Australian marine ingredient manufacturer Marinova has completed a A$5m ($3m) expansion to its fucoidan extraction facility in Tasmania.
Global demand for fucoidan – a bioactive compound found naturally in brown seaweeds – is rapidly increasing.
High purity fucoidan is prized for its range of beneficial health properties, and is widely utilised in innovative nutritional, cosmetic and animal health formulations.
“The expansion of Marinova’s fucoidan extraction facility, including the commissioning of new advanced manufacturing technologies, represents a tripling of the company’s production capacity,” said CEO Paul Garrott.
“This significant capital investment will enable Marinova to meet rising global demand for its high purity fucoidan extracts, particularly from the consumer healthcare, medical device and pharmaceutical sectors,” he added.
Marinova supplies its Australian made fucoidan extracts to leading nutritional and personal care brands in more than 35 countries.
The company’s high purity fucoidans are particularly popular inclusions in formulations targeting immune support, gut and digestive health, and healthy ageing.
The expansion is reflective of a wider push by Australia to supercharge the country’s innovative marine biotechnology industry.
A national consortium, the Marine Bioproducts Cooperative Research Centre (MB-CRC), is currently fuelling more than A$270m of R&D, a proportion of which is accelerating Marinova’s global fucoidan research programme.
Current estimates suggest Australia’s high-quality marine bioproducts are on track to reach A$1 billion turnover by 2030.
