Insect Feed Market Size all set to hit $2.2 Billion by 2031
Insect offers high-quality protein, amino acids, and vitamins for livestock as well as pet food. Insect based diet for livestock can potentially replace soymeal in their diet. The nutritious quality of fly larvae, meal worms, silkworm, locusts, among others are used in the diets of pigs, poultry, aquaculture, and ruminants. These insects offer 42%-63% higher protein content compared to traditional resources such as soymeal and fishmeal. Also, the palatability of insect feeds is higher and can replace 25 to 100% of soymeal and fishmeal depending on the animal for which it is being used.
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The increasing Insect Feed Market Demand for poultry products from the food service industry majorly drives the Insect Feed Market Growth. Improvements in breeding techniques for the development of environmentally low-impacting livestock, further contribute toward market growth. A healthy gut reflects the sufficient amount of protein is being consumed by the animal. Protein is required for healthy metabolism as well. Protein deficiency reduces productivity among animals. Thus, through the consumption of insect feed protein deficiency can be overcome. This factor will fuel the growth of the insect feed market during the forecast period. Moreover, the identification of insects as a more sustainable source of proteins than traditional sources will further contribute toward the market growth and is likely to bring myraid Insect Feed Market Opportunity.
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However, the availability of alternative feed options such as corn meal, soy meal, canola meal, whey meal limits the growth of the insect feed market. Also, poor knowledge associated with risks related to insect toxicity, nutritional quality, diseases, and allergic reactions among animals is likely to hamper the growth of the market.
The global insect feed market is segmented into product type, end user, end use, and region. On the basis of product type, the market is categorized into meal worms, fly larvae, silkworm, cicadas, and others. By end user, it is fragmented into residential and commercial. Depending on end use, it is segregated into pet food, aquaculture, and livestock. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Singapore, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, UAE, and rest of LAMEA).
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Key findings of the study
On the basis of product type, meal worms segment dominated the global market in 2021 with a Insect Feed Market Share of more than 32%. However, fly larvae segment is attributed to be the fastest growing segment during the forecast period.
On the basis of end use, aquaculture dominated the global market in 2021. However, livestock is likely to be the fastest growing segment with the CAGR of 26.0% during the forecast period.
On the basis of end user, commercial segment dominated the global market in the year 2021 with the market share of more than 79%. However, residential segment are likely to be the fastest growing segment during the forecast period with the CAGR of 26.2%.
Based on category, branded segment dominated the global market with the market share of more than 70% in the year 2021. However, private label segment is likely to be the fastest growing segment during the Insect Feed Market Forecast period with the CAGR of 15.1%.
Region-wise, North America was the highest revenue contributor and is estimated to reach $ 704.8 million by 2031, with a CAGR of 22.3%. However, LATAM is likely to be the fastest growing region during the forecast period.
The players operating in the insect feed industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in Insect Feed Market Analysis are AgriProtein Holdings Ltd, Buhler AG, Protix, Enterra Feed, entofood, enviroflight, Nasekomo, InnovaFEED, Hexafly, Coppens, DeliBugs, Kreca Ento-Feed BV, Ynsect, Nusect, Protenga, Beta Hatch, and Entobel.
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