companies that will use insect protein in formulation will grow. However, according to Rabobank, when prices will go down in the maturity phase, aquafeed will be become the big- gest market for insect protein, as pet food is a smaller industry.


Aquafeed market: Insect protein used alongside fishmeal and soybean meal Rabobank expects that the aquafeed market will represent 40% of the insect protein market by 2030, a global market potential of 200,000 metric tonnes. Currently only a few tonnes of insects proteins are used in aquafeed, since the nutritional qualities don’t compete with the current price level of insect meal. Rabobank sees a potential market in North America and Europe, as there is a need to reduce both fishmeal and soy- bean meal for sustainability reasons, and insect protein is a potential alternative. This would be the first small phase in scaling up. The second phase will be based on the functional properties of insects in aquafeed. Research shows that the in- clusion of insect proteins has some positive features beyond nutritional value, such as palatability, improved gut health and antioxidant function, although more research evidence will be needed to allow profitable scale-up. In this phase of scaling Rabobank expects that insect protein will be used alongside fishmeal and soybean meal at small inclusion rates. Even in the last phase of scaling and beyond 2030 Rabo- bank don’t expect insect protein to replace fishmeal or


soybeal meal, although the cost level of insect protein will be more comparable with fishmeal. Rabobank expects insect protein and oil to become new raw material catego- ries, which will be combined with fishmeal or soybean meal to create better performing and more sustainable aquatic feeds.


Poultry and pigs Rabobank estimates a potential of 70,000 metric tonnes of in- sect protein as layer hen feed. The potential in broiler feed will be limited to 50,000 metric tonnes. The large potential in the layer hen feed market is due to the fact that the egg mar- ket creates space for marketing insect-fed eggs as a concept. The market potential for broilers is limited, due to the high price compared to soybean meal. For pig feed Rabobank ex- pects a small market share of 30,000 metric tonnes. Due to specific swine market dynamics and the higher price com- pared to soy, Rabobank sees pig feed as the smallest market for insect protein.


Turning point for the insect industry Rabobank believes that, after reaching half a million metric tonnes, it will get easier for the industry to expand supply. Af- ter reaching that volume, it would take much less time to double production and exceed a million metric tonnes. The speed of growth will depend on R&D, legislation changes, capital inflow and marketing.


▶ ALL ABOUT FEED | Volume 29, No. 2, 2021 23


The speed of growth of the insect industry will depend on R&D, legislation changes, capi- tal inflow and marketing.


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