Persistence Market Research published a report, titled, Edible Insects for Animal Feed: Global Market Analysis 2013-2017 and Forecast 2019-2029 which estimates the edible insects for animal feed market to have reached US$ 267.9 Mn by the end of 2018 in terms of value, and is forecasted to reach US$ 2385.6 Mn by the end of 2029.
Growing Investor Interest in Alternative Protein Sources fueling the Demand for Edible Insects for Animal Feed
Nowadays, lot of innovation is going on in the edible insects for animal feed market. Growing population leads to increasing demand for food. To fulfill the increasing food demand globally, meat production has increased. It is necessary to provide quality feed to animals to improve their meat quality. The feed industry has introduced edible insects for animal feed in the market. Insects contain high amount of protein which is important for the better growth of livestock. Farmers are looking for alternative resources to fulfill the increasing protein demand.
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Edible insects for animal feed is turning out to be the ideal solution and gaining investor attention. Investments in the edible insects for animal feed market are increasing. In 2018, companies producing edible insects for animal feed received the largest investment, for example, UK-based AgriProtein, Dutch Protix, and the French company InnovaFeed and Ynsect, which produce mealworm in France, etc.
Increasing Demand from the Aquafeed Industry for Edible Insects for Animal Feed
Aquafeed industries are actively looking for protein alternative sources, which propels the demand for edible insects for animal feed. Prices of fishmeal and soy meal, which are used as aqua feed, are high. Aquaculture production is continuously increasing which increases the demand for alternative and affordable protein sources such as edible insects for animal feed. This leads to an increase in demand for edible insects for animal feed in the aquafeed market.
In the poultry industry, the demand for high-quality protein is increasing, thus, driving the demand for edible insects for animal feed. Edible insects for animal feed products can have a market similar to fishmeal and soymeal, which are used as the main ingredients in feed formulae for livestock feed and aquafeed. In zoos and pet markets insect protein is used, thus driving the market demand for edible insects for animal feed. Due to its benefits over fishmeal and soy meal, edible insects for animal feed has a growing demand over the forecast period.
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Environmental Concerns Boost the Edible Insects for Animal Feed Market Demand
Insects are a healthy and nutritious alternative to staple foods such as chicken, beef, fish, and pork. However, consumers are more reluctant to accept insects as direct food due to their taste and appearance. Consumption of insects as food depends on the culture and religion in that particular region. Mostly in western regions consumption of insects as food is not acceptable yet. Edible insects for animal feed has high demand in these regions.
The effect on environment due to insects is less as compared to livestock. Unlike soy and fish meal production, insect rearing is not a land-based activity and it does not require land clearing to expand production. This has led to an increase in demand for edible insects for animal feed.
Edible Insects for the Animal Feed Market: Competition Analysis
Detailed profiles of companies that manufacture edible insects for animal feed are included in the report to analyze their developmental strategies, key product offerings, and recent developments. Key players in the global edible insects for animal feed market include EnviroFlight, LLC, Ynsect, AgriProtein Holdings Ltd, Enterra Feed Corporation, Protix, Entomotech S.L., Kreca Ento-Feed BV, DeliBugs, Haocheng Mealworms Inc, Entomo Farm, NextProtein, Beta Hatch, Nutrition Technologies, Hexafly Biotech, Entobel, HiProMine, InnovaFeed, Nusect, Protenga, and Mutatec.