insect food
According to a new report published by Allied Market Research, titled “Insect Feed Market,” the insect feed market size was estimated at US$261.50 million in 2021 and is estimated to reach US$2.2 billion by 2031, which is one annual growth rate of 24.5% corresponds to 2022 to 2031.
Global market leaders:
The players engaged in the Insect Food industry have adopted product launch and business expansion as their key development strategies to expand their market share, increase profitability and stay competitive in the market. Key players profiled in the 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 debunk.
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Insect offers high-quality proteins, amino acids and vitamins for livestock and pet food. An insect-based diet for farm animals can potentially replace soy flour in their diet. The nutritious quality of fly larvae, mealworms, silkworms, grasshoppers and others is used in pig, poultry, aquaculture and ruminant diets. These insects offer 42% to 63% more protein compared to traditional resources such as soymeal and fishmeal. The palatability of insect food is also higher and can replace 25 to 100% of soy meal and fish meal depending on the animal it is used for.
The increasing demand of the insect food market for poultry products from the catering industry is driving the growth of the insect food market significantly. Improvements in breeding techniques for the development of environmentally friendly farm animals continue to contribute to the market growth. A healthy gut reflects the adequate amount of protein being consumed by the animal. Protein is also needed for a healthy metabolism. Protein deficiency reduces productivity in animals. Protein deficiency can be overcome by eating insect food. This factor will boost the growth of the insect food market during the forecast period. Additionally, the identification of insects as a more sustainable protein source than traditional sources will further contribute to the market growth and is likely to bring myriad insect food market opportunities.
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However, the availability of alternative feed options such as corn meal, soy meal, canola meal, whey meal is restricting the growth of the insect feed market. Poor knowledge related to risks related to insect toxicity, diet quality, diseases and allergic reactions in animals are also likely to hamper the growth of the market.
The global insect food market is segmented into product type, end user, end use, and region. On the basis of product type, the market is segmented into mealworms, fly larvae, silkworms, cicadas, and others. By end user, it is fragmented into residential and commercial sectors. According to the purpose, it is divided into pet food, aquaculture and animal husbandry. In terms of regions, it will be in North America (US, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, Southern Europe) analyzes Korea, Australia, Singapore, New Zealand and the rest of Asia-Pacific) and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, the United Arab Emirates and the rest of LAMEA).
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Key Findings of the Study
On the basis of product type, the mealworms segment dominated the global market in 2021 with a market share of more than 32% in insect food. However, the fly larvae segment is considered to be the fastest growing segment during the forecast period.
Based on end-use, aquaculture dominated the global market in 2021. However, livestock is expected to be the fastest growing segment at a CAGR of 26.0% over the forecast period.
On the basis of the end user, the commercial segment dominated the global market in 2021 with a market share of more than 79%. However, the residential segment is expected to be the fastest growing segment at a CAGR of 26.2% during the forecast period.
Based on category, the branded segment dominated the global market with a market share of more than 70% in 2021. However, the private label segment is expected to be the fastest growing segment with a CAGR of 15.1% during the insect food market forecast period. .
In terms of region, North America was the top contributor to sales and is expected to reach $704.8 million by 2031 at a CAGR of 22.3%. However, LATAM is expected to be the fastest growing region over the forecast period.
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