Dublin, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The "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 - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The insect protein market is projected to reach USD 3.3 Billion by 2027 growing at a CAGR of 32.7% from 2022 to 2027. Insect proteins are now getting highly popular among the young population, especially for sports nutrition. This is due to the rising application of cricket flour in various nutritious food products. Government support, and the presence of key manufacturers in this market, have contributed to the growth of the insect protein market.
Insect protein has high demand in the application segment.
The insect protein market has been segmented based on application food & beverages, animal nutrition, and pharmaceuticals & cosmetics. The animal nutrition segment contributed to the largest market share in 2022, followed by food & beverages and pharmaceuticals & cosmetics.
However, insect protein is majorly known for its nutritional characteristics, and hence, its application is directed toward the food and feed industries. The growing concerns about pet health and willingness to spend more on pet food products and medicines among pet owners are further projected to drive the insect protein market growth. Among the animal nutrition segment, aquafeed is anticipated to account for the majority share in the insect protein market.
According to the Food and Agriculture Organization (FAO) estimates, by 2050 the demand for aquaculture will grow by 90%, and its production will increase from 59.9 million (MT) in 2010 to 113.7 million (MT) in 2050, which is projected to boost the market growth.
Asia Pacific is projected to witness a growth of 33.21% during the forecast period in the insect protein market.
The insect protein market in the Asia Pacific is growing at a CAGR of 33.21%. The Asia Pacific region is anticipated to be positioned as one of the leading consumers and producers of insect protein. The lucrative opportunity offered by the region has encouraged multinational companies to start their operations in the region.
The hot and humid climate for most of the months of the year is one of the most promising conditions for the proper growth of insects in this region. Emphasis is given to the companies' mergers, expansion, acquisition, partnership, and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Market for Insect Protein: Growth Rate of Major Regional Submarkets
4.3 Europe: Market for Insect Protein, by Key Type & Country
4.4 Market for Insect Protein, by Insect Type
4.5 Market for Insect Protein, by Application
4.6 Market for Insect Protein, by Distribution Channel
4.7 Market for Insect Protein, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Investments in R&D and Start-Ups
5.2.1.2 Increasing Demand for Alternate Protein
5.2.1.3 Food Security & Sustainability
5.2.2 Restraints
5.2.2.1 Consumers' Unacceptance of Insect-based Proteins
5.2.2.2 High Cost
5.2.2.3 Microbial Risk and Allergic Reactions
5.2.3 Opportunities
5.2.3.1 Defined Regulations and Government Support
5.2.3.2 Collaborations of Insect Protein-based Product Manufacturers with Retailers
5.2.3.3 Opportunities for Food Equipment Manufacturers in Insect Rearing
5.2.4 Challenges
5.2.4.1 Adverse Effect of Vegan Trend on Insect Protein Market
6 Industry Trend
6.1 Pricing Analysis
6.2 Value Chain
6.2.1 Research and Product Development
6.2.2 Rearing of Insects
6.2.3 Production & Processing
6.2.4 Distribution
6.2.5 Marketing & Sales
6.3 Tariff and Regulatory Landscape
6.3.1 Regulatory Bodies, Government Agencies, and Other Organizations
6.3.2 US
6.3.2.1 Feed Application
6.3.2.2 Food Application
6.3.3 Canada
6.3.4 Europe
6.3.5 Asia-Pacific
6.4 Patent Analysis
6.5 Porter's Five Forces Analysis
7 Insect Protein Market, by Insect Type
7.1 Introduction
7.2 Crickets
7.2.1 High Acceptance in Food Industry due to High Protein Content
7.3 Black Soldier Flies
7.3.1 Increasing Use of Black Soldier Fly Larvae for Feed Application
7.4 Mealworms
7.4.1 Acceptance of Mealworms Gaining Pace in the Feed Industry
7.5 Grasshoppers
7.5.1 Protifarm (France) Commercializing Food Products with Grasshopper Protein in Europe
7.6 Ants
7.6.1 Commercialization of Insect Protein from Ants for Feed and Food Applications
7.7 Other Insects
8 Insect Protein Market, by Application
8.1 Introduction
8.2 Food & Beverages
8.2.1 High Protein Content Has Encouraged American and European Population to Accept Insect Protein-based Food Products
8.3 Animal Nutrition
8.3.1 Aquafeed
8.3.1.1 Most Feed Insect Protein Products for Aquafeed Application
8.3.2 Poultry Feed
8.3.2.1 Food Security Issue Raised for Soybean Meal Has Led to the Increasing Demand for Insect Protein
8.3.3 Pet Food
8.3.3.1 Dogs and Cats are Major Pets Fed with Insect Protein-based Products
8.3.4 Other Animal Nutrition
8.4 Pharmaceutical & Cosmetics
8.4.1 High Prices and the Need for Advanced Extraction and Purification Technologies are Inhibiting the Growth Potential of the Market
9 Insect Protein Market, by Distribution Channel
9.1 Introduction
9.2 Offline
9.3 Online
10 Insect Protein Market, by Region
11 Competitive Landscape
11.1 Overview
11.2 Company Evaluation Quadrant (Key Players)
11.2.1 Stars
11.2.2 Emerging Leaders
11.2.3 Pervasive Players
11.2.4 Participants
11.3 Ranking of Key Players, 2021
11.4 Competitive Benchmarking
11.5 Competitive Benchmarking
11.6 Competitive Scenario
11.6.1 Product Launches
11.6.2 Deals
11.6.3 Other Developments
12 Company Profiles
12.1 Key Players
12.1.1 Enviroflight
12.1.2 Innovafeed
12.1.3 Hexafly
12.1.4 Protix
12.1.5 Global Bugs
12.1.6 Entomo Farms
12.1.7 Ynsect
12.1.8 Beta Bugs
12.1.9 Aspire Food Group
12.1.10 Chapul, LLC
12.1.11 Beta Hatch
12.1.12 Nextprotein
12.1.13 Nutrition Technologies
12.1.14 Goterra
12.1.15 All Things Bugs, LLC.
12.1.16 Jr Unique Foods
12.1.17 Protenga
12.1.18 Hipromine SA
12.1.19 Bioflytech
12.1.20 Tebrio
13 Adjacent and Related Markets
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/9xpqko
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