|Wednesday, November 25|
Is there an opportunity for insects in mainstream commerce? A look at the market size and consumer attitudes towards insects in pet foods
* Tyler Thompson, Enterra, Canada
* Bruce Jowett, Enterra, Canada
There has been much interest and consternation in the market size of insects for animal feeds. Enterra collaborated with The Cambridge Group to uncover the answer to the question of Just how big is the market? By examining five key markets: Pet, Commercial Poultry, Commercial Aquaculture, Backyard Chicken and Wild Bird, the discovery was that the market opportunity was extensive and growing. To validate the size, point of sale data was purchased from Nielsen, the global leader in market measurement data. Also reviewed were over 100 pieces of publicly available information, along with interviews from experts from leading pet food companies such as MARS Petcare and numerous technical experts across all markets. This report identifies immediate demand of ~150,000 tonnes in 2020 for premium applications in North America and Europe with high growth rates and premium price points. Further out, additional markets come online with demand for ~425,000 tonnes. Finally, this report illustrates the 2.6 million tonne gap created by commercial aquaculture and commitments made by industry leaders such as Skretting to address this gap. Within the $32.6 billion USD (2017) Pet Food market there is a premium sector that is growing fastest. Insect-based proteins are just breaking into this market and still not considered a mainstream ingredient but present a solution that consumers are looking for. Even without any education, 23% of consumers would be willing to try an insect-based protein product. This number increased to 36% with only minor education on the benefits and advantages of insect-based proteins. Education, transparency and a strong industry are key for success.