& The farming of the red seaweed Kappaphycus alvarezii and related species as raw material for the hydrocolloid carrageenan rapidly spread from the Philippines in the late 1960s to Indonesia, Tanzania, and other tropical countries around the world. Although numerous studies have documented positive socioeconomic impacts for seaweed farming, factors such as diseases and distance to export markets have led to an uneven development of the industry. Using standard budgeting techniques, this study adapted production and market data from a FAO-led global review of seaweed farming to develop comparative enterprise budgets for eight farming systems in six countries (Indonesia, the Philippines, Tanzania, India, Solomon Islands, and Mexico). Although the basic technology package is the same across countries, the study revealed large differences in the economic performance of systems due to wide variations in farm prices and the scale of operations. Although seaweed farming is a suitable activity for small-scale producers, a minimum of 2,000 m of cultures lines are still necessary to ensure adequate economic returns. Greater farming plots may be needed if farm prices are well below the average farm prices paid in Indonesia and the Philippines. Policy recommendations are made to improve the economic potential of underperforming systems.

Kappaphycus and Eucheuma, known collectively as 'eucheumatoids', are two related genera of red seaweeds which currently lead the rankings for volume of global production of farmed macroalgae. Since 2009, the combined cultivated volume of these carrageenophytes overtook that of the brown seaweeds Laminaria (Saccharina) and Undaria for global production tonnages, according to statistics of the Food and Agriculture Organization of the United Nations (FAO). The Southeast Asian region, particularly Indonesia, the Philippines, Malaysia, Tanzania, and East Africa are the major producers of eucheumatoid biomass. Despite several success stories of red seaweed cultivation and the economic and socioeconomic value of their ecosystem services, there remain a number of salutary lessons to be learned from 'agronomic' practices applicable to their extensive cultivation. These case studies should be further developed, analysed, and adopted as best-practice recommendations for future socioeconomic prosperity, as well as both economic and environmental sustainability. In this review, we propose the use of the term 'phyconomy' (i.e. large-scale production of marine macroalgae for economic and industrial purposes) as an alternative to the term agronomy (i.e. terrestrial plant production).

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