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Sustainable development is an integrated approach to tackle ongoing global challenges such as resource depletion, environmental degradation, and climate change. However, a paradigm shift from a fossil-based economy to a bio-based economy must accomplish the circularity principles in order to be sustainable as a solution. The exploration of new feedstock possibilities has potential to unlock the bio-based economy’s true potential, wherein a cascading approach would maximize value creation. Seaweed has distinctive chemical properties, a fast growth rate, and other promising benefits beyond its application as food, making it a suitable candidate to substitute fossil-based products. Economic and environmental aspects can make seaweed a lucrative business; however, seasonal variation, cultivation, harvesting, and product development challenges have yet not been considered. Therefore, a clear forward path is needed to consider all aspects, which would lead to the commercialization of financially viable seaweed-based bioproducts. In this article, seaweed’s capability and probable functionality to aid the bio-based economy are systematically discussed. The possible biorefinery approaches, along with its environmental and economic aspects of sustainability, are also dealt with. Ultimately, the developmental process, by-product promotion, financial assistance, and social acceptance approach are summarized, which is essential when considering seaweed-based products’ feasibility. Besides keeping feedstock and innovative technologies at the center of bio-economy transformation, it is imperative to follow sustainable-led management practices to meet sustainable development goals.

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