Chicago, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Insect protein refers to the protein obtained from insects, which are a diverse group of invertebrates belonging to the class Insecta. In recent years, there has been growing interest in utilizing insects as a sustainable and nutritious source of protein for human consumption. Insects are rich in protein, vitamins, minerals, and essential fatty acids, making them a promising alternative to traditional protein sources like meat, poultry, and fish. The global insect protein market will grow to USD 3.3 billion by 2027, growing at a CAGR of 33.4% during the forecast period. The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of insect protein market.
Key Players in Insect Protein Market
- EnviroFlight (US)
- InnovaFeed (France)
- HEXAFLY (Ireland)
- Protix (Netherlands)
- Global Bugs (Thailand)
- Entomo Farms (Canada)
- Ynsect (France)
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Drivers and Opportunities
Drivers: Increasing Investments in R&D and Start-ups
Various companies in the insect protein market are undertaking strategies to expand their business and gain market share. Some of the key strategies adopted by the industry participants are new product launches, partnerships, and acquisitions. For instance, in March 2022, Global Bugs entered in partnership with Smart Vet Group to focus on formulating and production of pet food and supplemental products for pets that contain whole roasted crickets and cricket powder. In November 2021, Ÿnsect, an insect protein company launched the Bernie’s, an ultra-premium and luxury brand for dog feed in US market in collaboration with Pure Simple True LLC.
Opportunities: Defined Regulations and Government Support
Consumption and acceptance of insect protein products is highly associated with key sensory factors such as texture, taste, and appearance. Various regulatory bodies are conducting studies and research to help provide consumers with appropriate guidelines regarding the use of insect protein and its benefits. For instance, in 2021, European Commission recognized the key role of insect farming in its Farm to Fork strategy for sustainable food. in July 2021 European Union also approved and introduced the first novel insect protein, a yellow mealworm, in the European market. These regulatory acceptance and approvals are projected to provide lucrative growth opportunities to the participants in the market.
Insect Protein Market Trends
The insect protein market had been experiencing several notable trends:
- Increasing Demand: There has been a noticeable rise in the demand for insect protein products, driven by growing awareness of the environmental and nutritional benefits of insect-based foods. Consumers are seeking sustainable protein alternatives to traditional sources like meat and are more willing to explore insect-based options.
- Product Innovation: Companies in the insect protein sector have been innovating with product formulations and diversifying their offerings to appeal to a wider audience. This includes developing new insect-based protein powders, bars, snacks, and even incorporating insect protein into traditional food products like pasta and burgers.
- Expansion of Distribution Channels: Insect protein products are becoming more widely available through various distribution channels, including online retailers, specialty health food stores, and mainstream supermarkets. This expansion of distribution channels has increased accessibility and convenience for consumers interested in trying insect protein products.
- Investment and Funding: The insect protein market has attracted significant investment and funding from both traditional food industry players and venture capital firms. This influx of capital has supported research and development efforts, as well as the scaling up of production facilities, driving further growth in the market.
- Regulatory Developments: Regulatory frameworks around the use of insects for human consumption have been evolving, with some regions updating their regulations to facilitate the growth of the insect protein market. Clearer guidelines and standards can help build consumer trust and confidence in insect-based products.
- Education and Awareness: Efforts to educate consumers about the nutritional benefits, sustainability, and safety of insect protein have been ongoing. As awareness grows, more consumers may be willing to incorporate insect-based products into their diets.
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The food & beverage segment is the fastest growing among the various application of insect protein during the forecast period
The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.
Asia Pacific region is witnessing the highest growth rate in the insect protein market
Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan. The food consumption per capita is projected to increase in Australia, as the population is projected to reach 35.9 million by 2050, according to a report published by Australian Government.
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