The global duckweed protein market is expected to be worth USD 87.7 million in 2023, with an 8.9% CAGR from 2023 to 2033. Overall duckweed protein sales are expected to be worth USD 205.8 million by the end of 2033.
Duckweed protein is gaining rapid popularity as a nutrient-rich and sustainable plant-based protein source. Consumers are increasingly embracing duckweed-based products due to growing awareness of environmental concerns and health benefits, propelling the industry forward. Its versatility and potential applications across various industries contribute significantly to its rapid expansion.
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As a result, demand for duckweed protein is anticipated to increase throughout the forecast period. Consumers are now urging retailers and manufacturers to expand their product ranges and focus more closely on their needs. This shift has garnered significant interest, especially in affluent countries. The total number of new duckweed protein products introduced is notable. Manufacturers are also emphasizing strategic marketing and labeling to enhance product appeal, with labeling playing a crucial role in this transformation.
Key Takeaways from the Report:
- Global duckweed protein sales are set to increase at 8.7% between 2023 and 2033.
- By form, fresh segment is expected to hold a prominent share of the worldwide duckweed protein market in 2023.
- Based on end use, food processing will continue to dominate the global duckweed protein market, accounting for a revenue of about 43.2% in 2023.
- The United States holds a prominent share of 78.9% of the North America duckweed protein market.
- India’s duckweed protein market is expected to accelerate at a CAGR of 8.3% during the assessment period.
Competitive Landscape
The duckweed protein market is highly competitive and fragmented, with numerous players vying for prominence. To capture a larger market share, companies are actively launching new products and forming business acquisitions or strategic partnerships.
A few of the leading players operating in the plant-based food market are Plantible Foods, Inc., Pontus Water Lentils, Hinoman, Ltd., Lempro Inc., Parabel USA Inc., Seta Organics, and Barentz B.V.
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
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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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