😮 Seaweeds: A $26 Billion Dollar Industry?
Seaweeds may seem like junk you find on the beach, but they could help India increase exports, boost fishermen's income, and do a lot more. Here's how.
Imagine you're on a sunny beach, wading deep into the cool ocean and suddenly, you feel something touching your feet.Â
You jump out only to see a slimy green plant wrapped around your leg.Â
You get grossed out and throw this slimy thing as far away as you can.
Little do you know, that you've thrown something that is precious, is present in the food you eat every day and could very well help save the environment.Â
Yes, that's how important seaweeds are. So, today we're here to dive deep into the world of seaweeds (pun intended) and see how they could be great for India and its farmers and fishermen.
🌊 The World of Seaweeds
Seaweeds is a generic term used for all the slimy plants and algae that you see growing underwater.Â
And while you and I may not give it a second thought, it is a super common food item for countries like Japan, Korea and China.Â
And chances are if you have ever tried these cuisines you too have munched on seaweed.Â
But what you probably didn't realise is that the demand for these tiny plants is set to grow to $26 billion by 2025.
Which is why India is also interested in growing it commercially.Â
Since we are surrounded by water on three sides, we also have immense potential to grow seaweed.Â
Despite this, we contribute only 0.02% to the world's seaweed cultivation.Â
On the other hand, other countries, especially our rival in the North-East, China, are making billions by exporting seaweed to the world.Â
But don't you worry, our government has woken up to this massive opportunity and allocated an eye-popping $86.8 Million under its new Blue Revolution Scheme to amp up the production of seaweeds in India.
Well, der aaye durust aaye (better late than never) .Â
But does the world really eat so much seaweed? Will we find customers if we begin producing seaweed on a mass scale?Â
Yes, because seaweed is not just a tasty snack, it is super versatile.Â
🤓 The Multitalented Seaweed
Like we mentioned earlier, whether or not you're enjoying Asian cuisine, you are probably consuming seaweed every day. How?Â
Seaweed is a great thickening agent and helps provide proper texture to a lot of things we eat and use.Â
For instance, it is probably in your toothpaste, your baby food, your ice cream and more.Â
It is also found in your skincare and makeup and has a lot of industrial uses.Â
Plus, it is also used in the medical field. In fact, seaweed extracts were found to be more effective in controlling Covid than remdesivir in some studies.Â
It also works as a natural fertiliser that can boost yields by over 40%-50%!
And perhaps the most important use:Â
Seaweed can be used to create eco-friendly biofuels which can help reduce dependency on fossil fuels.
So, it's a no-brainer that the world wants seaweed and we want to produce it.
And it has a lot of natural environmental benefits: it produces large amounts of oxygen which supports fish cultivation and can reverse ocean acidification.
Another fun fact about seaweeds is that it absorbs five times the CO2 that terrestrial plants do.
Well, we can go on and on about the benefits of seaweed. But perhaps the more important aspect of this versatile plant is that it can boost the income of our farmers and fishermen.Â
Fishermen in India and the world are seeing their incomes dwindle because of overfishing which is reducing their incomes. So, seaweed farming could help them and others living on the coast supplement their income. But what do you need to set up a seaweed farm? And is it actually lucrative?Â
🌾Setting Up a Seaweed Farm
Most commonly seaweed is grown on bamboo rafts. Most villages allow one farmer to grow only 45 rafts worth of seaweed.
One raft costs around Rs. 1,050.
So the overall cost of setting up 45 rafts is Rs. 47,250.Â
Seaweed seeds can usually be collected for free from the sea itself.Â
Wondering about how much one can earn from this investment?
A raft of a size of 3.6 x 3.6 metre can yield on an average 200-260kg of seaweed.
Now, around 60 kgs is kept aside for the next harvest.Â
The remaining produce (140-200 kg) then needs to be converted into dry seaweeds to be sold in markets.
The average dry weight for seaweed is 10%. Therefore with 140-200 kg, only 14-20 kg of dry material is available for sale.
Therefore a single cycle of production generates 14-20 kg of seaweed.Â
In a year a farmer carries out 6 such cycles depending on the weather and other conditions.Â
Hence, a single raft can produce 84-120 kg of seaweed in a year.Â
Average price per kilogram of dried seaweed is Rs 22.
Here’s an entire layout of the revenue and profit in a year:
Though the earnings may not seem very attractive at first go, this could be a great way to supplement income at minimum investment, especially because it is not a time-intensive job.Â
All in all, reports suggest cultivators can collectively earn up to Rs. 2,000 crores a year.Â
And their customers include huge conglomerates like PepsiCo and Tata Chemicals.Â
But the seaweed industry at the same time faces a big challenge from climate change. Already several farmers have been impacted because a major seaweed that they depended on has stopped growing in their seas.Â
So, with climate change now impacting more and more varieties of seaweed will we be able to fulfil our ambitions to become a major seaweed exporter?Â
This article was written and researched by our intern Muskan Gupta.
âš¡In a line: India has realised the potential of seaweeds and how it can help us become a major exporter but it may be a little too late.
💡Quick question: What other sectors do you think India can tap into to become a major exporter?
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