Market Research Report
Global Insect Feed Market - 2022-2029
|Global Insect Feed Market - 2022-2029|
Published: July 31, 2022
Content info: 170 Pages
Delivery time: 2 business days
Insect feed market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 11.5%% during the forecast period (2022-2029).
Insect feeds are meals enriched with high proteins blended from various raw materials and additives. These blends are formulated according to the specific requirements of the target animal, especially to use as an aqua feed. Due to their high nutritional value and the fact that some animals naturally consume insects as part of their diet, insects are very suitable for feeding. They are produced by feed compounders as crumbles, pellets, or meal kinds. Since insects can produce a variety of revenue streams and are raised using waste streams, insect feed is a sustainable supplement to conventional feed. The rise in population and surge in demand for protein-rich food from livestock, poultry, and fish, is expected to lead to the market's growth.
The increasing global population, along with the increasing demand for consumption of meat
Increasing population, changing diets, and increasing demand for food (particularly meat, fish, and eggs) are key drivers for the insect feed market growth. The demand for insect feed will increase in the coming years due to the increased requirement for extra supplies of protein from sustainable sources for animal feed as a result of this increase in food consumption. According to The Food and Agriculture Organization of the United Nations (FAO) stats, livestock contributes to nearly 40 percent of total agricultural output in developed countries and 20 percent in developing ones. This livestock supports the livelihoods of at least 1.3 billion people worldwide. Global meat output increased by 45 percent, or 104 million tonnes (2000), to 337 million tonnes in 2020. For this demand, creative animal feed solutions will be needed. Therefore, insects have a huge potential to replace fishmeal and soymeal and contribute to meeting the growing need for animal feed products.
In the upcoming years, market growth is expected to be restrained by the strict laws and regulations related to introducing new insect feed. One of the main roadblocks to the industrialization of insects in many feed-in regions is the lack of clear laws and standards governing their usage as food.
Mealworms for the highest share in global insect feed market
In 2021, the mealworms segment had the highest revenue share of more than XX percent. Mealworms are packed with amino acids and have high levels of protein. Mealworms are also good sources of omega-3 fatty acids, which help lower blood cholesterol and improve the healing ability of wounds. They contain a lot of copper, sodium, potassium, iron, zinc, selenium, and vitamin. The abundant availability of mealworms and their nutritional content is anticipated to boost the use of mealworms in the insect feed industry.
In 2021, the aquaculture segment had the highest revenue share of more than XX percent. Fish production and consumption have increased dramatically in the last few decades. According to The Food and Agriculture Organization of the United Nations (FAO), In 2018, world aquaculture fish production reached 82.1 million tonnes. The contribution of world aquaculture to global fish production reached 46.0 percent in 2018, up from 25.7 percent in 2000. Consequently, the aquaculture sector has boomed and now accounts for nearly 50 percent of world fish production. This aquaculture production increases the demand for alternative and affordable protein sources such as edible insects for feed. Fish production is anticipated to boost the demand for insect feed from the aquaculture segment.
North America is the dominating region during the forecast period
In 2021, North America had the highest revenue share of almost XX percent. Key countries in this region have imported a large number of livestock feed products. According to The International Trade Centre, The United States had imported livestock feed value of 12 million USD in 2021. In addition, the U.S. Department of Agriculture (USDA) and the U.S. Agency for International Development (USAID) seek information, suggestions, and opinions regarding the developing international insect production market. The purpose of this information request is to aid the U.S. government in understanding the potential drawbacks, advantages, positive effects on the environment, and inclusive development aspects of the production of insects. This factor helps to increase the production in the U.S.
In the Asia Pacific, the demand for insect feed is expected to grow during the forecast period as the region's increasing meat consumption market compelled the demand for nutritious insect feed in past couple of years.
The global insect feed industry is competitive and comprises players such as Buhler AG, nextProtein, Protix, SAS Ynsect, Tebrio, InnovaFeed SAS, HiProMine, Hexafly, Entomo Farms, and Enterra., among others. Acquisitions, partnerships, and expansions are some important strategies adopted by the insect feed-producing companies for their research support and marketing purposes. For example, Buhler Group partnered with Agronutris in December 2021. It is a French insect processor establishing Agronutris's first commercial-scale facility for producing black soldier fly ingredients. Buhler will equip the facility in Rethel, France, with a full-scope solution for producing black soldier fly larvae protein for pet food and aquaculture markets.
In June 2019, Protix launched a 14,000-square-meter insect production facility in Bergen op Zoom, Netherlands. It houses insects that convert up to 100,000 metric tons of residual vegetable flows into high-quality, sustainable protein to serve aquaculture markets. More than €30 million ($37 million) was invested in the insect factory. In February 2022, Archer-Daniels-Midland Co. is partnering with French firm InnovaFeed SAS to expand the use of insect protein in U.S. pet food. The partnership with ADM follows recent U.S. regulations allowing the use of black soldier flies in food for dogs. Insects are seen as an alternative protein that can help the food industry burnish its sustainable credentials amid the rising demand for animal feed.
Negative impact on the global insect feed market
On 11 March 2020, WHO characterized the COVID-19 outbreak as a pandemic after spreading to 114 countries. As a result, a potential shift in consumers' food choices might occur, particularly concerning food of animal origin. Therefore, it is expected that there will be a higher rejection of consuming unusual foods of animal origin like insects. In addition, the COVID-19 pandemic disrupted the working of several markets, including the insect feed market, during the initial lockdown. Moreover, the demand for insect feed as
animal feed was negatively impacted mainly due to the decreasing international seafood trade, as restrictions on the livestock industry have minimized the yield and production.
The global insect feed market report would provide an access to approximately 53 market data tables, 46 figures and 170 pages
Scope and Methodology