The total worth of the global insect feed market is experiencing robust growth, driven by increasing demand for nutrient-rich feed and high-quality protein. With an estimated value of US$ 1,561 million in 2023, the market is forecasted to expand at an impressive CAGR of 17.9% from 2023 to 2033, reaching a net worth of US$ 8,124 million by the end of the forecast period. The market is propelled by factors such as the rising need for animal feed in poultry farms and the aquaculture sector, as well as the growing popularity of insect-based protein substitutes.
The demand for insect feed is driven by several factors, including the need for sustainable and high-quality protein sources in animal nutrition. As the aquaculture industry seeks alternative food sources to replace expensive fish meals, the demand for insect feed is expected to rise significantly. Additionally, the use of insect feed in poultry and livestock farming contributes to improved animal health and product quality, further boosting market demand. Consumers are increasingly turning to insect-based feeds due to their nutritional benefits and environmental sustainability, driving market growth.
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Several factors contribute to the growth of the insect feed market. Firstly, the increasing global demand for animal-based food products necessitates improved animal feed solutions to meet the rising protein requirements. Insects are efficient protein converters and have a high nutritional value, making them a viable alternative to traditional feed ingredients such as fishmeal and soymeal. Moreover, the use of insect feed enhances animal health and reduces the need for antibiotics, further driving market growth. Additionally, environmental concerns and the availability of year-round insect feed alternatives contribute to market expansion.
“Prominent industries producing animal feed have started investing in research to produce cutting-edge insect feed products to expand consumer base in the international market. Besides, some insect feed suppliers are working with other producers to include their goods in preparation of the final product for livestock.” – Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
The aquafeed industry has always been on the search for potential sources of nutrition. As a result, mealworms and fly larvae are becoming more popular. The demand for alternative and economical sources of protein, like eatable insects for animal feed is increasing as fisheries output grows. Insect feed is projected to become more popular in chicken and pork nourishment as well as in aquaculture
Insect protein is used to make processed foods that are packaged and ready to consume. Protein bars and powdered protein shake, as well as several foods, include insect protein. Evidently, the switch in insect protein utilisation for food products will open new growth opportunities over the anticipated timeframe
Key Takeaways from the Global Insect Feed Market Study Report by FMI
- The United States captured most of the global market and is predicted to contribute US$ 491.7 million in 2023.
- Germany is the leading supplier of insect feeds in Europe and it may contribute to nearly 5.8% of the global market share in 2023.
- Insect feed demand is rising in China and South Korea, which is expected to lead to strong growth in the Asia Pacific. In 2023, the two countries are estimated to contribute nearly 15.8% and 2.8% of the global revenue share respectively.
- Australia is another emerging market for insect feeds in the Asia Pacific with an estimated global market share of 1.9% in 2023.
- With an overall market share of nearly 43% in 2023, the aquaculture segment is expected to lead the market among end users.
- Manufacturers of insect feed components may make considerable profits by focusing on the protein source business, the insect nutrition sector would also act as a potential market for feeding livestock, which is linked to increased demand for protein products worldwide.
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In-depth Analysis:
The insect feed market is characterized by increasing demand for meal powder and black soldier flies as primary product types and insect types, respectively. Meal powder, with a market share of 68.8% in 2023, is driven by the rising demand for mealworm feed for household pet food and poultry breeding. Black soldier flies, with a market share of 42.5% in 2023, dominate the market due to their high nutritional content and ease of production.
Country-wise Insights:
Countries such as the United States, Germany, Japan, China, and Australia offer significant growth opportunities for the insect feed market. In the United States, the market is driven by rising exports and prominent manufacturers such as JR Unique Foods and Nutritio Technologies. Germany leads the European market, while Japan and China are expected to witness higher growth rates due to increasing demand for essential nutrients and rising meat production. Australia holds potential for establishing insect feed industries, supported by favorable government regulations and investment opportunities.
Competitive Landscape:
The insect feed market is characterized by strategic partnerships, acquisitions, and investments aimed at expanding production capacity and product offerings. Companies such as Protix Inc. and Innovafeed are collaborating with industry partners to develop innovative insect feed ingredients and enhance market presence. Recent developments, including funding initiatives and research projects, underscore the industry’s commitment to sustainability and product innovation.
Insect Feed Market Segmentation
By Insect Type:
- Fly Larvae
- Silkworms
- Cicadas
- Other Insects
By Application:
- Aquaculture
- Pig Nutrition
- Poultry Nutrition
- Diary Nutrition
- Other Applications
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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In conclusion, the insect feed market presents promising growth opportunities for investors in the B2B industry. With a strong demand for sustainable protein sources and increasing consumer awareness of environmental concerns, the market is poised for significant expansion. By focusing on product differentiation, strategic partnerships, and market penetration strategies, investors can capitalize on the growing demand for insect-based feeds and contribute to the sustainability of the global food supply chain.
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