According to Future Market Insights (FMI), the global duckweed protein market is valued at USD 87.7 million in 2023 and is anticipated to reach USD 205.8 million by 2033. Total duckweed protein sales are forecast to rise at a CAGR of 8.9% from 2023 to 2033.
Rising demand for plant-based protein and plant-based foods worldwide is a prominent factor spurring growth in the global duckweed protein market.
Duckweed plants are among the most nutrient-rich and sustainably grown plants in the world. They contain large amounts of protein and are thus regarded as ideal options for countering shortage of nutrient-rich foods.
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Several companies are extracting protein from various species of duckweed. These plant-based proteins are then used across industries such as food processing, animal feed, dietary supplements, and nutraceuticals.
During the forecast period, rise in veganism and growing preference for plant-based foods are expected to propel duckweed protein demand worldwide.
Ingredients such as duckweed protein that are nutritiously dense, regenerative, and sustainable will appeal to consumers who are interested in eating foods that are both sustainable and healthy.
With growing health awareness and concerns over animal cruelty, a large portion of the world population is switching to plant-based foods. They are showing a keen inclination towards consuming plant-based foods to protect the environment, reduce animal cruelty, and minimize the risk of disease acquisition. This will create a favorable environment for the development of duckweed protein market.
Similarly, rising awareness about the health benefits of duckweed will positively influence duckweed protein sales throughout the forecast period.
Duckweed protein in its fresh form is the market leader in the category of overall forms. Future food products will need fresh duckweed species to be designed for a sustainable alternative source of protein that has the potential to replace animal meat and is a healthier and more cost-effective protein.
Key duckweed protein manufacturing companies are levering advanced technologies to derive protein from plant sources sustainably. They are constantly introducing new duckweed products to meet growing demand for plant-based foods.
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.
Who is Winning?
New product launches, adoption of new advanced production technologies, awareness campaigns, acquisitions, joint ventures, celebrity endorsements, and mergers are few of the key strategies employed by companies to gain a competitive edge in the market.
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
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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