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

Author

Listed:
  • Gal Hochman

    (Department of Agriculture, Food, and Resource Economics, Rutgers University, New Brunswick, New Jersey, USA)

  • Ruslana Rachel Palatnik

    (Department of Economics and Management, Max Stern Yezreel Valley College, Yezreel Valley, Israel)

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.

Suggested Citation

  • Gal Hochman & Ruslana Rachel Palatnik, 2022. "The Economics of Aquatic Plants: The Case of Algae and Duckweed," Annual Review of Resource Economics, Annual Reviews, vol. 14(1), pages 555-577, October.
    • Handle: RePEc:anr:reseco:v:14:y:2022:p:555-577
    DOI: 10.1146/annurev-resource-111920-011624
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    File URL: https://doi.org/10.1146/annurev-resource-111920-011624
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    Cited by:

    1. Palatnik, Ruslana Rachel & Freer, Mikhail & Levin, Mark & Golberg, Alexander & Zilberman, David, 2023. "Algae-Based Two-Stage Supply Chain with Co-Products," Ecological Economics, Elsevier, vol. 207(C).

    More about this item

    Keywords

    circular bioeconomy; macroalgae and duckweed; microalgae; supply chain;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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