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 has 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 $195.4 million by 2033, reflecting the increasing demand and potential opportunities in the industry.
- In 2022, the United States emerged as the leading market for duckweed, capturing a significant share of 22.5%, highlighting its dominance and presence in the industry.
- Germany showcased notable growth in the duckweed market in 2022, capturing a market share of 7.1%, indicating a rising interest and involvement in the business.
- India witnessed significant expansion in the duckweed market in 2022, securing a substantial market share of 6.6 %, reflecting the growing market potential and opportunities in the country.
- Japan emerged as a dominant player in the duckweed market in 2022, capturing a notable market share of 3.1%, indicating its involvement and influence in the industry.
Competitors’ Winning Strategies
Competitors of the duckweed market mainly focus on making new and unique types of products obtained from duckweed. They are creating their own brand, which helps the customer to memorize the product easily.
They are also working on the price and cost of their product to overcome the amount of their product to make the product more affordable. They also educate customers through advertisements and their packaging, like what are the benefits of the duckweed products and how they may be involved in their life.
Greenleaf Innovations, AquaGrowth Solutions, and BioDuck Industries are some of the leading competitors in the duckweed market.
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Recent Developments:
- Parabel USA Inc.: Announces an innovative item named “Lentein,” a duckweed-based powdered protein that may be utilized in various applications related to food and beverages.
- University of Florida: Creates a novel way for producing duckweed in controlled surroundings, which might assist in a US$ 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.
Key Companies Profiled
- Parabel
- Green Orchid Nursery
- Australian Aquatic Solutions
- Go Herbal Foods
- Sak Aquatics
- Victory Farms Ltd.
- Medicine Raw Materials
- Herbalife
- Pond Pro
- Plantible Foods
- NutraIngredients
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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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