![]() Moreover, in December 2020, the company raised $9.3 million to build a mealworm facility in North America. The round also included Klein Private Equity Investment and Brighton Jones Investment Partners investments. In May 2020, Beta Hatch, a U.S.-based insect rearing technology company, received $3 million in a Series A1 funding round from Cavallo Ventures, Wilbur-Ellis' venture capital arm and early-stage venture firm–Innova Memphis. Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: These factors impacted the meat products sector, driving the demand for alternative proteins, such as insect protein products (mealworm proteins). The meat products sector faced several challenges, such as the risk of continuing production, distribution, transportation lack of workforce supply chain disruptions, and delays in development activities. ![]() The COVID-19 pandemic significantly impacted the food sector, negatively affecting meat producers worldwide. ![]() Impact of COVID-19 on the Mealworms Market Additionally, Ynsect also announced its plans to expand its human and animal nutrition businesses in Japan. For instance, in 2021, a France-based mealworm manufacturer, Ynsect, partnered with a food research center in South Korea, Lotte Research & Development Centre, to conduct joint research to develop alternative proteins from mealworms. Major market players are expanding in this market. The high demand for insect feed in emerging economies is expected to increase the number of investments by insect producers in such countries. In terms of volume, the mealworms market is expected to grow at a CAGR of 28.6% from 2022–2030 to reach 367,491.7 tons by 2030. Redding, California, Ap(GLOBE NEWSWIRE) - According to a new market research report titled, 'Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption) -Global Forecast to 2030,' in terms of value, the mealworms market is expected to reach $1.27 billion by 2030, at a CAGR of 25.8% during the forecast period 2022–2030. Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption) - Global Forecast to 2030
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