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Algae Pharm, a subsidiary of the Woods Group, has emerged as a leader in the algae production industry since its establishment in 2017. This venture, envisioned by Tom Woods, aimed to diversify the family’s farming operations by venturing into marine algae cultivation for Omega-3 production. Adept Economics has been instrumental in this journey, conducting the initial feasibility study that laid the groundwork for the algae farm.

The inception of Algae Pharm was driven by the ambition to harness the potential of algae as a superfood and its environmental benefits. The company embarked on a mission to establish a land-based marine algae farm in Goondiwindi, a bold move given its distance of 400 kilometres from the ocean. This initiative was bolstered by the expertise of Professor Peer Schenk from the University of Queensland, who had been researching microalgae as a source of Omega-3 and protein for human consumption and animal feed.

Algae Pharm’s journey has been marked by significant milestones, including the recent achievement of SGS Australia food grade certification for its marine algae-based products (see Goondiwindi algae farm scores important food grade certification in an Australia-first | Advance Queensland). This certification underscores the company’s commitment to quality and safety, enabling Algae Pharm to supply sustainable plant-based Omega-3 to domestic and export food manufacturers.

The global Omega-3 market, valued at over US$2.62 billion in 2023, presents a substantial opportunity for Algae Pharm. With the certification, the company is well-positioned to tap into this market and meet the growing demand for plant-based ingredients.

Algae pond at Algae Pharm, Goondiwindi, April 2021

The algae farm’s operations exemplify efficiency and sustainability, with the facility capable of daily algae harvesting. The process is environmentally conscious, featuring a closed-loop system that repurposes CO2 waste streams as feed for the algae and returns water to the ponds after harvesting.

Looking ahead, Algae Pharm continues to innovate, planning to expand its distribution channels and introduce new products like Spirulina to the market. The team’s expertise in horticulture, agronomy, and agri-science ensures optimal growth conditions for its algae strains.

Adept Economics celebrates Algae Pharm’s achievements and prospects. The company’s evolution from a startup to a certified producer of high-quality algae-based products is a testament to resilience, innovation, and a commitment to sustainability. As Algae Pharm explores new market opportunities, Adept Economics looks forward to supporting its endeavours and celebrating its successes.

Related post: Microalgal bloom in rural Queensland

This article was authored by Adept Economics Director Gene Tunny and published on 28 February 2024. For further information, don’t hesitate to contact us via contact@adepteconomics.com.au or 1300 169 870.