By The Financial District
Dec 13, 20231 min
The Philippine Chamber of Agriculture and Food Inc. (PCAFI) is advocating for a budget of P250 million to support the local seaweed industry, recognizing its potential in both local and international markets.
In 2016, carrageenan accounted for 52% of the Philippines' market share in the USA and an 18% market share in the European market.
PCAFI president Danilo Fausto emphasized the importance of securing higher funds ahead of the review of carrageenan as an acceptable ingredient for US organic products.
Carrageenan, a key product in the seaweed industry, was delisted from the approved list of organic food products in 2016. Fausto highlighted that the delisting of carrageenan could impact the Philippines' market share in the USA and potentially affect the European market due to misinformation about carrageenan safety.
In 2016, carrageenan accounted for 52% of the Philippines' market share in the USA, valued at $40 million, and an 18% market share, approximately $75 million, in the European market.