Global Insect Farming Market to be dominated by Insect Protein through 2028
Growing preference for
insects as alternative source of protein across various end-use industries is
driving the growth of global insect farming market in the forecast period, 2024-2028.
According to TechSci Research report, “Insect Farming Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028”,
the global insect farming market is
anticipated to grow at an impressive rate in the forecast period, 2024-2028.
This can be ascribed to the rising demand for the protein-rich food, the
high nutritional value of insects, and the high cost of animal protein are
expected to bolster the market growth in the forecast period. The rapid
advancement in the technology is augmenting the growth of the market. For
instance, in 2021, Better Origin, which is a UK based insect mini-farm
innovator, used artificial intelligence technology to transform food waste into
high quality animal-feed in the form of insect larvae. Also, the growing
mergers and acquisitions, collaboration, and partnerships, among others are facilitating
the growth of the market. For instance, InnovaFeed and Cargill expanded
their partnership further than aquaculture nutrition through a collaboration,
which involves the use of insect oil for pig feed.
However, the lack
of a standardized regulatory framework, and psychological and ethical barriers
to consuming insects as food may hamper the global insect farming market.
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The global Insect
Farming market is segmented into type, method of harvesting, form, application,
region.
Based on insect,
the market can be segmented into silkworms, honeybees, waxworms, lac insects,
cochineal, crickets, and others. The cricket is expected to dominate the market for the
forecast period because of the high nutritional value, rising demand for
cricket-based food products, such as protein bars, protein powders, and snacks,
and easy farming & processing of crickets.
Based on product, the global insect farming
market can be segmented into whole insect,
insect protein, insect oil, and others. Insect protein is predicted to dominate
the market in 2020 and maintain its dominance throughout the forecast period. This
is attributed to the high protein content and also is a low-cost protein source.
Also, It helps decrease the total cost of animal
nutrition.
Based on application, the global insect farming
market can be segmented into silk, lac, honey, animal feed, food colorant,
insect protein bars & protein shakes, insect baked products & snacks,
and others. The animal feed segments are expected to dominate the market in
2020 and maintain its dominance throughout the forecast period. This is
attributed to the less space and energy require for cultivation compared to soy,
highly efficient in utilizing energy, and less dependence on imported raw material.
Major companies operating in global insect farming market are:
- Viscon Group
- Bühler Insect Technology Solutions
- Protenga Pte. Ltd.
- nextProtein SAS
- NextAlim SAS
- AgriProtein Holdings UK Ltd
- Ÿnsect SAS
- Thai Union Group
- Deli Bugs Ltd.
- EntoCube Ltd.
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“The North
America region is expected to register the highest growth in the global insect
farming market on account due to the increasing familiarity with
insects-as-food, increasing adoption of environmentally friendly protein-rich
food products and large demand for edible insects in the animal feed industry. Furthermore,
heavy investment in research and development to innovate their products, presence
of strong key players, and increasing number of startups, are further expected
to support the market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Insect Farming Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Insect (Silkworms, Honeybees, Waxworms, Lac
Insects, Cochineal, Crickets, Others), By Product (Whole Insect, Insect
Protein, Insect Oil, Others), By Application (Silk, Lac, Honey, Animal Feed,
Food Colorant, Insect Protein Bars & Protein Shakes, Insect Baked Products
& Snacks, Others), By Company and By Region”, has evaluated
the future growth potential of global insect farming market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global insect farming market.
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