It is estimated that edible insects for animal feed market will reach US$?267.9 million by the end of 2018 in terms of value, and is forecasted to reach US$?2385.6 million by the end of 2029.
This is according to a new report by Persistence Market Research called: Edible Insects for Animal Feed: Global Market Analysis 2013-2017 and Forecast 2019-2029.
Nowadays, lot of innovation is going on in the edible insects for animal feed market. Growing population leads to increasing demand for food. To fulfil 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 amounts of protein which is important for the better growth of livestock. Farmers are looking for alternative resources to fulfil the increasing protein demand.
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.
Aquafeed industries are actively looking for protein alternative sources, which propels the demand for edible insects for animal feed. Prices of fishmeal and soymeal, which are used as aquafeed, 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 soymeal, edible insects for animal feed has a growing demand over the forecast period.
Detailed profiles of companies that manufacture edible insects for animal feed are included in the report to analyse 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.
These insights are based on a report on Edible Insects for Animal Feed Market by Persistence Market Research.