Mealworms Market Worth $1.27 Billion by 2030

Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption) - Global Forecast to 2030

Redding, California, April 18, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, 'Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption)-Global Forecast to 2030,' in terms of value, the mealworms market is expected to reach $1.27 billion by 2030, at a CAGR of 25.8% during the forecast period 2022-2030. In terms of volume, the mealworms market is expected to grow at a CAGR of 28.6% from 2022-2030 to reach 367,491.7 tons by 2030.

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The high demand for insect feed in emerging economies is expected to increase the number of investments by insect producers in such countries. Major market players are expanding in this market. For instance, in 2021, a France-based mealworm manufacturer, Ynsect, partnered with a food research center in South Korea, Lotte Research & Development Centre, to conduct joint research to develop alternative proteins from mealworms. Additionally, Ynsect also announced its plans to expand its human and animal nutrition businesses in Japan.

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Scope of the Report:

Mealworms Market, by Product Type

Whole Mealworm

Mealworm Meal

Mealworm Powder

Other Mealworm Products

Mealworms Market, by Application

Animal Feed

Aquafeed

Pet Food

Food & Beverages

Other Applications

Mealworms Market, by End Use

Animal Nutrition

Human Consumption

Other End Uses

Mealworms Market, by Geography

Europe

Netherlands

Belgium

France

Denmark

Finland

Germany

Rest of Europe

North America

U.S.

Canada

Asia-Pacific

Thailand

China

South Korea

Vietnam

Malaysia

Rest of Asia-pacific

Latin America

Middle East & Africa

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Based on end use, the mealworms market is segmented into animal nutrition, human consumption, and other end uses. In 2022, the animal nutrition segment is estimated to account for the largest share of the overall mealworms market. The growth of this segment is driven by factors such as the increasing animal population, rapidly growing pet expenditure, increasing customer willingness to provide high-quality food to their pets, lower price of insect-based feed compared to other types of animal feed, and the growing demand for insect protein in the pet food industry.

Based on geography, the mealworms market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the overall mealworms market. The large market share of this region is attributed to factors such as the presence of key mealworm manufacturers, increasing demand for alternative protein sources, high demand for protein-rich food & feed, the increasing number of government approvals for mealworms to be used in human, animal, and pet food applications; and the presence of supportive policies for insect farming.

However, North America is slated to register the highest CAGR during the forecast period of 2022 to 2030. The rapid growth of this market is driven by the growing demand for environment-friendly protein-rich food. In addition, the growing awareness of insects-as-food, decreasing food neophobia, and the altering attitudes of consumers towards insects as food products are expected to create significant opportunities for the growth of the mealworms market.

Key Players

Some of the key players operating in the overall mealworms market are Protix B.V. (Netherlands), Ÿnsect SAS (France), BETA HATCH (U.S.), Armstrong Crickets Georgia (U.S.), TEBRIO (Formerly MealFood Europe SL) (Spain), Tebrito AB (Sweden), Entec Nutrition (U.K.), Invertapro AS (Norway), Keil Co., Ltd (South Korea), EntoBreed Farming BV (Netherlands), and Goterra (Australia).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/mealworms-market-5264

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This release was published on openPR.