The global demand for duckweed market is set to experience substantial growth, with projections indicating a rise from US$ 76.0 million in 2023 to approximately US$ 195.4 million by 2033, marking a robust CAGR of 10.8%. This growth is driven by the increasing nutritional value and diverse applications of duckweed across various industries.
Duckweed, a small aquatic plant characterized by its rapid growth and high nutritional content, is gaining traction in the animal feed, aquaculture, and human food sectors. With protein levels ranging from 25% to 45%, duckweed surpasses traditional protein sources like soybean meal, making it an attractive option for feed manufacturers and health-conscious consumers alike.
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“The market’s growth is fueled by the expanding applications of duckweed, which include its use in animal feed, wastewater treatment, biofuels, and even medicinal products,” opines Nandini Roy Choudhury, Client Partner at Future Market Insights. “Its ability to double in biomass every few days under ideal conditions positions duckweed as a sustainable solution for various industries.
North America holds a significant share of the global duckweed market, with the United States leading in research and adoption of duckweed for renewable energy and nutritional supplements. The region is expected to account for over 77% of the North American market share, driven by increasing demand for plant-based proteins and sustainable agriculture practices.
The Asia Pacific region is also witnessing rapid growth in the duckweed market, fueled by the burgeoning food and beverage industry and increasing consumer preference for nutritious food products. Countries like China and Japan are leading contributors to this growth, driven by innovations in food technology and sustainable agriculture practices.
Key players in the duckweed market, such as Parabel, Green Orchid Nursery & Garden Center, and Australian Aquatic Solutions, are investing in new product launches and strategic partnerships to capitalize on the growing demand for duckweed-derived products. For instance, Plantible Foods recently raised US$ 21.5 million to expand its production of duckweed-based protein alternatives.
As the global demand for sustainable and nutrient-rich food sources continues to grow, the duckweed market presents promising opportunities for investors and stakeholders looking to capitalize on the future of agriculture and renewable energy.
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Recent Developments
- March 2023: A study released in the journal “Food Science & Nutrition” discovered that duckweed powder could contribute decrease cholesterol levels.
- June 2023: The Organic Duckweed Colorants Association (NDCA) conducted its yearly meeting in New York City. The meeting brought together executives from companies globally to talk about the latest advances and improvements in the pure duckweed colorant sector.
- June 2023: The FDA held an open talk on the health benefits of duckweed extract. The conversation enabled those interested in including duckweed oil in food items to send opinions to the FDA.