Global Insect Protein Market Size, Industry Analysis By Segmentations, Growth, Key Players, Trends & Forecast 2023-2032

 

Global Insect Protein Market

The global insect protein market size was US$ 157.62 million in 2021. The market is projected to grow from US$ 195.32 million in 2022 to US$ 865.08 million by 2029, exhibiting a CAGR of 24.4% during the forecast period. 

Insects are an essential part of the daily diet of over 2 billion people worldwide. In addition to being rich in protein, insects are a source of essential fats, high-quality lipids, fibre, vitamins, and minerals such as iron and calcium. The most commonly used insect protein producers are mealworms such as black flies, grasshoppers, and crickets. Lipids can be used for biofuels, and by-products such as chitin have great potential in the pharmaceutical and bioplastics industries, whereas insect-derived proteins can mainly be used in food, pet food, fish and animal feed. Insects are a more useful source of protein compared to other plants and animals. Insects’ proteins are used in numerous products including food and beverages, pharmaceuticals, dietary supplements, cosmetics, pet food, pet, fish and poultry feed.

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Growing consumer awareness of consuming nutritious foods and increasing preference for a healthy lifestyle are expected to drive up the demand for insect protein during the forecast period. Growing health consciousness has increased the demand for healthy and nutritious foods, and manufacturers from various industries are providing opportunities to provide such foods. Furthermore, rise in spending on functional foods, rise in sports and fitness enthusiasts, and consumers seeking healthy and sustainable food options are the major reasons expected to drive market growth during the forecast period.

Insect proteins have great potential in tackling world hunger as food demand increases with population growth. Insect proteins are widely used in animal feed production, food and beverage products, cosmetics and personal care. In addition, with the growing threat of global food shortages in Western countries, insects are being viewed as a new source of human food and animal feed.

The United States has captured the largest sales share in the North American market in 2020 due to high consumer awareness and the presence of health-conscious consumers. Additionally, more than half of the U.S. population suffers from one or more preventable chronic diseases, many of which result from poor diet and lack of exercise. This will increase the demand for healthy and nutritious foods across the country.

The outbreak pandemic has disrupted supply chains in various regions, including North America, while European countries such as the United States, United Kingdom, France and Germany are major markets for insect protein products. Insect proteins have seen slowed growth during the pandemic. However, it is expected to recover post-pandemic due to increased consumer awareness and health awareness.

Market Segmentation:

By Source

• Coleoptera
• Lepidoptera
• Hymenoptera
• Orthoptera
• Hemiptera
• Diptera
• Others

By Application

• Food & Beverages
• Animal Nutrition
• Pharmaceutical & Supplements
• Personal Care and Cosmetics

By Geography

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Germany

o France

o Italy

o Spain

o Russia

• Asia-Pacific

o Japan

o China

o India

o Australia

o South Korea

o ASEAN

• Latin America

o Brazil

o Argentina

o Colombia

• MEA

o South Africa

o Saudi Arabia

o UAE

o Egypt

Key Player:

Some prominent players in the global insect protein market include:

• InnovaFeed
• EnviroFlight
• Ynsect
• Hexafly
• Protix
• Aspire Food Group
• Chapul
• Nutrition Technologies
• Entomo Farms
• Goterra
• Other Players

Regional Analysis:

The Europe region accounted for the largest share of revenue in 2020 with over 35.0%. The European market has shown high consumer acceptance of insect proteins for applications such as food and beverage, animal nutrition and personal care industries. The recent approval of insect proteins for animal feed, including poultry and swine, is expected to further increase demand in the European market. High demand for insect proteins from developed countries such as France, Germany, and the UK is expected to drive the market during the forecast period.

Moreover, North America accounts for a significant share of 2020 sales. The market is projected to become the largest by 2028 due to demand for nutritious foods and growing consumer awareness of consuming insect-based products. Mexico and Canada have new players and new products with significant growth potential for launches, demand for insect proteins is expected to rise during the forecast period.

Asia-Pacific is expected to grow at a revenue-based CAGR of 25.05% during the forecast period, owing to the growing consumer base in countries such as India, China, and Thailand. Additionally, countries such as Thailand and Indonesia have a long history of insect consumption and are among the major producers of insects adding raw materials. Moreover, the presence of developing countries is expected to increase the demand for nutritious food during the forecast period.

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Key Points

• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
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• Porter’s Five Force Model and SWOT analysis are used to study the global Dextrose Injection market and would help stakeholders make strategic decisions.
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