Redding, California, April 18, 2022 (GLOBE NEWSWIRE) — 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 …
