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(IndustryNews247.Com, August 13, 2022 ) According to a new market research report titled, 'Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption)—Global Forecast to 2030,' in terms of value, the mealworms market is expected to reach $1.27 billion by 2030, at a CAGR of 25.8% during the forecast period 2022–2030. In terms of volume, the mealworms market is expected to grow at a CAGR of 28.6% from 2022–2030 to reach 367,491.7 tons by 2030.
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The high demand for insect feed in emerging economies is expected to increase the number of investments by insect producers in such countries. Major market players are expanding in this market. For instance, in 2021, a France-based mealworm manufacturer, Ynsect, partnered with a food research center in South Korea, Lotte Research & Development Centre, to conduct joint research to develop alternative proteins from mealworms. Additionally, Ynsect also announced its plans to expand its human and animal nutrition businesses in Japan.
Impact of COVID-19 on the Mealworms Market
The COVID-19 pandemic significantly impacted the food sector, negatively affecting meat producers worldwide. The meat products sector faced several challenges, such as the risk of continuing production, distribution, transportation; lack of workforce; supply chain disruptions, and delays in development activities. These factors impacted the meat products sector, driving the demand for alternative proteins, such as insect protein products (mealworm proteins).
In May 2020, Wuhan's municipal government banned breeding, hunting, and consuming wild animals for five years to prevent zoonotic diseases. This is expected to trigger restrictions on the consumption of certain animals and related products in some cities in East Asian countries, increasing the shortage of meat products and accelerating the demand for alternative substitutes, such as edible insects and plant-based products.
Moreover, increasing health & wellness trends and rising health awareness, such as the risk of viral infections, cardiovascular diseases, liver diseases, bone disorders, and the increased risk of certain types of cancers associated with the long-term use of animal proteins, have created the traction for sustainable protein sources such as mealworms. To capture this traction in the edible insect industry, many vendors are focusing on enhancing their production capacities, processes, and end products.
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In May 2020, Beta Hatch, a U.S.-based insect rearing technology company, received $3 million in a Series A1 funding round from Cavallo Ventures, Wilbur-Ellis' venture capital arm; and early-stage venture firm–Innova Memphis. The round also included Klein Private Equity Investment and Brighton Jones Investment Partners investments. Moreover, in December 2020, the company raised $9.3 million to build a mealworm facility in North America.
Thus, the rising preference for alternative proteins over animal proteins due to the COVID-19 outbreak has significantly driven the growth of the mealworms market.
The mealworms market is segmented based on product type, application, end use, and geography.
Based on product type, the mealworms market is segmented into whole mealworm, mealworm meal, mealworm powder, and others. In 2022, the whole mealworm segment is expected to account for the largest share of the overall mealworms market. The large share of this segment is attributed to the growing preference for whole mealworms by food & feed manufacturers for further processing due to their easy availability and cost-effectiveness.
Based on application, the mealworms market is segmented into animal feed, aquafeed, pet food, food & beverages, and other applications. In 2022, the animal feed segment is estimated to account for the largest share of the overall mealworms market. The growth of this segment is driven by the wide availability of mealworm products for use in animal feed, growing usage of mealworm-based products by feed manufacturers, and the high nutritional value of mealworms in animal nutrition. Mealworms are rich in amino acids, minerals, fats, vitamins, and energy. They have the potential to be a valuable feed source for poultry, aquaculture, and pets. However, the food & beverages segment is slated to register the highest CAGR during the forecast period of 2022–2030. The rapid growth of this segment is driven by the rising awareness about the importance of nutrition, growing usage of protein supplements due to the health benefits of daily protein intake, and increased incorporation of mealworms in bakery products and snacks.
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Based on end use, the mealworms market is segmented into animal nutrition, human consumption, and other end uses. In 2022, the animal nutrition segment is estimated to account for the largest share of the overall mealworms market. The growth of this segment is driven by factors such as the increasing animal population, rapidly growing pet expenditure, increasing customer willingness to provide high-quality food to their pets, lower price of insect-based feed compared to other types of animal feed, and the growing demand for insect protein in the pet food industry.
Based on geography, the mealworms market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the overall mealworms market. The large market share of this region is attributed to factors such as the presence of key mealworm manufacturers, increasing demand for alternative protein sources, high demand for protein-rich food & feed, the increasing number of government approvals for mealworms to be used in human, animal, and pet food applications; and the presence of supportive policies for insect farming.
However, North America is slated to register the highest CAGR during the forecast period of 2022 to 2030. The rapid growth of this market is driven by the growing demand for environment-friendly protein-rich food. In addition, the growing awareness of insects-as-food, decreasing food neophobia, and the altering attitudes of consumers towards insects as food products are expected to create significant opportunities for the growth of the mealworms market.
Some of the key players operating in the overall mealworms market are Protix B.V. (Netherlands), Ÿnsect SAS (France), BETA HATCH (U.S.), Armstrong Crickets Georgia (U.S.), TEBRIO (Formerly MealFood Europe SL) (Spain), Tebrito AB (Sweden), Entec Nutrition (U.K.), Invertapro AS (Norway), Keil Co., Ltd (South Korea), EntoBreed Farming BV (Netherlands), and Goterra (Australia).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/mealworms-market-5264
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