Insect Feed Market Size by Type, By Distribution Channel, And Forecast till 2023-2033
by SDKI Research Market Research
The global insect feed market is projected to grow at a CAGR of 12.0% during the forecast period. The overall growth of the insect rearing sector in North America has greatly related to the growth of the insect feed sector in the region. The increasing production of insects in the Hawaii state of the United States coupled with the rising utilization of insects for the production of insect feed is driving the growth of the market in the region. The global insect feed market does not have a direct impact due to the pandemic.
However, the COVID-19 pandemic poses numerous challenges to the food sector, especially meat product producers across the globe. The meat products manufacturing industry has faced major challenges, including the risk of continuing production, distribution, transportation, and other supply chain activities such as lack of workforce and delays in development activities. These factors are anticipated to impact the meat products industry, thereby driving the demand for alternative protein substitutes, including insect feed products. The insect feed sector, at present, has challenges, such as commercial-scale production, when compared to conventional animal feed products. Expansion of the aquaculture and poultry sector is the main factor anticipated to drive development on the global insect feed market.
Key Market Trends
Growing Demand for the Animal Feed
The increased consumption of meat and meat products across the globe has resulted in increased livestock production which demands quality feed products to get better yield. Insects contain more protein and low fat compared to traditional meats, such as poultry and livestock. Hence, they can be produced for human consumption or as a protein source into feedstock mixtures. The need for grain and protein feeds is likely to increase as the demand for meat is rising. For instance, livestock is fed about 6 kg of plant protein to get 1 kg of animal protein. The demand for good quality protein is rising in the poultry industry, thus increasing the demand for insect feed. Edible insects may have demand comparable to soymeal and fishmeal that are used as key ingredients in feed formulae for animal feed and aquafeed.
Asia Pacific Dominates the Market
In Asia-Pacific, the growing meat consumption compelled the demand for nutritious insect feed in recent years. Along with this, investments by the insect feed companies in the region have fueled the market growth. For instance, In 2017, Protix partnered with Buhler Insect Technology Solutions, based out of China, to enhance the insect feed production in the country, where Buhler, with the help of the former, installed a pilot facility to process fly larvae and mealworms for animal feed. Such developments in the country are fueling the insect feed market’s revenue in China. Hence, the region is anticipated to witness robust growth owing to the increasing demand for insect feed across various countries such as China, South Korea, and Japan coupled with increased animal protein demand.
The insect feed market is fragmented, with nearly half of these companies were established in the last few years and are yet to increase their production and market value. Next Protein and InnovaFeed are some of the remarkable insect feed production startups. Insect feed manufacturing companies are primarily investing their funds in R&D. Along with R&D, they are also concentrating on market expansion and product promotion to increase their market shares. Acquisitions, partnerships, and expansions are some of the important strategies adopted by insect feed producing companies for their research support and marketing purposes.
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Created on Jan 23rd 2023 05:02. Viewed 118 times.