Insect Feed Market 2023: Global Industry Analysis and Opportunity Assessment, Forecast to 2028
The global insect feed market size reached US$ 877.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,649.4 Million by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028.
Insect feed represents the insect species utilized for meeting the specific requirements of various animals. They are prepared in the form of pellets, meals, or crumbles and aid in reducing the dependency on traditional spread streams while bringing valuable ingredients back into the food chain from organic waste materials. Insect feed lowers the environmental impact of livestock production as its mass manufacturing delivers more useful protein quantities. As a result, these species find widespread applications in aquaculture and pig, poultry, and dairy nutrition across the global.
The escalating demand for meat products among individuals, which has expanded the utilization of high-quality spreads for achieving higher yields, is primarily driving the insect feed market. Besides this, the elevating requirement for insects as novel meal additives to improve gut health, owing to bioactive components, such as lauric acid, antimicrobial peptides, and chitin, is further augmenting the market growth. Moreover, the rising population across countries and the changing dietary patterns of individuals are also catalyzing the global market. Apart from this, the growing popularity of several insect species for human consumption, on account of high protein and low-fat contents, is acting as another significant growth-inducing factor.
Additionally, the inflating product need as it does not transmit zoonotic diseases, and the increased feed conversion ratio of insects compared to livestock and poultry are also stimulating the market growth. Furthermore, the development of innovative variants that can be produced on organic waste and emit fewer greenhouse gases and ammonia than conventional livestock is anticipated to propel the insect feed market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Alltech Coppens, Bühler Holding AG, Enterra Corporation, Entofood Sdn Bhd., EnviroFlight LLC (Darling Ingredients Inc.), Hexafly, InnovaFeed, Multibox, nextProtein, Protix and Ÿnsect
The report has segmented the market on the basis of type, application and region.
Breakup by Product Type:
o Meal Worms
o Fly Larvae
Breakup by Application:
o Pig Nutrition
o Poultry Nutrition
o Dairy Nutrition
Middle East and Africa
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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