Korea is witnessing a ground-breaking surge in the insect feed market, with an astounding 23.6% CAGR forecasted between 2023 and 2033. The industry, valued at US$ 18.4 million in 2023, is poised to reach a remarkable US$ 152.9 million by 2033.
Market Dynamics:
- Pet-Friendly Nutrition: Growing pet ownership culture fuels the demand for insect-based components in pet food, offering a sustainable and protein-rich alternative.
- E-Commerce Prowess: Insect feed firms leverage the rise of e-commerce, adopting a direct-to-consumer approach to broaden their audience and collaborate with online businesses.
- Sustainable Solutions: Innovations in insect farming, robotics, and sustainable packaging become pivotal, aligning with the global push towards ecological and sustainable practices.
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Key Trends Shaping the Market:
- Bioactive Opportunities: Insects contribute to bioactive chemicals and proteins, potentially expanding into cosmetics and therapeutic applications.
- Snacking Revolution: Creation of insect-based snacks aligned with Korean tastes emerges as a profitable venture, offering healthy alternatives to traditional snacks.
- Educational Initiatives: Teaching programs focusing on sustainable agricultural techniques, including insect farming, emerge to shape positive perceptions from an early age.
Comparative Market Analysis:
- Korea: 23.6% CAGR, Industry Size: US$ 152.9 million (2033)
- Japan: 20.9% CAGR, Industry Size: US$ 23.5 million (2033)
- Global: 17.9% CAGR, Industry Size: US$ 1,561 million (2033)
Industry Insights:
- Powdered Insect Meals Lead: In Korea, powdered insect meals capture a substantial 59.00% of the market share, offering versatility in various culinary applications.
- Black Soldier Flies Dominate: Black soldier flies, accounting for 42.80% of the market, witness increased demand due to perceived ecological farming practices.
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Top Players and Strategies:
- Insect: Signed an MoU with the Lotte research and development center, exploring insect production opportunities in Korea.
- Shinseki Food: Positioned strategically in the competitive insect feed industry, contributing to the sector’s growth.
Key Takeaways:
- Korea experiences a remarkable 23.6% CAGR in the insect feed market, driven by pet-friendly nutrition, sustainable practices, and innovative farming technologies.
- Powdered insect meals dominate the market, capturing a substantial 59.00% share, offering versatility in culinary applications.
- Black soldier flies witness increased demand due to their perceived ecological farming practices.
- Global insect feed market set to achieve a 17.9% CAGR, reaching a valuation of US$ 1,561 million by 2033.
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Key Segments
By Product Type:
- Meal (Powder)
- Live insect meal
- Whole (Dried Insects)
By Insect Type:
- Black Soldier Flies
- Fly Larvae
- Silkworms
- Cicadas
- Other Insects
By Nutrition:
- Aquaculture
- Pig Nutrition
- Poultry Nutrition
- Dairy Nutrition
- Others
Key City/Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
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