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.
Insect meal, especially in powder form, is versatile and can be used in a variety of culinary items. This adaptability appeals to food manufacturers who can produce a wide range of insect-based items, including protein bars, snacks, baked goods, and more. Insect meal has the potential to be a beneficial ingredient in processed meals, such as snacks, energy bars, and protein supplements. The usage of insect meals in processed meals is likely to grow as the demand for convenient and nutritious foods expands. According to data from the Ministry of Agriculture, Food, and Rural Affairs, the local bug farming sector made 44.6 billion won in 2021, up 7.7 percent from the previous year.
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In Korea, given the scarcity of available land in cities, there is likely a trend toward developing insect farms using vertical farming techniques or repurposed urban spaces. Both sustainability and space restrictions can be addressed through urban farming.
Globally, the exploration of insect-based products with unique health advantages is emerging as a trend. Insect-based goods formulated as functional meals or nutraceuticals, with features such as immunological support or energy augmentation, can appeal to health-conscious customers.
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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Recent Developments Observed in Insect Feed in Korea
- In September 2023, Cricket One, a startup specializing in edible insects, established what it claims is Asia’s prime cricket processing facility and concluded a Series A round for an undisclosed “seven-figure” sum. Cub Capital and a Singapore-based family office participated in the round, led by Singapore-based investor Robert Alexander Stone.
- In April 2023, Ÿnsect, an insect production firm, signed a Memorandum of Understanding (MoU) with the Lotte research and development center, a Korean technology corporation. Guillaume Daoulas, Ÿnsect Food & Plant Sales Director, signed the MoU on April 26 in the presence of Cho Juhyeon, Korean Vice Minister for SMEs and Startups, at the “France – Korea” event hosted by French Tech and the French Embassy in Korea.
Some of the Key Players Offering Insect Feed in Korea
- Ÿnsect
- Shinsegae Food
- Cricket One
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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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