In recent years, there has been a significant increase in the demand for high-quality meat products in emerging economies of Southeast Asia, the Middle East & Africa, and Latin America, mainly due to population growth and increasing urbanization in these regions. According to the FAO, the total annual meat production is projected to increase by more than 48 MT in 2027 over the previous year to reach nearly 367 MT, predominantly in developing countries accounting for 76% of the total production. Meat producers are continuously focusing on improving value with the help of quality protein-containing feed to meet the growing demand.
According to the latest publication on the Insect Protein Market by Meticulous Research®, the insect protein market is expected to record a CAGR of 28.4% from 2022 to 2030 to reach $9.46 million by 2030.
Furthermore, the growing meat demand has resulted in the adoption of insect-derived feeds by meat producers. Hence, the high demand for insect feed by meat producers in emerging economies is expected to increase the number of investments in developing countries. Major market players are expanding in these markets due to such opportunities. For instance, InnovaFeed announced its plan to build ten production sites by 2030 due to the increasing demand for a sustainable protein source for animal diets.
By 2025, the global demand for fish and shellfish is expected to reach almost 180 million tons (Source: FAO). Dried and powdered fish feed, such as anchovy, used as a feed for aquaculture, is becoming increasingly inadequate. According to the FAO, 1.2 to 1.6 million tons of raw materials for fish feed will be required in 2025 as an alternative to fish meal. Hence, the insect farming sector has gained significant traction in developed countries.
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The key players operating in the insect protein market include Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), BioflyTech (Spain), TEBRIO (Spain), nextProtein (France), Hexafly (Ireland), HiProMine S.A. (Poland), and Protenga Pte. Ltd. (Singapore).
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