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 USD 18.4 million in 2023. By 2033, sales projections for insect feed in Korea indicate achieving a valuation of USD 152.9 million.
| Attributes | Details |
|---|---|
| Industry Size in Korea in 2023 | USD 18.4 million |
| Expected Industry Size of Korea by 2033 | USD 152.9 million |
| Forecasted CAGR between 2023 to 2033 | 23.6% |
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| 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.
| 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.
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
Recent Developments Observed in Insect Feed in Korea
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 18.4 million |
| Projected Industry Size by 2033 | USD 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 |
The expected CAGR through 2033 stands at a remarkable 23.6%.
Anticipated demand for insect feed in Korea is projected to reach USD 152.9 million by 2033.
Sustainability and local sourcing trends influence the demand for insect feed in Korea.
Insect feed manufacturers emphasize product innovation to cater to dynamic consumer preferences.
Black soldier flies are highly preferred in Korea's insect feed industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Insect Type 5.1. Fly Larvae 5.2. Silkworms 5.3. Cicadas 5.4. Other Insects 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Aquaculture 6.2. Pig Nutrition 6.3. Poultry Nutrition 6.4. Dairy Nutrition 6.5. Other Applications 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. South Gyeongsang 7.2. North Jeolla 7.3. South Jeolla 7.4. Jeju 7.5. Rest of Korea 8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. Market Structure Analysis 14. Competition Analysis 14.1. Protix 14.2. KEIL Co., Ltd 14.3. Hexafly 14.4. Entofood 14.5. Diptera Nutrition 14.6. Enviroflight 14.7. Coppens 14.8. Agriprotein 14.9. Nextprotein 14.10. Buhler AG 15. Assumptions & Acronyms Used 16. Research Methodology
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Insect Feed Industry Analysis in Korea
