Philippines and India jointly eye $12B global seaweeds market

Published 2021년 5월 30일

Tridge summary

The Philippines and India are planning to increase their share of the global seaweeds market, which is currently dominated by China and Indonesia. This decision comes as a result of growing business and technical cooperation between the two countries in marine fisheries and aquaculture. The Philippine Chamber of Agriculture and Food Inc. (PCAFI) is spearheading this initiative, with both countries hoping to boost production of seaweeds and its processed form, carrageenan. The Indian government has allocated a budget of INR 640 crore for the promotion of the aquaculture industry, including seaweed cultivation, as there is a high demand for seaweed hydrocolloids in India but currently, 50-90% is met through imports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Mb