In 2023, the size of the worldwide duckweed market was estimated to be worth US$76.0 million. The key growth drivers of the market are expected to be its wide range of applications and rising nutritional value. Between 2023 and 2033, duckweed sales are expected to increase at a strong rate of 10.8%, reaching a total of around US$ 195.4 million by the end of that year.
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 has a great CAGR for many reasons, like increasing awareness about sustainable food and the nutritional benefits of the duckweed. There are also some challenges in the duckweed market, such as cost fluctuations and environmental 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.
Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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