The duckweed market is set to witness substantial growth, reaching a valuation of US$ 195.4 million by 2033, with a CAGR of 10.8% during the period from 2023 to 2033, starting from US$ 76.0 million in 2023.
The duckweed market is anticipated to expand quickly because of its nutritional benefits and the increased public awareness of sustainable food sources. There are challenges facing the duckweed sector, such as fluctuating costs and ecological concerns.
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Market Opportunities:
The Duckweed market is having many opportunities as it is a great source of protein, minerals, and vitamins. Duckweed is having many benefits, that’s why it is used to make skin care, hair care, personal care products, as well as medicines and health care.
Many sectors are getting benefits from duckweed, such as pharmaceuticals, environmental treatment, cosmetics, agriculture, bioplastics, research and development, food and beverage, animal feed, and renewable energy.
Key Takeaways:
- The duckweed sector experienced a steady growth rate, with a Compound Annual Growth Rate (CAGR) of 10.8% from 2023 to 2033, indicating a positive trajectory for the market over the forecast period.
- Projections indicate that the duckweed market is set to expand and reach a value of US $195.4 million by 2033, reflecting the increasing demand and potential opportunities in the industry.
- In 2022, the United States emerged as the leading market for duckweed, capturing a significant share of 22.5%, highlighting its dominance and presence in the industry.
- Germany showcased notable growth in the duckweed market in 2022, capturing a market share of 7.1%, indicating a rising interest and involvement in the business.
- India witnessed significant expansion in the duckweed market in 2022, securing a substantial market share of 6.6 %, reflecting the growing market potential and opportunities in the country.
- Japan emerged as a dominant player in the duckweed market in 2022, capturing a notable market share of 3.1%, indicating its involvement and influence in the industry.
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Competitors Winning Strategies:
Competitors of the duckweed market are mainly focusing on making new and unique types of products that are obtained from duckweed. They are creating their own brand, which helps the customer to memorize the product easily.
They are also working on the price and cost of their product to overcome the amount of their product to make the product more affordable. They also give some education to customers through advertisements and their packaging, like what are the benefits of the duckweed products and how they can involve in their life.
Greenleaf Innovations, AquaGrowth Solutions, and BioDuck Industries are some of the leading competitors in the duckweed market.
Key Segments of Duckweed Industry Survey:
By Form:
- Powder
- Oil
- Paste
By End Use:
- Household
- HoReCa
- Food & Beverages
- Aquaculture Industry
- Pharmaceutical Industry
- Others
By Application:
- Food
- Animal & Aquatic Feed
- Dietary/Health Supplements
- Biofertilizers
- Biofuels
- Water Treatment
By Product Type:
- Little Duckweed (Lemna Minor)
- Thick Duckweed (Lemna Gibbs)
- Cross Duckweed (Lemna Priscila)
- Great Duckweed (Lemna Polyuria)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Recent Developments:
- Parabel USA Inc.: Announces an innovative item named “Lentein,” a duckweed-based powdered protein that may be utilized in various applications related to food and beverages.
- University of Florida: Creates a novel way for producing duckweed in controlled surroundings, which might assist in US$ 21.5 million round of investment deal to boost the sale of its duckweed-based protein supplements.
- Pontus Protein: Announces intentions of marketing a water-soluble lentil-derived component in addition to the vertical aquaponics technology in which it is being developed.
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