Edible Insects for Animal Feed Market Set to Surge Significantly by 2024

Edible insects for animal feed market has been segmented on the basis of insect type, form, application and geography. On the basis of type edible insects for animal feed market can be segmented into grasshoppers, flies, bees, wasps, worms, ants, beetles, and termites. Among these segments some of the key insect species used as feed are black soldier flies, silkworms and yellow mealworms. On the basis of form edible insects for animal feed market can be segmented into raw, dried, steam or fried and frozen. On the basis of application edible insects for animal feed market can be segmented into aquaculture, poultry and pets. Pet foods have seen an increasing demand for grasshoppers in dried as well as frozen forms. On the basis of geography edible insects for animal feed market can be segmented into Latin America, North America, Europe, Middle East and Africa and Asia Pacific.

On the basis of regional segment, market of edible insets for animal feed is segmented into five different regions: Latin America, North America, Europe, Middle East and Africa and Asia Pacific. Out of which Asia-Pacific region occupied the maximum share in revenue of edible insects market for animal feed and is predicted to dominate the market for a long period. Countries like India, China, Sri Lanka, Malaysia, Bangladesh has the major number of consumers in this region.

Rising demand and high prices for fishmeal, meat meal and soybean meal, together with increasing aqua cultural production, is pushing for the development of insect based feed for poultry and aquaculture. If inset based feed are favored over the soymeal and fishmeal, then this will probably lower the overuse of fishmeal and soymeal, side by side it will significantly it will help to reduce the market prices as well. Edible Insect for Animal Feed involves low capital investment compared to other conventional livestock. Substantial increase in global population of animals and decreasing resources is expected to drive demand for alternative food sources such as edible insects for animal feed. Edible Insects for Animal Feed have high growth and feed conversion rates and a low environmental footprint over their entire life cycle. Edible Insects for Animal Feed production is less water-intensive compared to other conventional animal feed production. The scarcity of distribution and networking channels will act as an inhibiting factor in the growth of edible Insects for animal feed at a global level. Moreover lack of awareness among the consumers is also going hamper the growth of the market.

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Some of the key players for edible insects for animal feed market are Enviroflight LLc, Agri Protein, Ynsect, Protix, Enterra Feed, Bioflytech, Proti-Farm, Entomotech, Co-Prot, Nordic Insect Economy Ltd Entomo Farms, AgriProtein, Kreca, Deli Bugs Ltd, HaoCheng Mealworm Inc. and others.

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