In the mealworms products market, Agtech and Food tech companies manufacture and sell mealworms-based products, including whole mealworms, mealworms meal, mealworms powder, mealworms oil, and other products, to animal feed manufacturers, food and beverage manufacturers, farmers, individuals (pet owners), and other end users.
Mealworms Market Insights
Some of the Agtechs produce mealworm-based products (other than those mentioned in the segment) that are not sold or consumed commercially and thus do not contribute to the mealworm products market. Additionally, revenues from the unorganized market for mealworms-based products intended for any use are excluded.
According to an opinion from key industry experts Mealworms Market revenue is expected to attain $700.0 Million at a high CAGR of 26.1% from 2023 to 2030. In 2022, the Mealworms Market was estimated at $120.0 Million.
Key Segments: Mealworms Meal, Mealworms Powder, Mealworms Oil, Whole Mealworms
Key Competitors: Ynsect (France), Beta Hatch (U.S.), Protix B.V. (Netherlands),Tebrio (Spain), Livefoods Direct Ltd (U.K.), Goterra (Australia), Entec Nutrition (U.K.), EntoBreed (Netherlands), Invertapro As (Norway), Keil Co. Ltd (South Korea)
Key Geographies: USA, China, UK, Japan, Germany, France, Italy, Spain, The Netherlands, Canada, India, South Korea, Australia, New Zealand, Middle East, Africa, South, and Central America.
Mealworms Industry Trends
The market of mealworms is majorly driven by the regulatory approvals, increasing product awareness among the consumers, and rising application in the pet food and animal feed industries. For instance, The European Commission authorized the sale of larvae of Alphitobius diaperinus (lesser mealworms) in all member states, thereby accelerating the development of the mealworms market.
More importantly, mealworms search volume on the Google search engine had been significant and constant from January 2022 to May 2023. The top 10 countries contributing to mealworms search volumes include Singapore, South Korea, Austria, Germany, Taiwan, the US, Denmark, the Netherlands, the U.K., and Australia. The trending searches included the application of mealworms in animal feed and pet food. Further, this search trend is expected to continue to rise with expected approvals of mealworms consumption and increasing awareness among mealworms product buyers.
Mealworms Industry Developments
Due to these growing trends, a number of top players are releasing products that related industries can easily consume. For instance, in May 2023, Ÿnsect launched Sprÿng, a Molitor mealworms-based B2B2C brand that can be used in the production of dry and wet pet food.
Mealworms Market Segmentation:
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