Philippines and India jointly eye $12B global seaweeds market

Philippines and India are jointly eyeing a slice of the $12 billion global market, approximately 32 million metric tons (MT), seaweeds market as a bilateral cooperation takes off between the two developing countries. While China and Indonesia dominate by 80 percent the global seaweeds market, Philippines and India are optimistic of boosting production of seaweeds and its processed form, carrageenan, through business and technical cooperation. The growing bilateral relations in marine fisheries and aquaculture is brought about by eagerness of private companies from both countries to invest in each other’s sector as a result of a pioneering work of the Philippine Chamber of Agriculture and Food Inc. (PCAFI). PCAFI President Danilo V. Fausto said the industry is “happy and delighted” that Indian Ambassador to Philippines Shambhu S. Kumaran brought up the idea of the India Philippines Virtual Business Conference on Marine Fisheries and Aquaculture (IPBC-MFA). The first of such ...