PUBLISHER: Allied Market Research | PRODUCT CODE: 1193127
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193127
The global insect feed market was valued at $261.5 million in 2021, and is projected to reach $2182 million by 2031, registering a CAGR of 24.5%. The insect feed industry is currently driven by increasing demand for food, growing population, rising urbanization, and growth of the food service sector. Furthermore, increasing demand for organically grown livestock will propel the demand for insect feed market. Insect feed are rich in calcium, amino acid, lysine, and methionine. North America market is estimated to witness steady growth owing to the presence of major market players.
According to Food and Agriculture Organization (FAO), edible insects offer huge potential for enhancing food security. The insect-based diet will produce healthy and stronger livestock. The insect feed can replace around 25 to 100% of fishmeal and soymeal in animals diet with no adverse effects. Also, the consumption of insect feed increase the body weight and yield. Edible insects through a combination of their high and varying nutritional content and ease in availability offers unique feed option.
The shift in pet ownership to parenting has been a very crucial and defining trend in the pet food market, especially in the developed countries. One third of the households in developed countries own a pet. Traditionally, pet owners fed their pet leftovers and scraps from family meals. However, pet owners are getting aware of pet food and supplements, which are manufactured with the focus to improve health of these animals. In addition, there has been a rise in adoption of pets and, owing to various benefits associated with them, such as increase in opportunities to exercise and decline in stress. American Veterinary Medical Foundation (AVMF) study shows that nine out of ten Americans, who own pets, consider them as a part of their families. According to the 2018 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 68% of households in the U.S. owned a pet. The expenditure on pets in the country increased from 41.2% in 2007 to 69.4% in 2018, out of which the money spent on pet food occupied over 40 to 45%. Collectively, it shows that increasing pet humanization is expected to increase the demand for insect feed during the forecast period.
The increasing demand for meat products will also derive the demand for insect feed among livestock. The livestock industry has undergone major structural changes during past two decades owing to the introduction of modern intensive production methods, improves preventive disease control, genetic improvements, increasing human population and disposable income, and urbanization. These collaboratively offers tremendous opportunity for poultry growers to improve their income. Apart from that, high demand for food security, traceability, and compliance owing to the strict food policies are likely to support the growth of livestock feed market which in turn will propel the demand for insect feed market.
However, allergic reactions among pets are likely to hamper the market growth. The demand for organic feed among growers will create an opportunity among insect feed manufacturers.
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).
The key market players included in the insect feeds 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.
Key Benefits For Stakeholders
By Product Type
By End Use
By End User
By Region