Growing preference for insects as an alternative source of protein across various end-use industries is driving the growth of the global insect farming market in the forecast period, 2024-2028. According to the 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.
The Important Elements of the Insect Farming Market
This can be ascribed to the rising demand for 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 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, and region.
Based on insect, the market can be segmented into silkworms, honeybees, waxworms, lac insects, cochineal, crickets, and others. 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 insects, 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 their dominance throughout the forecast period. This is attributed to the less space and energy required for cultivation compared to soy, highly efficient in utilizing energy, and less dependence on imported raw material.
Major companies operating in the 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 American 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 the 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 the global insect farming market.
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