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The government initiates various measures to increase the production of insect feed for high-quality meat. China will lead the global market share until 2033. India is estimated to have a CAGR of 24.1% and a valuation of 488.8 million over the forecast period
DUBAI, UAE, Jan. 09, 2023 (GLOBE NEWSWIRE) — The insect food market valuation is US$2.6 billion in 2023 and projected to reach US$17.4 billion by 2033. Insect Food sales will grow at a CAGR of 20.9% during the forecast period.
The increasing demand for nutrient-rich feed increases the acceptance of insect food. Increasing demand for healthy protein for farm animals is driving the market expansion. The increasing popularity of insect feed, fish meal and soy meal for livestock is accelerating the demand for insect feed. Increasing acceptance of insect food in end-use sectors such as animal husbandry, zoos, and the commercial animal industry is driving the market growth.
The manufacturers, market vendors and top companies invest maximum amount to make quick profits and increase market growth. The increasing demand for fish and poultry farming drives the market size during the forecast period. The increasing consumption of insect feed improves the shelf life of chickens to achieve better production. In addition, increasing investments and government initiatives are promoting market opportunities for insect food.
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China leads the global market by capturing maximum revenue during the forecast period. The increasing demand for eggs, meat and poultry increases the acceptance of insect food during the forecast period. The growing population of non-vegetarian and consumer sectors is increasing the demand for insect food in China. In addition, the increase in production and awareness as well as the presentation of top providers increase the market share. Various top companies are developing and exporting high-quality insect food to promote the Chinese insect food market.
The story goes on
Key insights from the insect food market
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With a CAGR of 16%, the market has improved significantly over the historical period.
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The insect food market valuation is estimated at $4 billion by 2033.
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The aquaculture category is expected to grow at a CAGR of 18.4% over the projection period.
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With a CAGR of 9%, the global market will grow during the forecast period.
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The market in the United States is expected to grow at a CAGR of 18.4% through 2033.
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With a CAGR of 27.2%, the Chinese market will increase significantly during the forecast period.
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The Indian market is expected to grow at a CAGR of 24.1% over the forecast period.
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During the forecast period, mealworms are expected to dominate the global insect food industry.
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Who wins?
Vendors promote their products by developing strategies and launching new products. Market players focus on research and development activities to create the best insect food products. These players provide excess protein insect food for healthy meals. This feed contains essential amino acids to give better flavor to farm animals.
Other major players in the market are:
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next protein
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Buehler AG
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hexagonal
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Entofood
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Diptera Diet
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ambient light
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Coppens
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agriprotein
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Other
Recent developments in the insect food market:
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Thai Union Group In March 2021, the company launched insect protein products in Thailand and fueled the market with a $6 million investment in establishing a brand called Flying Spark. The company claims to offer an alternative protein supplement using quality processes.
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Protix BV In March 2021, the company announced that it was shareholder funded by Rabo Corporate and claimed to be improving its insect protein capacity in the Netherlands.
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insects Pte Ltd In May 2021, the company announced that it had been acquired by Trendlines Group Ltd. received funding. This will help the company improve its technology for extracting biomaterials from insects.
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Insect Food Market by Category
By product type:
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mealworms
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fly larvae
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silkworms
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cicadas
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Other
After application:
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aquaculture
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pig nutrition
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poultry nutrition
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diary nutrition
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Other
By region:
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Table of contents
1. Summary
1.1. Global Market Outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Market background
3.1. market dynamics
3.2. scenario forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
4. Global Market Analysis 2017-2022 and Forecast, 2023-2033
4.1. Analysis of Historical Market Size Value (USD Mn) and Volume (MT), 2017-2022
4.2. Current and Future Market Size Value (USD Million) and Volume (MT) Forecasts, 2023-2033
4.2.1. Analysis of year-on-year growth trend
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2022 and Forecast 2023-2033, by Insect Type
5.1. Introduction / Main Findings
5.2. Analysis of Historical Market Size Value (USD Mn) and Volume (MT) by Insect Type, 2017-2022
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