The global insect protein market was valued at USD 153.92 million in 2021 and is expected to grow from USD 189.32 million in 2022 to USD 856.08 million by 2029, representing a CAGR of 24.1% during the forecast period. Europe held the largest share of the market, accounting for 33.67% in 2021.
Insect protein can be derived from live insects or processed insect-based products. Insects such as ants, mealworms, black soldier flies, crickets, and grasshoppers are known for their high protein content and their ability to thrive in resource-limited environments. These insects have been a dietary staple in over 110 countries, especially in Southeast Asia.
Edible insects are rich in protein, fats, vitamins, and minerals, making them a sustainable solution to address food and feed security. Their nutritional benefits, coupled with their positive environmental impact, position insect protein as a promising alternative source of protein for various food and feed applications. As awareness of their ecological benefits grows, insect protein is gaining recognition as a key element in the development of sustainable food systems for the future.
The growing demand for plant-based meat substitutes and convenient protein snacks is a key driver of market expansion. As consumers increasingly shift toward healthier and more sustainable dietary choices, the food industry is adapting to these evolving preferences. To capitalize on this trend, manufacturers are encouraged to innovate and diversify their product offerings, ensuring they meet the rising demand for protein-rich, convenient, and eco-friendly alternatives.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780
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 various product categories, including lepidopterans, coleopterans, hymenopterans, and orthopterans. It serves multiple applications, such as food and beverages, animal feed, and pharmaceuticals and cosmetics. Geographically, the market is segmented into regions: Asia Pacific, South America, Europe, North America, and the Middle East and Africa.
Report Coverage
The report includes:
- Key developments and insights into various market segments.
- An evaluation of the COVID-19 pandemic’s impact on the market.
- A Porter’s Five Forces Analysis for accurate market forecasting.
- Identification of key market drivers and challenges.
- Profiling of leading market players and their strategic positions.
Drivers & Restraints
Rising Demand for Alternative Protein to Drive Market Growth
Insect farming is gaining popularity across industries such as beverages, aquafeed, nutraceuticals, pet food, and pharmaceuticals due to its cost-efficiency compared to traditional farming methods and the high protein content of insects. This versatility makes insect protein a valuable resource, contributing to the market’s growth.
Key drivers include advancements in food technology, urbanization, changing consumer preferences, and the increasing demand for alternative protein sources. However, high production costs associated with expensive manufacturing processes present a significant challenge to the market’s growth.
Regional Insights
Europe to Lead the Global Market with Widespread Use of Insect Protein
Europe currently holds the largest share of the insect protein market, driven by its adoption in 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 boost market growth.
The Asia-Pacific region is anticipated to experience rapid expansion, with rising local demand for insect protein. China is expected to play a key role due to its abundance of raw materials. Additionally, market growth in countries such as South Korea, India, China, Indonesia, and Malaysia will be fueled by the expansion of the food, beverage, and pharmaceutical industries.
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Competitive Landscape
Key Players Implement Innovative Strategies to Drive Growth
To meet the rising demand for insect protein and foster business expansion, leading companies are focusing on increasing production capacities and pursuing strategic initiatives such as partnerships, mergers, and acquisitions to strengthen their market presence. A notable example of this trend is Ÿnsect’s acquisition of Protifarm in April 2021, highlighting the growing consolidation in the insect protein sector.
