A World Bank report predicts that the global seaweed market could grow to $11.8 billion by 2030, with benefits including carbon sequestration, marine biodiversity support, and employment opportunities, particularly for women in coastal communities. Source: worldbank.org
The growth of the seaweed farming industry could have a moderate impact on human development, particularly for coastal communities. It has the potential to boost local economies, mitigate climate change, support marine biodiversity, and promote gender equality. However, its global impact will depend on wider adoption and technological advancements in the industry.
- Economic impact: The growth of seaweed farming could significantly boost the income of coastal communities. This industry is expected to help in the generation of an estimated $11.8 billion by 2030. For example, in Asian countries where seaweed farming is currently dominated, this could drastically improve the local economy.
- Climate change mitigation: Seaweed farming has been identified as a potential method for carbon sequestration. This could provide a critical tool in the fight against global warming. For example, if seaweed farming is adopted widely, it could help reduce the atmospheric carbon dioxide levels.
- Biodiversity conservation: Seaweed farming supports marine biodiversity, which is a key aspect of sustainable development. This can, in turn, support healthy marine ecosystems that are crucial for the livelihoods of millions of people worldwide. For instance, healthy marine ecosystems can support fisheries, which provide food and income for coastal communities.
- Gender equality: The report indicates that seaweed farming could provide employment opportunities for women. This could improve gender equality by providing income and empowering women in these communities, contributing to UN SDG 5 (Gender Equality). For instance, in coastal areas where women's opportunities may be limited, seaweed farming can provide a viable source of income.