New York: Manufacturers in the global edible insects for animal feed market are accelerating their growth by increasing their offerings in the commercial market. This is being witnessed mainly in Europe, where insect-based feed manufacturers are improving the commercialization of insect-based proteins.
The authentication of insect proteins for use in aquafeed by the European Food Safety Authority (EFSA) and EU member states is anticipated to drive the growth of the global edible insects for animal feed market over the next decade.
The global edible insects for animal feed market is projected to register an exponential growth rate of 39% over the forecast period of 2020-2030, and reach a valuation of US$ 72 Bn by 2030.
The COVID-19 pandemic has had a large impact on the day-to-day life of people around the globe, and many businesses are also suffering huge losses. The animal feed industry is just one of them, which has witnessed heavy losses in a couple of months. A strident fall in logistic services across the globe due to the spread of the coronavirus has left some companies without breeding stock and feed for their livestock.
Edible insects for animal feed, an emerging market, is also suffering from various challenges, such as supply chain and distribution network disruptions. The market will suffer the effects of this global pandemic for the next two quarters at least, but is anticipated to bounce back with full force after that.
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Key Takeaways from Edible Insects for Animal Feed Market Study
- Europe holds a significant share in the global edible insects for animal feed market, followed by North America, owing to the increasing number of manufacturers and rising awareness regarding the benefits of using edible insects for animal feed in these regions.
- The black soldier fly segment is projected to register the highest growth rate over the forecast period. This is attributable to the high nutritional content and shorter life cycle of the black soldier fly.
- The rate of investment in this lucrative market is increasing, as the demand for edible insects for animal feed products is surging. Start-ups in the global edible insects for animal feed market seek funding from investors to establish new production facilities and increase their production capacities.
- The promising recovery of the Chinese feed industry is justification that other economies too will also see a recovery by the third quarter of 2030.
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“The global edible insects for animal feed market is projected to witness highly impressive growth. Investing in the breeding and processing of black soldier fly-based products is anticipated to result in substantial profits for players in the market. The COVID-19 pandemic impact on the global animal feed industry hasn’t been too much as yet, as demand is being met by current inventory holding and the significant lead time that companies get for stockpiling. Though, it has impacted the supply chain of the global animal feed market, but recovery will be seen soon by the end of 2020,” says a PMR analyst.
Global Edible Insects for Animal Feed Market: Competitive Landscape
Leading players in the global edible insects for animal feed market are primarily investing in enhancing their production capacities, primarily as a result of the increasing demand for edible insect-based products for animal feed.
- AgriProtein, a leading player in insect farming, invested in its new production facility in California, which is expected to have an annual production capacity of 4,000 tons.
- insect, a leading insect farming and processing company, has invested US$ 22.4 Mn into a fully-automated industrial facility to produce premium insect protein.
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Access to new technology has improved production methods, quality, and safety of insect farming and processing. Manufacturers are collaborating with technology providers to establish technologically-advanced production facilities for efficient insect farming and processing.
- Protix, a leading insect farming company, has formed a joint venture with Bühler Group, which has allowed it to enhance the development of its existing products, and access new technologies such as IoT and breeding technologies.
Explore More Valuable Insights on Edible Insects for Animal Feed Market
Persistence Market Research, in its new report, offers an impartial analysis of the global edible insects for animal feed market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the edible insects for animal feed market based on insect type (black soldier fly, orthoptera, housefly, silkworm, mealworm, and others), product type (meal, oil, and whole), and end use (livestock, pet food, and aquaculture), across five regions.
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