The global market for duckweed protein is expected to achieve a valuation of USD 87.7 million by 2023, with an anticipated CAGR of 8.9% from 2023 to 2033. By the conclusion of 2033, total sales of duckweed protein are projected to reach USD 205.8 million.
Health is a key motivator, encouraging people to switch to a plant-based diet. Consumers are willing to switch meat or dairy a few times a week for a broader variety of plant foods if a manufacturer offers a varied diet comprising a wide variety of fruits, vegetables, legumes, and pulses that has higher nutrition than meat.
Hence, the demand for duckweed protein is expected to increase over the forecast period. An increasing number of consumers want merchants and manufacturers to take the lead in expanding their product offerings and becoming more customer-focused. This initiative has been noticed, particularly in wealthy countries. The overall number of new product launches in the duckweed protein market.
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Labeling has become a significant component of this transition process, with producers promoting and labelling their products to make them appear more desirable and appealing to consumers.
“With growing consumption of plant-based protein and rising vegan trend, the demand for high protein food such as duckweed is accelerating across the globe.” said a lead analyst at FMI.
Who is winning?
Plant-based protein products are expected to see an increase in demand, especially from the fitness industry, according to Future Market Insights. Hence, key players are likely to enhance their manufacturing capacity and capabilities by embracing cutting-edge technologies.
Some of the leading companies offering duckweed protein are Parabel USA Inc., Pontus Water Lentils, Barentz B.V., Hinoman, Ltd, Plantible Foods, Inc. Lempro Inc., Seta Organics and others.
Recent Developments:
- In October 2022, Viachem, Ltd, a specialty distributor of life science ingredients and specialty chemicals was acquired by Barentz International, a global life science ingredients distributor.
- Recently, Plantible Foods closed its Series A round with US$ 21.5 million. The company also announced that it will soon be launching a new duckweed-based protein to meet growing end user demand.
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Global Duckweed Protein Industry Segmentation
By Forms:
- Fresh
- Dried
By Species:
- Wolffiella
- Spiro Dela
- Lemna
By End Use:
- Food processing
- Animal and Fish feed
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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