Functional ingredients are described as standardized and characterized formulations, portions or extracts that consist of bioactive compounds with diverse levels of purity. These components serve as ingredients for manufacturers in the production of functional foods. The oceanic setting serves as an underexplored reservoir of functional components applicable to diverse facets of food processing, preservation and enhancement. Presently, the significance of biologically active compounds in the market is on the rise, and there is a noteworthy commercial interest in incorporating seaweeds into nutritious foods, cosmetics, agricultural products and pharmaceuticals. This is due to the outstanding potential of seaweeds as functional ingredients, possessing medicinal, antioxidant, antimicrobial properties and additional health advantages. Omics technologies (Genomics, Transcriptomics, Proteomics and Metabolomics) present a fundamental opportunity in the bioprospecting of seaweeds as functional ingredients by providing comprehensive insights into their genetic, metabolic and functional characteristics. Integrating data from genomics, transcriptomics, proteomics and metabolomics provides a holistic understanding of seaweed biology. Systems biology approaches further enable the modelling and prediction of the behaviour of biological systems, aiding in the optimization of seaweed cultivation and processing for functional ingredient production.