Twenty-one years ago, a start-up company bought a licence to harvest an invasive seaweed in Tasmania’s clean seas. Today Marinova is a world-leading producer of pure fucoidan – and winner of MBCRC’s inaugural Partner Excellence Award …

An Undaria pinnatifida sporophyll

In 2003, back when the US went to war with Iraq and Makybe Diva won her first Melbourne Cup, Australians barely gave seaweed a second thought. But Paul Garrott and his father Geoffrey saw some potential in a slimy brown seaweed called Undaria pinnatifida, a pest species that washed up on the shores of their native Tasmania. They formed a company called Marinova.

Twenty-one years later, Marinova is the world’s supplier of premium organic fucoidan – a bioactive compound that sells for up to A$12,000 per kilogram for pharmaceutical grade product. 

The Garrotts certainly weren’t breaking new ground with fucoidan – the extract has been prized by the Japanese and Koreans as a health supplement for decades — however, they were pioneers in its ‘green chemistry’ processing and certainly ahead of the curve when it came to unlocking value chains in a marine bioproduct. 

“Marinova was ahead of its time,” says Marketing and Communications Manager, Amanda Mackinnon. “Now people are seeing value in seaweeds to potentially solve a wide range of problems, everything from food security to innovative biomaterials through to human health issues.”

Hand harvesting of Undaria pinnatifids in Tasmanian waters

In western countries, fucoidans are a rising star, increasingly known for bioactive properties that include inflammation blocking, antiviral properties and anticancer effects. Today, though occupied by relatively few producers, the market for the compound is prodigious: a 2023 World Bank report on emerging markets in seaweed identified the global B2B fucoidan market as being worth US$36.04 million and projected to reach US$45.57 million by 2028. 

However, not all fucoidans are created equal.

Right from the start, the Garrotts were clear-eyed about their strategy for setting themselves apart. For them, it was about creating a pure extract and backing it up with science. 

The Undaria they processed was harvested from Tasmania’s pristine waters and given organic certification. The company also developed a proprietary aqueous process to remove the complex polysaccharide from the plant without using solvents like ethanol. 

“There has been a global shift away from synthetic compounds and towards products that are natural, safe and efficacious,” says Amanda. “We’re the only producer that can offer high purity, certified organic fucoidan with global regulatory acceptance.” 

Marinova’s fucoidan alongside a sporophyll of Undaria pinnatifida seaweed

Supporting their fucoidan compounds with scientific evidence was a key part of Marinova’s business model. 

“Marinova’s approach has always been grounded in science. The company continually invests approximately 20 per cent of its gross revenue into innovative R&D to support the efficacy of its products. High purity fucoidan has a wide range of bioactivities and we invest in both in vitro and clinical trials to demonstrate its potential health benefits.”

That science comes out of the company’s R&D facility in Cambridge near Hobart, as well as research done in collaboration with MBCRC and its academic partners like University of Tasmania. At present, Marinova has trials underway exploring efficacy of compounds in immune support, gut health and healthy ageing. 

Freshly harvested Undaria pinnatifida seaweed under inspection in Marinova’s laboratories

Global scientific interest in fucoidan is such that there are now some 3,500 published studies exploring the compound’s bioactivities. This increased interest is in turn driving demand for Marinova product, with large pharmaceutical companies around the world needing the purest form of the seaweed polysaccharide to conduct their trials.

Meanwhile, other market sectors are emerging.

Marinova’s fucoidan extracts are also included in premium skincare formulations, functional food and beverages, and medical devices.

“Animal health is another emerging market,” says Amanda. “During Covid, we saw a distinct rise in pet ownership. Since that period, we’ve seen people becoming more focussed on the health of their pets and rising global demand for pet health products formulated with natural, certified organic ingredients that are supported by science.” 

Marinova sells its high purity fucoidan extracts to product formulators and brand owners in more than 35 countries. Its customers are primarily located in Asia – a traditional consumer of the compound – and the US, which has been growing for the past 20 years. A key to this international success has been the company’s stringent quality controls and a commitment to satisfying regulations. 

“In recent years, Marinova has gained EU Novel Foods Approval for its fucoidan extracts. We remain the only supplier of fucoidan with regulatory approval in Europe and are increasingly seeing our extracts incorporated into premium nutritional supplements.”

Undaria pinnatifida underwater

While declining to share any metrics of their growth, Amanda Mackinnon says demand has spurred a $5 million expansion at Marinova’s manufacturing facility in Cambridge. As well as physically growing the facility, the company has installed additional advanced manufacturing technologies, effectively tripling production capacity.

Of the company’s 20 staff, nine are from overseas. “We have expertise here from all over the world. Each time the team expands, we look closely at the specific skills we require. We operate in a highly specialised field – there’s not a lot of fucoidan experts walking down the main street in Hobart! However, we can recruit related skills and experience and, no question, Marinova’s success is testament to its exceptional team. We’ve got world-class expertise in fields as diverse as biochemistry, pharmacology, analytical chemistry and regulatory affairs.” 

Advanced manufacturing in action at Marinova’s fucoidan extraction facility

Ongoing compliance with international regulatory standards and accreditations means Marinova maintains a focus on quality assurance. According to Amanda, the company is constantly undergoing third-party verifications, including independent audits, regular inspections and traceability requirements. 

Though sometimes overlooked in terms of value, Marinova also has an excellent story to tell – specifically how a pest seaweed species has been turned into a valuable resource that aids human health. Happily, the process is close to zero waste (byproduct from the manufacturing process is included in organic potting mix) and the story has a nice – if somewhat paradoxical – twist…

Undaria is a North Pacific species that was accidentally introduced to Tasmania in the 1980s, prompting grave fears about inundation and threats to shellfish industries. Marinova’s harvesting of the species has helped keep it in check to the extent that their local supply no longer meets the company’s requirements. 

Marinova researchers in the company’s laboratories

“There’s no longer enough growing here for us to meet global demand – which is a good thing!  Most of our Undaria now comes from Patagonia, which is another pristine harvest location.” The seaweed is a pest species there, too, and the Tasmanian company is pleased to be playing a small part in its control.  

On August 29, Marinova was presented with MBCRC’s inaugural Partner Excellence Award. More than 100 industry leaders gathered at Marine BioConnect 2024, where Marinova’s Scientific Affairs Director, Dr Corinna Dwan collected the award from MBCRC Board Director, Dr Kathy Ophel Keller.  

According to MBCRC’s CEO, Daniel Abrahams, Marinova has become something of a ‘blueprint for success’. “We’re still an emerging industry,” says Daniel, “so it’s useful and valuable to have companies who are showing what can be done within the marine bioproduct space.  

“There’s no question, Marinova was something of a pioneer. When Paul and his father Geoffrey Garrott started looking for commercial opportunities in 2003, the Tasmanian government was granting licences to harvest a species that – as far as most people knew – was an ingredient in miso soup. Today, they are not only Australia’s sole producer of fucoidan, they are the world leader in terms of purity.” 

Daniel says the Garrotts were steadfast in pursuing a higher value product, but perhaps most importantly, they also saw the value in good science. 

“This Partner Excellence Award acknowledges them as a leading light in the field of marine bioproducts – but it also thanks them for illuminating the path so others can follow.” 

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