A Port Fairy based abalone producer has received funding assistance from the Victorian Government to explore how waste abalone product can be transformed into a nutraceutical – a medicinally or nutritionally functional food.
Southern Ocean Mariculture has been awarded a $144,000 Food Source Victoria grant to take part in a CSIRO-led pilot project that aims to produce nutraceutical products made from an extract from abalone processing waste.
In announcing the grant funding, Minister for Agriculture and Regional Development Jaala Pulford said the company will work with Portland based Southern Canning, CSIRO and Fisheries Research Development Corporation on the project, which could ultimately lead to the establishment of a bi-products processing plant in Portland,
She said the new processing plant would have the potential to generate significant export revenue and help to diversify Portland’s economy.
“We’re proud to support innovative abalone farmers in Port Fairy explore the health-boosting potential of their bi-products and undertake cutting edge research,” the Minister added.
“Investment in regional Victoria is vital to ensure it continues to be a prosperous place to live, work and do business.”