The global insect protein market, valued at USD 153.92 million in 2021, is projected to grow significantly, reaching USD 189.32 million in 2022 and USD 856.08 million by 2029, at an impressive compound annual growth rate (CAGR) of 24.1% during the forecast period. Europe led the market in 2021, holding 33.67% of the global share.
Insect protein is sourced from live insects or processed insect-based products, including species such as ants, mealworms, black soldier flies, crickets, and grasshoppers. Renowned for their high protein content and ability to thrive in resource-limited environments, these insects are a dietary staple in more than 110 countries, especially in Southeast Asia.
Packed with proteins, fats, vitamins, and minerals, edible insects present a sustainable solution to global food and feed security concerns. Their nutritional benefits and minimal environmental footprint position them as a promising alternative protein source for various food and feed applications. As awareness of their ecological benefits rises, insect protein is playing a key role in advancing sustainable food systems.
The market’s growth is primarily driven by the increasing demand for plant-based meat substitutes and convenient protein snacks. With consumers prioritizing health and sustainability, the food industry is innovating to meet these needs, offering protein-rich, eco-friendly alternatives. Manufacturers are seizing opportunities to cater to this expanding market by delivering sustainable dietary solutions aligned with consumer preferences.
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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)
Segmentation:
The insect protein market is divided into key product categories, including Lepidopterans, Coleopterans, Hymenopterans, and Orthopterans. Its applications span various sectors, such as food and beverages, animal feed, pharmaceuticals, and cosmetics. Geographically, the market is segmented into five major regions: Asia Pacific, South America, Europe, North America, and the Middle East & Africa.
Report Coverage:
The report offers comprehensive insights, including:
- Key developments across market segments.
- Analysis of the COVID-19 pandemic's impact on the insect protein industry.
- A Porter's Five Forces analysis for precise market forecasting.
- Identification of key market drivers and challenges.
- Profiles of leading players and their strategic initiatives.
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Drivers & Restraints:
Rising Demand for Alternative Proteins Fuels Market Expansion
Insect farming is gaining prominence across industries such as beverages, aquafeed, nutraceuticals, pet food, and pharmaceuticals due to its cost-efficiency compared to conventional farming and the high protein content of insects. This adaptability enhances insect protein’s appeal, significantly driving market growth.
Key growth drivers include advancements in food technology, increasing urbanization, evolving consumer preferences, and rising demand for sustainable alternative proteins. However, challenges such as high production costs and expensive manufacturing processes could limit the market’s potential.
Regional Insights:
Europe: A Global Leader in Insect Protein Adoption
Europe dominates the insect protein market, driven by widespread culinary applications, particularly among middle-aged and older demographics. The rising demand for fiber-enriched products in markets like the UK and Germany is expected to further propel growth in the region.
The Asia Pacific region is poised for rapid growth, fueled by increasing local demand for insect protein. China is expected to play a central role due to its abundant raw material availability. Countries like South Korea, India, Indonesia, and Malaysia are also contributing to market expansion, supported by growth in their food, beverage, and pharmaceutical industries.
Competitive Landscape:
Key Players Adopt Strategic Innovations to Strengthen Market Position
To address rising demand and expand operations, leading companies are increasing production capacities and pursuing strategic initiatives such as partnerships, mergers, and acquisitions. A notable example is Ÿnsect’s acquisition of Protifarm in April 2021, illustrating the ongoing consolidation and innovation within the insect protein sector.
