By 2029, the global insect protein market revenue is expected to have grown at a compound annual growth rate (CAGR) of 24.1% to reach USD 856.08 million. According to the Fortune Business InsightsTM research "Insect Protein Market, 2022-2029," this explosive rise is being driven by the growing urbanization and desire for alternative protein sources. In 2021, the market was worth USD 153.92 million, and in 2022, it was worth USD 189.32 million.
Either live insects can be consumed directly or processed products can be used to obtain insect protein. Even in environments with limited resources, insects like ants, mealworms, black soldier flies, crickets, and grasshoppers may be cultivated well and are great sources of protein. In more than 110 nations, mostly in Southeast Asia, these insects have long constituted an essential part of traditional diets.
Edible insects are a good source of vitamins and minerals because they are often high in protein, fat, and energy. They can improve food and feed security and provide as a sustainable alternative protein source for food and feed applications. The benefits of insect protein are anticipated to fuel demand in the upcoming years due to their potential as an eco-friendly alternative for future food systems.
The growing demand for plant-based meat substitutes and portable protein snacks is a major trend driving this expansion. The food sector is adjusting as customer tastes move toward healthier and more environmentally friendly eating options. In order to meet the growing need for convenient protein snacks and plant-based substitutes, manufacturers should take advantage of this trend by growing and developing their product lines.
List of Key Market Players-
- Aspire Food Group (Canada)
- Ynsect NL Nutrition & Health B.V. (Netherlands)
- EntomoFarms (Canada)
- Chapul Cricket Protein (U.S.)
- Jimini’s (France)
- EnviroFlight LLC (U.S.)
- Swarm Nutrition GmbH (Germany)
- AgriProtein Holdings Ltd (England)
- Next Protein Inc. (France)
- Innovafeed (France)
Segments-
The market is divided into several product categories, including lepidopterans, coleopterans, hymenopterans, and orthopterans. Food and drink, animal feed, and pharmaceuticals and cosmetics are its three primary use groups. Asia Pacific, South America, Europe, North America, and the Middle East and Africa are among the major geographic divisions of the market.
Report Coverage-
The report encompasses key market developments and insights into various market segments.
- It evaluates the impact of the COVID-19 pandemic on the market.
- It integrates Porter's Five Forces Analysis for accurate forecasting.
- It incorporates crucial market drivers and constraints.
- It profiles the positions of key market players accordingly.
Drivers & Restraints-
Rising Demand for Alternate Protein to Fuel Market Growth
Because raising insects is less expensive than growing plants or raising animals, and because they contain more protein, they are becoming more and more popular in a variety of industries, such as drinks, aquafeed, nutraceuticals, pet food, and pharmaceuticals. Because of its high protein content and wide range of uses, the market for insect protein is anticipated to continue growing.
Food technology developments, urbanization, changing customer preferences, and the rising need for alternate protein sources are the main factors propelling market expansion. However, high production costs linked to pricey manufacturing procedures could provide a hindrance to the market's expansion.
Regional Insights-
Europe to Dominate Global Market Due to Wide Use of Insect Protein
The market share of insect protein is now highest in Europe, and its substantial use in culinary applications by middle-aged and older customers is expected to drive future growth. Additionally, the demand for fiber-fortified products is growing in nations like the UK and Germany.
Rapid expansion is expected in the Asia-Pacific area as a result of rising local demand for insect protein. China is anticipated to be a major contributor to this increase due to its abundance of raw materials. The growth of the insect protein market in the region is also anticipated to be supported by the developing food and beverage and pharmaceutical industries in South Korea, India, China, Indonesia, and Malaysia.
Competitive Landscape-
Key Players Adopt Innovative Strategies to Acquire Growth
In order to meet the growing demand for insect protein and spur corporate growth, these industry leaders are concentrating on increasing their production capacities. To increase their market footprint, they are aggressively pursuing strategic initiatives including alliance formation and mergers and acquisitions. As part of its expansion plan, Ńsect notably purchased Protifarm in April 2021, underscoring the industry's trend of consolidation.
