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Duckweed Protein Market size to reach $150 Mn by 2032
- Published Date: May 2, 2023
Duckweed Protein Market size is expected to surpass USD 150 million by 2032, according to a new research report by Global Market Insights Inc.
Rising demand for duckweed protein across the animal feed sector is expected to complement industry growth. Carbon footprint is becoming a major concern for the livestock farming sector, necessitating sustainable alternatives capable of reducing the environmental impact and costs. Duckweed is a highly nutritional alternative packed with fatty acids, amino acids, vitamins, and minerals. Research suggests that duckweed could potentially replace 50% of a cow’s diet, allowing animal farmers to cut down on hefty expenditures associated with high-performance animal feed.
The rising meat consumption across several economies is imposing significant pressure on the poultry and meat production sectors, fostering demand for superior feed formulations. As per the OECD-FAO Agricultural Outlook, population growth will play a key role in accelerating meat demand with an estimated 15% rise in global meat consumption by 2031.
Extensive R&D in fish feed alternatives to foster demand for giant duckweed
Duckweed protein market size from the Spirodela polyrhiza (great/giant duckweed) segment is projected to record more than 11% CAGR from 2023 to 2032. Great duckweed or Spirodela polyrhiza is a prominent source of biomass in bioenergy production due to its high biomass yield. Giant duckweed is primarily grown in stagnant freshwater and caters to a wide variety of applications across animal and fish feeds.
The ingredient is gaining massive traction as an alternative natural feed source for aquaculture, human food, and animal husbandry owing to its rich nutritional profile. Spirodela polyrhiza is an excellent source of Nitrogen Free Extract, amino acids, and protein. Several studies exploring the scope of giant duckweed as an alternative feed for carnivorous fish species will also complement industry development.
Rising demand for biofuel to drive use of duckweed for oil production
The duckweed protein market share from the oil form segment is predicted to cross USD 45 million by 2032. Duckweed oil is emerging as a popular product across the animal feed and food sectors on account of its high unsaturated fatty acids content offering consumers omega-3 and omega-6 fatty acids. Furthermore, studies are focusing on the potential of duckweed as a potent source of biofuel. For instance, a study supported by the U.S. Department of Energy, Office of Science in October 2022, demonstrated the ability of genetically engineered duckweed plants to produce oil seven times greater than the per acre production from soybeans.
Browse key industry insights spread across 200 pages with 729 market data tables and 22 figures & charts from the report, “Duckweed Protein Market Size By Species (Lemna minor, Wolffia globosa, Spirodela polyrhiza), By Form (Powder, Oil, Paste), By End-Use (Food Processing, Animal & Fish feed, Others) & Global Forecast, 2023 – 2032” in detail along with the table of contents:
Increasing trend of veganism to propel duckweed protein demand in North America
North America duckweed protein market will expand at a 12% CAGR between 2023 and 2032. The U.S. and Canada are home to an expanding vegan population driven by the growing awareness regarding the impact of meat on health as well as the environment. The rising number of vegan food manufacturers in the U.S. will also spur the market demand. Additionally, growing consumer interest in a variety of plant-based proteins is set to proliferate duckweed cultivation in the region, thus offering lucrative business prospects for regional industry players.
New product launches to boost duckweed protein industry expansion
Some of the leading companies operating in the duckweed protein market include SETA Organic, Aquatic Technologies, Plantible, Parabel, Green Orchid Nursery, GreenCrop, LLC, Landoltia, and WASE. These companies are focusing on new product launches to achieve a competitive lead. For instance, in August 2019, Parabel USA Inc. unveiled neutral-colored protein ingredients as an allergen-free alternative for existing plant proteins such as soy or pea.