The total worth of the global insect feed market Valued at an estimated US$1.56 billion in 2023, the market is poised for a staggering 17.9% compound annual growth rate (CAGR), reaching a colossal US$8.12 billion by 2033. This surge is driven by a confluence of factors, making the insect feed market a prime target for investment in the sustainable food revolution.
Insects are nature’s protein powerhouses, boasting a high nutritional value with exceptional conversion rates. They require significantly less land and water compared to traditional livestock, making them a sustainable and environmentally friendly solution for animal feed production. This resonates deeply with consumers and businesses alike, driving the demand for insect-based feed alternatives.
Sales of animal feed additives are also expected to be constrained by the strict laws and regulations related to introducing new insect feed. For example, the Bovine Spongiform Encephalopathy problem poses a crucial threat to consumer health and safety, impacting the overall approach of using insects as feed in Europe. Another main roadblock to adopting insects as feed in many places is the lack of clear laws and standards governing their usage as food.
“Prominent industries producing animal feed have started investing in research to produce cutting-edge insect feed products to expand consumer base in the international market. Besides, some insect feed suppliers are working with other producers to include their goods in preparation of the final product for livestock.” – Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
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The aquafeed industry has always been on the search for potential sources of nutrition. As a result, mealworms and fly larvae are becoming more popular. The demand for alternative and economical sources of protein, like eatable insects for animal feed is increasing as fisheries output grows. Insect feed is projected to become more popular in chicken and pork nourishment as well as in aquaculture
Insect protein is used to make processed foods that are packaged and ready to consume. Protein bars and powdered protein shake, as well as several foods, include insect protein. Evidently, the switch in insect protein utilisation for food products will open new growth opportunities over the anticipated timeframe
Key Takeaways from the Global Insect Feed Market Study Report by FMI
- The United States captured most of the global market and is predicted to contribute US$ 491.7 million in 2023.
- Germany is the leading supplier of insect feeds in Europe and it may contribute to nearly 5.8% of the global market share in 2023.
- Insect feed demand is rising in China and South Korea, which is expected to lead to strong growth in the Asia Pacific. In 2023, the two countries are estimated to contribute nearly 15.8% and 2.8% of the global revenue share respectively.
- Australia is another emerging market for insect feeds in the Asia Pacific with an estimated global market share of 1.9% in 2023.
- With an overall market share of nearly 43% in 2023, the aquaculture segment is expected to lead the market among end users.
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Competitive Landscape
Insect feed manufacturers are putting a lot of effort into research and development to improve the quality of their products.
Thai Union Group- The company debuted insect protein goods in Thailand in March 2020, fueling the industry with a USD 6 million investment in a brand called Flying Spark. The firm claims to provide an alternative protein supplement based on cutting-edge, high-quality processes.
Protix BV- In March 2020, the firm announced that Rabo Corporate will become a stakeholder, claiming that this would help it expand its insect protein production capabilities in the Netherlands.
Beta Hatch- Cavallo Ventures and Brighton Jones confirmed in May 2020 that the firm has obtained USD 4 million through investment. The company intends to construct a production facility in North America where it will begin commercial mass production of mealworms.
ValuSects project- A project was launched in May 2021 with the goal of enhancing edible insect processing and manufacturing technologies. Europe provided money for this research in the amount of 3 million euros.
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Insect Feed Market Segmentation
By Insect Type:
- Fly Larvae
- Silkworms
- Cicadas
- Other Insects
By Application:
- Aquaculture
- Pig Nutrition
- Poultry Nutrition
- Diary Nutrition
- Other Applications
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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