Introduction:
The use of insects as a source of protein for animal feed has gained popularity in recent years due to its sustainable and environmentally-friendly nature. Edible insects have been used as a food source for humans for centuries, and now they are being used as a feed ingredient in animal diets. The edible insects for animal feed market is growing rapidly, and it is expected to continue to grow in the coming years.
Market Overview:
According to a report by Persistence Market Research, Global edible insects for animal feed sales were valued at around US$ 7,266.4 Million at the end of 2023. The market is projected to register 38.9% CAGR and top a valuation of US$ 1,16,192.16 Miilion by 2033. The growth in the market is attributed to the increasing demand for sustainable and eco-friendly animal feed ingredients, coupled with the rising demand for protein-rich animal feed.
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Market Segmentation:
The market can be segmented into insect type, application, and region.
- The insect type segment includes crickets, mealworms, black soldier fly larvae, and others.
- The application segment includes poultry, aquaculture, swine, pet food, and others.
- The region segment includes North America, Europe, Asia Pacific, and the rest of the world.
Drivers and Restraints:
The growing demand for protein-rich animal feed and the need for sustainable and eco-friendly animal feed ingredients are the major drivers of the edible insects for animal feed market. Insects are a rich source of protein and other nutrients, and they can be produced using fewer resources compared to traditional animal feed sources such as soybean and fishmeal. Additionally, insects can convert organic waste into valuable protein and can be used to address the issue of food waste.
However, there are some restraints to the market. The lack of awareness and understanding of the benefits of using insects as a feed ingredient, as well as regulatory restrictions, are some of the major restraints to the market. Moreover, the high cost of insect production and the lack of standardization in the production process are also hindering the growth of the market.
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Market Key Players:
- AgriProtein Holdings Ltd
- Ynsect SAS
- Protix
- InnovaFeed
- EnviroFlight, LLC
- Entomo Farms
- Beta Hatch
- Nutrition Technologies Group
- Hexafly Biotech
- Entobel
- HiProMine S.A
- Mutatec
- Enterra Feed Corporation
- Others.
Regional Analysis:
North America dominated the global edible insects for animal feed market in 2020, accounting for the largest share of the market. The region is expected to continue its dominance during the forecast period due to the increasing demand for sustainable animal feed ingredients and the growing awareness about the benefits of using insects as a feed ingredient. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the increasing demand for protein-rich animal feed and the growing aquaculture industry in the region.
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Conclusion:
The edible insects for animal feed market is growing rapidly due to the increasing demand for sustainable and eco-friendly animal feed ingredients. The market is expected to continue to grow in the coming years, driven by the increasing demand for protein-rich animal feed and the need for more sustainable and efficient animal feed production methods. However, the market still faces challenges such as regulatory restrictions and the lack of awareness and understanding of the benefits of using insects as a feed ingredient.
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