The global insect feed market is poised for significant growth, with an estimated worth of approximately USD 1,561 million in 2023. This burgeoning sector is anticipated to expand at an impressive annual growth rate of 17.9% from 2023 to 2033. By the end of this period, the market’s value could soar to an estimated USD 8,124 million, driven by increasing demand for sustainable protein sources in agriculture and aquaculture. As the industry evolves, innovations in insect farming and feed formulations are likely to play a crucial role in meeting this rising demand.
As many animals ingest the insects naturally, it makes sense to think about using insect proteins as a potential source of commercial feed additionally, because insects include bioactive components, they are increasingly being used as innovative feed additions to promote the gut health of pet animals.
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.
Historical Growth and Market Valuation of Insect Feed
Between 2018 and 2022, the insect feed market experienced a robust year-on-year growth rate of approximately 16%. By the close of 2022, the market’s total valuation reached around USD 1,319 million.
Aquaculture Industry Driving Global Demand
The aquaculture sector, constantly seeking cost-effective alternatives to traditional aquafeed like fishmeal, is a key driver of insect feed demand. As the aquaculture industry is projected to grow significantly over the forecast period, the global adoption of insect-based feed products is expected to rise.
U.S. Market: A Hub for Insect Feed Production
In the United States, insect feed production is propelled by the increasing insect farming activities in regions such as Hawaii and their expanded utilization in feed formulations. The U.S. market is set to thrive further, supported by leading manufacturers like JR Unique Foods, Nutritio Technologies, and Endofood.
“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.).
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.
|
Regional Market Comparison |
Global Market Share in Percentage |
|
United States Insect Feed Market Share |
31.5 % |
|
Germany Insect Feed Market |
5.8 % |
|
Japan Insect Feed Market |
2.8 % |
|
Australia Insect Feed Market |
1.9 % |
|
China Insect Feed Market |
15.8 % |
Competitive Landscape
To increase their product offerings and introduce cutting-edge items, leading insect feed manufacturers spend highly on research and development. For instance, Nutrition Technologies Company declared in June 2022 to create bacteriophages to replace antibiotics in the protein found in black army flies.
Recent Developments
Protenga Incorporate obtained nearly US$ 1.6 million in July 2020 with Roslin Technologies, a British agri-tech startup. The investment has been made to discover the black soldier fly’s new, effective genetic strains for use in aquaculture, livestock, and pet feed.
Nutrition Technologies and Evonik partnered in March 2022 to do research and development on poultry insect feed. The partnership concentrated on the amino acid needs of Southeast Asian BSF to achieve sustainable results in livestock production by optimizing BSF diets.
In May 2022, Pet World Nutrition Technologies, SPCA Selangor, and Nutrition Technologies introduced a sustainable commercial dog food containing protein from black soldier fly larvae.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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