Demand Forecast for Insect Feed in Korea, by Black Soldier Flies and Fly Larvae, 2023 to 2033
Emerging Demand for Insect-based Pet Foods Opens Lucrative Opportunities in Korea’s Insect Feed Industry. Growing Pet Ownership Culture in Korea is the Trend to Hop On.
Analytical Study of Insect Feed in Korea from 2023 to 2033
Sales of insect feed in Korea are poised to surge at a staggering 23.6% CAGR through 2033. The overall demand for insect feed in Korea is set to rise considerably, crossing a valuation of US$ 18.4 million in 2023. By 2033, sales projections for insect feed in Korea indicate achieving a valuation of US$ 152.9 million.
Attributes
Details
Industry Size in Korea in 2023
US$ 18.4 million
Expected Industry Size of Korea by 2033
US$ 152.9 million
Forecasted CAGR between 2023 to 2033
23.6%
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Key Trends to Bolster Revenues through 2033
With a growing pet ownership culture in Korea, there is likely to be an increase in the usage of insect-based components in pet food. Insects are rich in protein and can serve as a more environmentally friendly alternative to typical pet food components.
With the rise of eCommerce and the direct-to-consumer approach, insect feed firms in Korea are striving to reach a broader audience through online channels. This may involve selling directly to consumers or collaborating with online businesses.
The use of insect-derived components as food additives, such as bug protein powder or oil, could soon become a trend. Without directly incorporating entire insects, these substances may enhance the nutritional profile of various food items.
Innovations in insect farming, robotics, and precision farming practices can all impact the sector. Advances in these areas have the potential to increase efficiency, reduce costs, and make insect farming more scalable.
Companies in the insect feed sector are likely to focus on ecologically friendly and sustainable packaging solutions as sustainability becomes a more prominent concern internationally. This trend aligns with the broader push to reduce plastic waste.
Key Insights - Highlights on the Emerging Opportunities in the Korea Insect Feed Industry
Insects possess a variety of bioactive chemicals and proteins that may find use in cosmetics and therapeutics. Assessing the production of insect-derived compounds for cosmetics or medicinal purposes can represent an unconventional strategy.
The worldwide pet food industry is expanding, and insects could serve as a sustainable and protein-rich addition to pet diets. In Korea, where pet ownership is on the rise, companies specializing in insect-based pet food could tap into a niche demand.
Creating insect-based snacks or convenience foods that align with Korean tastes and preferences could prove to be a profitable venture. These products could be considered healthy, long-term alternatives to regular snacking.
Providing innovative insect farming technologies and tools to local farmers or businesses considering entering the industry can be profitable. This includes automation, improved breeding techniques, and more efficient agricultural systems.
Creating teaching programs for schools and educational institutions that focus on sustainable agricultural techniques, including insect farming, could help children shape positive impressions about insect-based products from an early age.
Find your sweet spots for generating winning opportunities in this market.
Comparative View of Adjacent Insect Feed in Key Markets
The table showcases a comparative overview of insect feed and their respective adoption rates in Korea, Japan, and globally. According to the analysis, insect feed companies in Korea are expected to continue expanding their product offerings. This could involve the production of new insect-based snacks, protein powders, liquids, and other novel items to cater to a wide range of customer preferences.
In Korea, given the scarcity of available land in cities, there is likely a trend toward developing insect farms using vertical farming techniques or repurposed urban spaces. Both sustainability and space restrictions can be addressed through urban farming.
Globally, the exploration of insect-based products with unique health advantages is emerging as a trend. Insect-based goods formulated as functional meals or nutraceuticals, with features such as immunological support or energy augmentation, can appeal to health-conscious customers.
Industry Analysis of Insect Feed in Korea:
Attributes
Industry Analysis of Insect Feed in Korea
Korea CAGR between 2023 and 2033
23.6%
Industry Size of Korea in 2023
US$ 18.4 million
Key Trends in Korea
Rising product diversification
Key Challenge
Allergic reactions to insect proteins remain high
Demand for Insect Feed in Japan:
Attributes
Demand for Insect Feed in Japan
CAGR (2023 to 2033)
20.9%
Valuation (2023)
US$ 23.5 million
Key Trend
Increasing insect farming in urban settings
Key Challenge
Overcoming the “ick factor” associated with insect-based products
Opportunity Assessment in the Global Insect Feed Market:
Attributes
Opportunity Assessment in the Global Insect Feed Market
CAGR (2023 to 2033)
17.9%
Valuation (2023)
US$ 1,561 million
Key Trend
Development of insect-based products as nutraceuticals or functional foods
Key Challenge
Competition with traditional protein sources like soy, fish, and meat
Category-wise insights
Rising Demand for Processed Foods Boosts Demand for Powdered Insect Meals
Leading Product Type for Insect Feed in Korea
Meal (Powder)
Total Value Share (2023)
59.00%
Insect meal, especially in powder form, is versatile and can be used in a variety of culinary items. This adaptability appeals to food manufacturers who can produce a wide range of insect-based items, including protein bars, snacks, baked goods, and more. Insect meal has the potential to be a beneficial ingredient in processed meals, such as snacks, energy bars, and protein supplements. The usage of insect meals in processed meals is likely to grow as the demand for convenient and nutritious foods expands. According to data from the Ministry of Agriculture, Food, and Rural Affairs, the local bug farming sector made 44.6 billion won in 2021, up 7.7 percent from the previous year.
Black Soldier Flies Witness Increased Demand Due to their Perceived Ecological Farming
Leading Insect Type for Insect Feed in Korea
Black Soldier Flies
Total Value Share (2023)
42.80%
Black soldier fly larvae and byproducts, such as larval meal, can be utilized in a variety of applications, including livestock feed and aquaculture. The adaptability of BSF products makes them ideal for incorporation into several areas of the agriculture and food industries. Insect farming, particularly with black soldier flies, tends to be regarded as more ecologically benign than traditional cattle rearing. As environmental concerns and sustainable practices become more important in purchasing decisions, the demand for black soldier fly-derived items is likely to grow.
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Competitive Landscape
The competitive environment of the insect feed industry in Korea is characterized by a dynamic interaction of new firms, strategic alliances, and increasing customer demands. As the global agricultural industry focuses on sustainability, Korean companies are increasingly positioning themselves to benefit from the growing demand for alternative protein sources. In an environment where innovation and adaptation are critical, established enterprises and startups compete for industry dominance.
Strategies for Key Players to Tap into Potential Growth Opportunities
Vertical integration can be pursued for improved supply chain control, with activities from farming to processing optimized to ensure quality and decrease risks.
Concentrate on brand distinction by emphasizing unique selling points and developing a strong, identifiable brand image that connects with the target audience.
Take advantage of eCommerce development by establishing a strong online presence and exploring direct-to-consumer methods for real-time consumer responsiveness.
To remain competitive in a dynamic industrial landscape, maintain a commitment to constant research and development, optimizing agricultural practices, feed formulas, and processing procedures.
Recent Developments Observed in Insect Feed in Korea
In September 2023, Cricket One, a startup specializing in edible insects, established what it claims is Asia's prime cricket processing facility and concluded a Series A round for an undisclosed "seven-figure" sum. Cub Capital and a Singapore-based family office participated in the round, led by Singapore-based investor Robert Alexander Stone.
In April 2023, Ÿnsect, an insect production firm, signed a Memorandum of Understanding (MoU) with the Lotte research and development center, a Korean technology corporation. Guillaume Daoulas, Ÿnsect Food & Plant Sales Director, signed the MoU on April 26 in the presence of Cho Juhyeon, Korean Vice Minister for SMEs and Startups, at the "France - Korea" event hosted by French Tech and the French Embassy in Korea.
Some of the Key Players Offering Insect Feed in Korea
Ÿnsect
Shinsegae Food
Cricket One
Scope of the Report
Attribute
Details
Estimated Industry Size in 2023
US$ 18.4 million
Projected Industry Size by 2033
US$ 152.9 million
Anticipated CAGR between 2023 to 2033
23.6% CAGR
Historical Analysis of Demand for Insect Feed in Korea
2018 to 2022
Demand Forecast for Insect Feed in Korea
2023 to 2033
Report Coverage
Industry Size, Industry Trends, Analysis of key factors influencing Insect Feed Adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korean Manufacturers
Key Provinces Analyzed While Studying Opportunities in Insect Feed in Korea
South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled
Ÿnsect
Shinsegae Food
Cricket One
Key Segments
By Product Type:
Meal (Powder)
Live insect meal
Whole (Dried Insects)
By Insect Type:
Black Soldier Flies
Fly Larvae
Silkworms
Cicadas
Other Insects
By Nutrition:
Aquaculture
Pig Nutrition
Poultry Nutrition
Dairy Nutrition
Others
Key City/Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
How Rapidly is the Demand for Insect Feed in Korea Growing?
The expected CAGR through 2033 stands at a remarkable 23.6%.
What is the Demand Outlook for Insect Feed in Korea?
Anticipated demand for insect feed in Korea is projected to reach US$ 152.9 million by 2033.
Which Trends Influence the Demand for Insect Feed in Korea?
Sustainability and local sourcing trends influence the demand for insect feed in Korea.
What Strategies are used by Insect Feed Manufacturers in Korea?
Insect feed manufacturers emphasize product innovation to cater to dynamic consumer preferences.
What is the Preferred Insect Type for Insect Feed in Korea?
Black soldier flies are highly preferred in Korea's insect feed industry.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Insect Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Insect Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Insect Type, 2023 to 2033
5.3.1. Fly Larvae
5.3.2. Silkworms
5.3.3. Cicadas
5.3.4. Other Insects
5.4. Y-o-Y Growth Trend Analysis By Insect Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Insect Type, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Aquaculture
6.3.2. Pig Nutrition
6.3.3. Poultry Nutrition
6.3.4. Diary Nutrition
6.3.5. Other Applications
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2023 to 2033
7.3.1. South Gyeongsang
7.3.2. North Jeolla
7.3.3. South Jeolla
7.3.4. Jeju
7.3.5. Rest of Korea
7.4. Market Attractiveness Analysis By Region
8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Insect Type
8.2.2. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Insect Type
8.3.2. By Application
8.4. Key Takeaways
9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Insect Type
9.2.2. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Insect Type
9.3.2. By Application
9.4. Key Takeaways
10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Insect Type
10.2.2. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Insect Type
10.3.2. By Application
10.4. Key Takeaways
11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Insect Type
11.2.2. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Insect Type
11.3.2. By Application
11.4. Key Takeaways
12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Insect Type
12.2.2. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Insect Type
12.3.2. By Application
12.4. Key Takeaways
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Insect Type
13.3.3. By Application
14. Competition Analysis
14.1. Competition Deep Dive
14.1.1. Protix
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.1.5.2. Product Strategy
14.1.1.5.3. Channel Strategy
14.1.2. KEIL Co.,Ltd
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.2.5.2. Product Strategy
14.1.2.5.3. Channel Strategy
14.1.3. Hexafly
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.3.5.2. Product Strategy
14.1.3.5.3. Channel Strategy
14.1.4. Entofood
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.4.5.2. Product Strategy
14.1.4.5.3. Channel Strategy
14.1.5. Diptera Nutrition
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.5.5.2. Product Strategy
14.1.5.5.3. Channel Strategy
14.1.6. Enviroflight
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.6.5.2. Product Strategy
14.1.6.5.3. Channel Strategy
14.1.7. Coppens
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.7.5.2. Product Strategy
14.1.7.5.3. Channel Strategy
14.1.8. Agriprotein
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.8.5.2. Product Strategy
14.1.8.5.3. Channel Strategy
14.1.9. Nextprotein
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.9.5.2. Product Strategy
14.1.9.5.3. Channel Strategy
14.1.10. Buhler AG
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
14.1.10.5.2. Product Strategy
14.1.10.5.3. Channel Strategy
15. Assumptions & Acronyms Used16. Research Methodology
