Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "Insect Farming- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Insect (Silkworms, Honeybees, Waxworms, Lac Insects, Cochineal, Crickets, Others), By Product, By Application, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
The global insect farming market is anticipated to grow at an impressive CAGR in the forecast period, 2024-2028
The market growth can be attributed to growing use of insects as an ingredient in foodstuffs across various cuisines. Edible insects are rich in proteins, healthy fats, iron, and calcium, and low in carbohydrates, even more nutritious than most consumed meats, such as beef, chicken, and others.
Increasing greenhouse gas emissions from the livestock and poultry farming has led to a surge in need for finding cheap and sustainable protein alternatives, which is contributing to the growth of global insect farming market. Insect farming involves breeding, rearing, and harvesting of various types of insects that can be utilized for consumption purposes, and for the commodities they produce such as silk, honey, lac, and others.
Growing Adoption of Insects as Ideal Animal Feed
Insects such as are used in animal feed production as they provide nutritious feed ingredient, feed efficiency, and reproductive capacities. Insects are good sources of minerals and vitamins, such as calcium, iron, magnesium, phosphorus, vitamin B12, thiamine and riboflavin.
Extensive research has shown that black soldier fly larvae can be used as an animal feed to pigs, fish, and chickens as a substitute for conventional protein feeds such as fish meal, and soybean meal. For instance, The American Association of Feed Control Officials, whose members control the sale and distribution of animal feeds in the U.S., has accepted the larvae as feed for poultry, certain fish, and pigs.
Rising Food Security Risks to Aid the Growth of Insect Farming Market
In recent years, the food security risks have increased globally due to shrinking of agricultural land which is resulting in food shortages and hike in prices of animal meat.
Hence, insect farming is seen as a potential solution to meet the challenges related to food security. About 2000 insect species are eaten by the people across the world, mostly in tropical countries. They contain adequate protein quantity and quality, high content of unsaturated fatty acids and minerals.
Consumption of insects by humans has the potential to reduce hunger on a global scale as they are calorie dense as well as nutrient dense. For instance, almost 2 billion people across the world eat bugs on a regular basis which is over 25 percent of the world's population.
Rising Research and Development activities and Increasing Investments
Increasing investments by the private as well as public sector is bolstering the growth of the market. For instance, Protix, a producer of sustainable ingredients from insects, declared it has obtained $57.2 million investments from the European Circular Bioeconomy Fund (ECBF), the Prince Albert II Fund, BNP Paribas, and The Good Investors.
The investments were also funded by the company's existing backers Aqua-Spark, Invest-NL, and Rabo Investments. Moreover, rise in research and development (R&D) activities is strengthening the growth of the market.
In terms of country, the United States is expected to be a lucrative market in the forecast period due to rising number of tech startups in the country.
Market Dynamics
Drivers
- Growing Adoption of Insects as Ideal Animal Feed
- Rising Food Security Risks
- Rising Research and Development activities and Increasing Investments
Challenges
- Stringent Regulations and Negative Attitudes Toward Insects in Some Countries
- Risk of Allergies due to Insect Consumption
Market Trends & Developments
- Development of an Innovative Insect Feeding Machine
- Launch of New Production Facility for Mealworms
- Rising Number of Mergers and Acquisitions
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global insect farming market.
- Viscon Group
- Buhler Insect Technology Solutions
- Protenga Pte. Ltd.
- nextProtein SAS
- NextAlim SAS
- AgriProtein Holdings UK Ltd
- Ynsect SAS
- Thai Union Group
- Deli Bugs Ltd.
- EntoCube Ltd.
Report Scope:
Insect Farming Market, By Insect:
- Silkworms
- Honeybees
- Waxworms
- Lac Insects
- Cochineal
- Crickets
- Others
Insect Farming Market, By Product:
- Whole Insect
- Insect Protein
- Insect Oil
- Others
Insect Farming Market, By Application:
- Silk
- Lac
- Honey
- Animal Feed
- Food Colorant
- Insect Protein Bars & Protein Shakes
- Insect Baked Products & Snacks
- Others
Insect Farming Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Thailand
- Europe & CIS
- Germany
- United Kingdom
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/gttjv1-farming?w=12
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