The Economics of Aquatic Plants: The Case of Algae and Duckweed

Abstract

This review examines global microalgae, seaweeds, and duckweed (MSD) production status and trends. It focuses on cultivation, recognizing the sector's existing and potential contributions and benefits, highlighting a variety of constraints and barriers over the sector's sustainable development. It also discusses lessons learned and ways forward to unlock the sector's full potential. In contrast to conventional agriculture crops, MSD can rapidly generate large amounts of biomass and carbon sequestration yet does not compete for arable land and potable water, ensuring minimal environmental impacts. Moreover, MSD's applications are ubiquitous and reach almost every industrial sector, including ones essential to meeting the increasing needs of human society, such as foods, pharmaceuticals, and chemicals. To this end, the growing public awareness regarding climate change, sustainable food, and animal welfare yields a significant shift in consumer preference and propels the demand for MSD. In addition, once governments usher in durable and stable carbon policies, the markets for MSD are likely to increase severalfold. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.