The Insect Protein Market research report contains a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies interspersed with relevant data. Furthermore, the report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. It also examines market performance and the position of the market during the forecast period.
Insect Protein Market by Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), Distribution Channel, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Insect Protein Market Overview
The global Insect Protein Market size is projected to reach a CAGR of 33.4% from 2023-2030.
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Insects are an essential part of the everyday food intake for over 2 billion people worldwide. Apart from the high protein content, insects are a source of essential fats, high-quality lipids, fiber, vitamins, and minerals such as iron and calcium. The most used insect protein production is mealworms, black soldier flies, locusts, and crickets. While lipids can be used in biofuels and by-products such as chitin exhibit great potential in the pharmaceutical and bioplastic industries, insect-based proteins can be majorly used in food, pet food, fish, and animal feed.
The key factors positively impacting the growth of the insect protein market are the rising awareness about the high nutritional value of insects, growing preference for innovative protein sources considering the rising greenhouse gas emissions from the animal industries, the environmental benefits of insect proteins, the increasing demand for insect proteins in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of insect proteins.
Insect protein is one of the unique, promising animal feed proteins, owing to its functional, environmental, and nutritional benefits. However, high costs, legislation, and limited production capacity remain the main restraining factors for growth. Insect-based proteins are still expensive to produce; the equipment and procedures required to make them need optimization for large-scale production. Few consumers are inclined to pay higher prices for the health and environmental benefits of protein derived from insects, but numerous are priced out of this market.
The impact of COVID-19 has affected most countries across the world. Lockdowns, owing to COVID-19 adversely affected the global insect protein market growth. The pandemic led to several challenges to the food sector; the meat market has been poorly hit globally. The risk of continuous production, supply, distribution, lack of workforce, and lesser development activities have concerned the insect feed market. On 11 March 2020, WHO characterized the COVID-19 outbreak as a pandemic after spreading to 114 countries. As a result, a potential shift in consumers' food choices might occur, particularly concerning food of animal origin. Therefore, it is projected that there will be a higher rejection to consume unusual foods of animal origin like insects.
Delvens Industry Expert's Standpoint
As the world population continues to grow, the demand for protein is expected to increase significantly. However, traditional sources of protein such as meat and fish may not be able to meet this demand due to limited resources and environmental concerns. Insect protein, on the other hand, is a promising alternative that has been gaining traction in recent years. The insect protein market has been expanding rapidly, driven by factors such as increasing awareness about the environmental impact of traditional protein sources, growing demand for sustainable and nutritious food, and technological advancements in insect farming and processing. Insects are highly nutritious and can be produced with significantly lower environmental impact compared to conventional livestock. Several companies are investing in insect protein production and introducing innovative products such as cricket flour, insect-based snacks, and pet food. However, there are still challenges that need to be addressed, including regulatory frameworks, consumer acceptance, and scaling up production to meet the demand.
Insect Protein Market Key Findings
· Insects are an essential part of the everyday food intake for over 2 billion people worldwide. Apart from the high protein content, insects are a source of essential fats, high-quality lipids, fiber, vitamins, and minerals such as iron and calcium. The most used insect protein production is mealworms, black soldier flies, locusts, and crickets. While lipids can be used in biofuels and by-products such as chitin exhibit great potential in the pharmaceutical and bioplastic industries, insect-based proteins can be majorly used in food, pet food, fish, and animal feed.
· The key factors positively impacting the growth of the insect protein market are the rising awareness about the high nutritional value of insects, growing preference for innovative protein sources considering the rising greenhouse gas emissions from the animal industries, the environmental benefits of insect proteins, the increasing demand for insect proteins in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of insect proteins.
· The distribution channel segment is further bifurcated into Offline and Online. The offline distribution channel is the most widely used and held the largest market share and is anticipated to dominate the market during the forecast period. The dominance of offline distribution channels is primarily driven by the demand from developing countries. These countries are large consumers of insect protein and do not have well-established online distribution channels.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is anticipated to hold the largest market share in the insect protein market and is anticipated to dominate the market during the forecast period. The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions' high market share. The market for insect protein-based food products is projected to record the fastest growth during the forecast period due to increasing awareness among people.
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Insect Protein Market Regional Analysis
North America to Dominate the Market
· North America is anticipated to hold the largest market share in the insect protein market and is anticipated to dominate the market during the forecast period.
· The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions' high market share. The market for insect protein-based food products is projected to record the fastest growth during the forecast period due to increasing awareness among people.
Insect Protein Market Competitive Landscape
· InnovaFeed
· EnviroFlight
· Ynsect
· Hexafly
· Protix
· Aspire Food Group
· Chapul
· Nutrition Technologies
· Entomo Farms
· Goterra
Recent Developments in the Insect Protein Market
· April 2022, Global Bugs has made a strategic partnership with Innovative Natural Solutions. The goal of Global Bugs Asia (GBA) and Innovative Natural Solutions (INS) is to collaboratively promote, support, manufacture and distribute nutritious food items using a combination of plant-based components and crickets.
· October 2021, Aspire Food Group has expanded their automated production facility in London, to produce 10,000 tons of crickets/per year.
Reasons to Acquire Insect Protein Market Report
· Increase your understanding of the market for identifying the best and most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for Insect Protein Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Table of Contents
Insect Protein Market is segmented into various segments such as insect type, application, distribution channel, and region:
Based on insect type
Crickets
Black Soldier Flies
Mealworms
Grasshoppers
Ants
Other Insects
Based on application
Food & Beverages
Animal Nutrition
Pharmaceuticals & Cosmetics
Based on the distribution channel
Offline
Online
Based on region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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