PORTLAND, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Insect Food Market generated $261.5 million in 2021 and is projected to reach $2.2 billion by 2031, at a CAGR of 24.5% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors and stakeholders to strategize for the future and take steps to strengthen their position in the market.
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Report coverage and details:
| report coverage | details |
| forecast period | 2022-2031 |
| base year | 2021 |
| Market size in 2021 | $261.5 million |
| Market size in 2031 | $2.2 billion |
| CAGR | 24.5% |
| Number of pages in the report | 231 |
| Covered Segments | Product Type, End Use, End User and Region |
| driver | The increasing demand for poultry products from the catering trade. |
| Improvements in breeding techniques to develop environmentally friendly livestock. | |
| Protein requirements in animals to increase productivity. | |
| occasions | The identification of insects as a more sustainable source of protein than traditional sources. |
| limitations | Availability of alternative feed options such as corn meal, soy meal, canola meal and whey meal. |
| Little knowledge of risks related to insect toxicity, diet quality, diseases and allergic reactions in animals. |
Covid-19 scenario:
- The outbreak of the Covid-19 pandemic has led to increased consumer awareness of the spread of various diseases through the consumption of unfamiliar foods and feeds, thereby reducing the demand for insect foods.
- The closure of borders to combat the spread of the coronavirus has had a significant impact on the insect food industry. It slowed the import business, which limited the availability of traditional feeds and created greater demand for locally sourced and potentially new options available.
- The pandemic also helped growers look for more sustainable and affordable alternatives to traditional dishes.
The report provides detailed segmentation of the global insect food market based on product type, end use, end user, and region. The report provides analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market participants, investors and new entrants to determine the sub-segments that need to be explored in order to achieve growth in the coming years.
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Based on product type, the mealworm segment accounted for the largest share of nearly a third of the global insect food market in 2021. However, the fly larvae segment would dominate in terms of revenue and is expected to record the fastest CAGR of 26.5%. during the forecast period. The report also analyzes the Silkworm, Cicadas, and Others segments.
Based on end-use, the largest segment was aquaculture in 2021, capturing more than two-fifths of the global insect food market share and would take the lead by 2031. However, the livestock segment is estimated to witness the fastest CAGR of 26.0% during the forecast period. The report also provides analysis of the pet food segment.
Based on the end consumer, the largest segment in 2021 was the commercial segment, occupying nearly four-fifths of the global insect food market share and would dominate during the forecast period in terms of revenue. However, the residential segment is and is also exhibiting the fastest CAGR of 26.2% over the forecast period.
Based on region, the North America market was the largest in 2021, accounting for nearly two-fifths of the global insect food market share and would sustain progressive revenue growth during the forecast period. However, the market is expected to show the highest CAGR of 29.9% in LAMEA from 2022 to 2031. The other regions analyzed in the study include Europe and Asia Pacific.
Global insect feed market leading players analyzed in the study include AgriProtein Holdings Ltd., The Bühler Holding AG, Protix, Enterra Feed Corporation, Endofood Sdn Bhd, EnviroFlight, LLC, Nasekomo, InnovaFeed SAS, Hexafly, Alltech Coppens, DeliBugs, Kreca Ento-Feed BV, Ÿnsect, Nusect, Protenga, Beta Hatch, Nutrition Technologies Sdn Bhd, JR Unique Foods Ltd. and Entobel.
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The report analyzes these major players of the global insect food market. These players have adopted various strategies like expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, business segments, product portfolio and developments of each market player.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global, medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR strives to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market space.
We are in professional business relationships with various companies and this helps us to unearth market data which help us create accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients succeed in any way possible. All data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable professionals and analysts in the industry.
