$ 15,286) per hectare annually, making it a lucrative opportunity. The growth is driven by rising demand from industries such as food, pharmaceuticals, cosmetics, biomaterials, and agriculture, with major companies like Britannia, Nestlé, Amul, Cipla, Zydus Cadila, Hindustan Unilever, Tata Chemicals, and BASF India integrating seaweed into their supply chains.   

Lakshadweep is emerging as a key hub for seaweed farming, with productivity reaching up to 15X in some areas compared to the usual 5X. However, challenges such as inconsistent quality, poor connectivity, legal uncertainties, and environmental concerns persist. To boost the sector, the government has allocated Rs. 640 crore (US$ 73.66 million) under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), along with financial aid through Kisan Credit Cards (KCC) and Mudra Loans. The National Fisheries Development Board (NFDB) and other agencies support skill development, seed banks, and infrastructure expansion. The report emphasises the need for structured policies, private investment, and Public-Private Partnerships (PPPs) to enhance market development, quality control, and export potential. Primus Partners highlighted that seaweed farming could significantly contribute to India's blue economy while improving coastal livelihoods.  

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.