The global insect protein market share is projected to experience substantial growth, with is expected to reach USD 856.08 million by 2029, growing at a compound annual growth rate (CAGR) of 24.1%. According to research by Fortune Business Insights™ titled "Insect Protein Market, 2022-2029," this rapid expansion is driven by increasing urbanization and the rising demand for alternative protein sources. The market was valued at USD 153.92 million in 2021 and USD 189.32 million in 2022.
Insect protein can be derived either by consuming live insects directly or by using processed insect products. Insects such as ants, mealworms, black soldier flies, crickets, and grasshoppers are excellent protein sources and can be cultivated even in resource-limited environments. These insects have been an integral part of traditional diets in over 110 countries, particularly in Southeast Asia.
Edible insects are rich in protein, fat, and energy, making them an excellent source of vitamins and minerals. They can enhance food and feed security while offering a sustainable alternative protein source for various food and feed applications. The growing awareness of the environmental benefits of insect protein is expected to drive demand, positioning it as an eco-friendly alternative for future food systems.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780
The increasing demand for plant-based meat substitutes and portable protein snacks is a key trend fueling market expansion. The food industry is adapting as consumer preferences shift towards healthier and more environmentally friendly eating options. To capitalize on this growing demand for convenient protein snacks and plant-based alternatives, manufacturers should focus on expanding and innovating their product lines to meet evolving consumer needs.
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 insect protein market is segmented into several product categories, including lepidopterans, coleopterans, hymenopterans, and orthopterans. The primary application areas are food and beverages, animal feed, and pharmaceuticals and cosmetics. Geographically, the market is divided into key regions: Asia Pacific, South America, Europe, North America, and the Middle East and Africa.
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
Raising insects is increasingly popular across various industries—such as beverages, aquafeed, nutraceuticals, pet food, and pharmaceuticals—due to its cost-effectiveness compared to plant and animal farming, as well as the higher protein content of insects. This makes insect protein a highly versatile and valuable resource, contributing to the market's continued growth.
Key factors driving the market expansion include advancements in food technology, urbanization, shifting consumer preferences, and the rising demand for alternative protein sources. However, the high production costs associated with expensive manufacturing processes may pose a challenge to the market’s growth.
Regional Insights-
Europe to Dominate Global Market Due to Wide Use of Insect Protein
Europe currently holds the largest market share for insect protein, with substantial demand driven by culinary applications, particularly among middle-aged and older consumers. The growing demand for fiber-fortified products in countries like the UK and Germany is expected to further fuel this growth.
The Asia-Pacific region is poised for rapid expansion, driven by increasing local demand for insect protein. China is expected to be a major contributor due to its abundance of raw materials. Additionally, the growth of the insect protein market in this region will be supported by the expanding food and beverage and pharmaceutical industries in countries such as South Korea, India, China, Indonesia, and Malaysia.
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Competitive Landscape-
Key Players Adopt Innovative Strategies to Acquire Growth
To meet the rising demand for insect protein and drive corporate growth, industry leaders are focusing on expanding their production capacities. In addition, they are actively pursuing strategic initiatives such as forming alliances and engaging in mergers and acquisitions to strengthen their market presence. A notable example of this trend is Ńsect's acquisition of Protifarm in April 2021, highlighting the ongoing consolidation within the industry.
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