Insect Feed Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Insect Feed Market in 2021?

The global insect feed market had a market size of USD 227.8 million in 2021, with a compound annual growth rate (CAGR) of 23.1% during the forecast period from 2021 to 2028. The market is expected to reach USD 1,102.3 million by 2028, driven by the increasing demand for sustainable protein sources in animal feed and the rising awareness about the nutritional benefits of insect-based products.

COVID-19 Impact on the Insect Feed Market

The COVID-19 pandemic had a significant impact on the insect feed market, disrupting the supply chain and causing fluctuations in demand. The lockdown restrictions and closure of restaurants and food establishments led to a temporary decline in the market demand for insect feed products, especially in the food and beverage industry. However, the market quickly rebounded as consumers shifted towards healthy and sustainable food options, driving the demand for insect-based products.

Insect Feed Dynamics

The insect feed market dynamics are influenced by factors such as the increasing adoption of insect-based protein in animal feed, the growing focus on sustainable food production, and the rising demand for alternative protein sources. Innovations in insect farming technologies, regulatory support for insect-based products, and collaborations between key players in the market are driving the growth of the insect feed industry.

Segments and Related Analysis

The insect feed market is segmented based on product type, application, insect type, and region. Product types include mealworms, crickets, black soldier flies, and others. Applications of insect feed include animal feed, pet food, and pharmaceuticals. Common insect types used for feed production are mealworms, crickets, and black soldier flies.

By Region Analysis

The insect feed market is analyzed based on regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share due to the increasing adoption of insect-based protein in animal feed. Europe follows closely behind, driven by regulatory support for insect farming and sustainable food production practices.

Key Market Players and Competitive Landscape

Some of the key players in the insect feed market include EnviroFlight LLC, Enterra Feed Corporation, Protix, Ynsect, Innovafeed, Agriprotein, Entomo Farms, Beta Hatch, Hexafly, and Next Protein. The market is highly competitive, with players focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge.

Recent Happenings in the Insect Feed Market

- In July 2021, Ynsect raised USD 372 million in funding to expand its insect farming operations and scale up the production of insect-based feed products. - In September 2021, Protix collaborated with a leading animal nutrition company to develop innovative insect-based protein solutions for the aquaculture industry. - In January 2022, EnviroFlight introduced new product lines of insect-based pet food to cater to the growing demand for sustainable and nutritious pet food options. - In March 2022, Agriprotein announced plans to build the world's largest insect-based protein production facility to meet the increasing demand for sustainable protein sources in animal feed.