As environmental sustainability concerns take precedence, farmers have been abandoning feeds made from traditional sources such as fishmeal and fish oil (FMFO) in favor of insect and bacteria-based animal feeds.
PUNE, INDIA / ACCESSWIRE / June 9, 2020 / The global insect feed market is slated to record a staggering CAGR over the forecast period, 2020-2030. Persistent increase in mainstream animal feed prices derived from fish meal and fish oil along with other forms and the larger question of unsustainable fishing practices have prompted market players to invest in more inexpensive and environmentally friendly ingredients to manufacture animal feeds.
Insect feeds have recently been poised as containing high protein content, providing more energy compared to plant and fish-based feeds. Moreover, plant-based ingredients such as soy carry their own baggage of sustainability concerns, discouraging its usage.
Enhanced feed quality combined with reduction in greenhouse gas emissions during production and superior feed quality are the hallmarks propelling the insect feed market to succeed in the coming years. Insect feeds have made forays into multiple application areas, including pig & poultry nutrition, dairy nutrition and aquaculture.
The utilization of organic side streams for insect rearing also reduces the possibilities of environmental damage. As more farmers switch over to insect feeds, the market is anticipated to register a positive growth curve in the years to come. Unfortunately, the ongoing coronavirus pandemic is set to present significant obstacles to the market's growth trajectory, possibly inducing stagnancy in the short-term forecast.
"With the COVID-19 paralyzing the world economy, significant disruptions are anticipated in the global insect feed market. Nevertheless, leading manufacturers are striving to maintain operational flexibility to cater to burgeoning demand by farmers and ranchers, keeping the market afloat," says a lead FMI analyst.
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Global Insect Feed Market- Key Takeaways:
- The poultry nutrition segment shall be the vanguard, followed by aquaculture in the insect feed market;
- The European insect feed market shall emerge the kingpin, bolstered by increasing government support to switch over to sustainable alternatives;
- China will attract sizeable investments across the Asia-Pacific in the swine and poultry meat sectors across the forecast period;
- The global insect feed market shall reach a valuation of US$ 2204.7 Mn by 2030-end, up from US$ 850 Mn in 2020.
Global Insect Feed Market- Key Driving Factors
- Preference for good quality protein in the poultry industry has provided immense traction to the global feed insects market. Insect feeds are also being increasingly used in pet markets and zoos.
- Increasing shift towards environmental sustainability has been weaning consumers away from traditional proteins derived from soy or meat to be used in animal feeds.
- Government initiatives to address food security problems are prompting increased production of insect foods and feeds.
Global Insect Feed Market- Key Restraints
- Tough regulations concerning usage of insect feeds in aquaculture feeds is anticipated to hamper market growth. For instance, Europe completely prohibited utilization of insects as livestock feed after the outbreak of the mad cow disease and strictly regulates usage in the present scenario.
- Hostile cultural perceptions towards insect consumption to deter consumers from choosing insect-based feeds. Insects are primarily considered filthy, unclean and disease carriers.
Anticipated Impact of the COVID-19 Outbreak
The insect feed market is set to register sluggishness across the duration of the covid-19 pandemic. With major industrial verticals reorienting their priorities towards the mitigation of COVID-19's impact, supply chain disruptions cannot be ruled out. With the imposition of bans on travel and transport, the logistical arrangements to avail raw materials for the processing industry has been severely affected.
Consequently, production has halted, generating massive shortfalls in the demand-supply equation. Social distancing measures have prompted people to remain confined to their houses, resulting in shortage of manpower on the industrial site. Fortunately, leading market players have taken cognizance of this matter and have leveraged their production capacities in order to address possible shortfalls between demand and supply.
Explore the global insect feed market report consisting of 88 illustrative figures, 96 data tables and the table of contents. You can also find a comprehensive market segment on https://www.futuremarketinsights.com/askus/rep-gb-11604
Competition Landscape
Prominent market players in the global insect feed market include, but are not limited to, Agriprotein, Coppens, Buhler AG, Hexafly, Nextprotein, Enviroflight, Diptera Nutrition and Entofood. Besides concentration on introducing new ingredient-specific products, these companies are focusing equally on improving packaging designs to meet environmental standards.
Acquiring competitive advantage by virtue of collaborations is another important market expansion strategy. For instance, in January 2017, Buhler AG collaborated with Protix to develop industrial grade solutions for feed processing, larvae processing and larvae rearing to produce quality insect supplies.
More about the Insect Feed Market Report
FMI's 300-page market research report offers comprehensive and unbiased insights on the insect feed market. The report incorporates historical as well as forecast data from 2020 to 2030 and is divided into two segments: by product type and by application. By product type, the market is segmented into meal worms, fly larvae, silkworms, cicadas and others. In terms of application, the market is divided into aquaculture, pig nutrition, poultry nutrition, dairy nutrition and others. The market also includes a detailed regional analysis, incorporating the abovementioned segments. These regions include North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA).
About Food & Beverages Division at FMI
Expert analysis, actionable insights and strategic recommendations- the Food & Beverages team at FMI helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 100+ countries for over a decade. The team provides end-to-end research of the global food & beverage market and consulting services; know how we can help.
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