Insect Feed Market Accounting Excellent Growth of 20.9% CAGR by 2033

The anticipated value of the worldwide insect feed market is US$ 2.6 billion in 2023 and is expected to grow at a CAGR of 20.9% to US$ 17.4 billion by 2033.

The Asia-Pacific market has driven the marketplace, but Europe is expected to surpass Asia-Pacific during the anticipated period, owing to rising demand for protein-rich livestock feed in the region as well as official approval for black soldier fly farming. In the past few years, rising demand for protein-rich diets has boosted the share of the market for unconventional protein sources like insects by 38%

Insect feed requirement is being driven by evolving agricultural practices, expanding population, money, and a growing market requirement for nutritious animal food. As a form of insect feed, larvae and worms are used. Demand for both subcategories is expected to rise in response to a growing demand for animal food

As the need for high-quality animal protein grows, so does the necessity for insect feed for chickens. Edible insects may just have arrived at a point where they may compete with products like soy meal and fishmeal, which are key elements in animal feed and aquafeed compositions because of their growing popularity

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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 Market Study

The insect feed market is expected to expand at CAGRs of 11% and 16% in Europe and America, respectively, through 2032.
Market share of animal feed from poultry holds 21% of the total market in 2021.
The North American market total sales are currently pegged at USD 870 Mn.
The growing desire for protein-rich nutrition has boosted the share of the market of substitute sources of protein such as insects.
The COVID-19 epidemic has created various issues for the food industry. When compared to traditional animal feed supplies, the insect feed industry currently faces problems such as mass production. The key element expected to fuel growth in the global insect feed market is the expansion of the aquaculture and poultry sectors.
"Manufacturers of insect feed components may make considerable profits by focusing on the protein source business, "the insect nutrition sector would also act as a potential market for feeding livestock, which is linked to increased demand for protein products worldwide." says a Future Market Insights analyst.

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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Market Segments Covered In Insect Feed Market Analysis

By Product Type :

Meal Worms
Fly Larvae
Silkworms
Cicadas
Other

By Application :

Aquaculture
Pig Nutrition
Poultry Nutrition
Dairy nutrition
Other

By Region :

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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Key Questions Answered in the Report

How much is the current worth of the insect feed market?
At what CAGR is the market expected to grow?
How was the performance in the last five years?
What is the demand outlook forecast for the insect feed market?
Who are the top 5 players operating in the market?
How are market players reacting to the new developments in the market?
Which are the major countries driving demand for sugar toppings?
What outlook does Europe provide?
At what rate will the U.S. insect feed market grow?

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.