According to a new report published by Allied Market Research, titled “Insect Food Market”, the insect food market size was valued at $261.50 million in 2021 and is expected to reach $2.2 billion by 2031, with a CAGR of 24.5% from 2022 to 2031.
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Insect offers high quality protein, amino acids and vitamins for livestock as well as pet food. An insect-based feed for livestock can potentially replace soybean meal in their feed. The nutritional quality of fly larvae, mealworms, silkworms, locusts, among others, is used in the feed of pigs, poultry, aquaculture and ruminants. These insects offer 42-63% higher protein content compared to traditional resources such as soybean meal and fishmeal. Additionally, the palatability of insect feed is higher and can replace 25-100% of soy and fish meal depending on the animal it is used for.
Growing Demand of Insect Feed Market Growing demand for poultry products from the food service industry is mainly driving the growth of the insect feed market. Improved farming techniques for the development of low environmental impact farms further contributes to the growth of the market. A healthy intestine reflects the sufficient amount of protein consumed by the animal. Protein is also necessary for a healthy metabolism. Protein deficiency reduces animal productivity. Thus, through the consumption of insect food, a protein deficiency can be overcome. This factor will fuel the growth of the insect feed market over the forecast period. Additionally, the identification of insects as a more sustainable source of protein than traditional sources will further contribute to the market growth and is likely to bring a host of insect feed market opportunities.
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However, the availability of alternative feeding options such as corn meal, soybean meal, canola meal, whey meal is limiting the growth of the insect feed market. Additionally, poor knowledge associated with risks related to insect toxicity, nutritional quality, disease, and allergic reactions in animals is likely to restrain the growth of the market.
The global insect feed market is segmented into product type, end user, end use, and region. Based on product type, the market is categorized into mealworms, fly larvae, silkworms, cicadas and others. By end user, it is fragmented into residential and commercial. According to the end use, it is separated into pet food, aquaculture and livestock. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China , Japan, India, Korea, Australia, Singapore, New Zealand and Rest of Asia-Pacific) and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, United Arab Emirates and Rest of LAMEA).
Main results of the study
Based on product type, the mealworm segment led the global market in 2021 with an insect feed market share of over 32%. However, 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, animal husbandry is likely to be the fastest growing segment with a CAGR of 26.0% during the forecast period.
On the basis of end-user, the commercial segment dominated the global market in 2021 with a market share of over 79%. However, the residential segment is expected to be the fastest growing segment during the forecast period with a CAGR of 26.2%.
Based on category, the branded segment dominated the global market with a market share of over 70% in 2021. However, the private label segment is likely to be the fastest growing segment in the world. during the forecast period of the insect feed market with a CAGR of 15.1%.
Regionally, North America was the largest revenue contributor and is expected to reach $704.8 million by 2031, growing at a CAGR of 22.3%. However, LATAM is likely to be the fastest growing region during the forecast period.
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Players operating in the insect feed industry have adopted product launch and business expansion as their key development strategies to grow 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 Entobel.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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