Kelponomics: A Comprehensive Analysis of the Global Seaweed Industry with Sustainable Strategies for Growth in the Icelandic Market

Abstract

Kelp, a versatile and sustainable marine resource, has gained increasing attention globally due to its various applications in food, agriculture, pharmaceuticals, and biofuels. Kelp plays a crucial role in marine ecosystems by providing vital habitat, promoting biodiversity, and regulating nutrient absorption and carbon storage, yet its loss due to factors such as climate change, predation, pollution, and habitat degradation poses significant risks to kelp forests globally. In the context of Iceland's unique marine ecosystem and leadership in sustainable industries, this report evaluates the current state of the global kelp industry, its economic viability, environmental impacts, and potential opportunities and benefits for Iceland. Our team conducted a comprehensive literature review to analyze global kelp markets and coupled this with extensive primary and secondary research to apply our findings to the Icelandic context. We also investigated current wild harvest and potential aquaculture sites through a geospatial mapping exercise. Based on these analyses, this report presents a set of recommendations for the Icelandic market to capitalize on the opportunities offered by the kelp industry while simultaneously promoting and protecting this environmentally valuable resource. These recommendations encompass viable end-use markets, circular economy principles, policy considerations, and areas for future research. This report will provide a roadmap for the integration of kelp cultivation and processing into Iceland's economic and ecological landscape, fostering sustainable growth and environmental stewardship.