New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Insect Protein Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Insect Protein Market Information by Insect Type, Application, and Region - Forecast till 2027”, the insect protein market could thrive at a fantastic rate of 21.56% between 2020 and 2027 and can possibly touch USD 432 Million by 2027.
Market Synopsis
Insect protein is now seen as the potential solution for world hunger, as the food demand continues to rise in conjunction with the expanding population. Insect protein finds a range of important applications in food and beverage products, animal feed production, personal care products, and cosmetics. In addition, with the mounting concerns with regard to food scarcity worldwide, insects are touted as the best source of animal feed and human food in various western economies.
Consumers today are extremely focused on what ingredients are part of the food product they buy, how it has been produced, and what the sources are. They are more than willing to spend considerably on premium natural products. Increased preference for functional food items, a surge in the number of gym and sports enthusiasts, and the popularity of sustainable and healthy food options will enhance the size of the insect protein industry.
Europe leads with the highest share while North America will be securing the second ranking in the worldwide market. The Asia Pacific market could accrue the fastest advancement rate in the future.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 432 million |
| CAGR | 21.56% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Insect Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Demand For Insect Protein In Animal Feed |
| Rising Nutritional Requirements Of Growing Population |
Market Competitive Landscape:
The affluent companies in the insect protein market are
- NextProtein
- EnviroFlight LCC Thailand
- Unique
- Proti-Farm Holding NV
- Chapul LLC,Cricket Flours LLC
- Crik Nutrition
- Seek Food LLC
- Entomo Farms
- Haocheng Mealworms Inc.
April 2022
The ValuSect group of insect producers in Europe has bolstered US$496,600 worth of services to around 18 edible insect organizations. These companies will receive help from the group in terms of developing innovative ideas, with a high focus on enhancing insect production and ways to bolster consumers’ interest across North-West Europe.
Market USP Covered:
Market Drivers:
The increase in farming practices of insects given a lower need for investments, and the decline in seafood owing to several countries banning fishing, has propelled the demand for insect protein. These invertebrates are witnessing a huge demand owing to their affordability, rich nutrition content, and minimal costs associated with their farming, thereby resulting in significant market growth worldwide.
Governments across countries are putting in efforts to spread awareness about the benefits of insect protein among consumers, especially in emerging countries like India and China, which should favor the global market in the next few years. Insects need lesser feed and maintenance compared to other animals and have 12 times more protein content compared to other sources. These factors are working on fostering the demand for insects among a mounting number of consumers. Across several countries, insects are viewed as the best source for addressing malnutrition since these can be easily digested. Insects are immune to numerous diseases and have a number of micronutrients like fatty acid, zinc, magnesium, and iron, which should also push the market demand in the coming years.
From a competition standpoint, the global market offers mild entry barriers as a result of the lack of strict regulations as well as low manufacturing costs. The market growth is propelled by the frequent research and development activities conducted by major firms.
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Market Restraints:
A large portion of the worldwide population is unaware of insects’ potential as a food source as well as a protein supplement. This can be a growth-impeding factor in the future.
With that said, the evolving food trends, and the expansion of the urban populations across the globe with a high acceptance of insect ingredients will present lucrative opportunities to the companies.
COVID 19 Analysis
The COVID-19 pandemic’s impact resulted in numerous repercussions on the world’s health status. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to the loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets.
However, the demand for healthy products has risen considerably, with the aim to ensure well-being. This should greatly benefit the global industry in the long run.
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Market Segmentation
By Insect Type
Mealworms, Crickets, Ants, Grasshoppers, Termites, Bees, Silkworms, Black Soldier Fly, Cicadas, Houseflies, and others are the key insect types that are the main sources of protein.
By Application
Human, as well as Animal Nutrition, are the primary applications of insect protein.
The animal nutrition category is the biggest application of insect protein, given the product’s extensive use as a feed additive for aquaculture, poultry, and other animals. The high digestibility nature as well as the significant protein and amino acid content bolsters the appeal of many insects among animal feed manufacturers.
Regional Insights
The European market has successfully clinched the top position and will remain the global leader throughout the assessment timeline. The consumption of a variety of insects with high levels of protein, especially in Germany strengthens the market position in the region. Europe’s stunning performance is also the result of extensive knowledge level among people about the advantages of insect protein. Besides, the rising focus on insect farming combined with the surge in health & wellness trends in the region should further enhance the market share.
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