New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Latest report published by SNS Insider on Insect Protein Market Size is projected to arrive at USD 2.84 billion by 2030, from USD 324.06 million out by 2022, at a CAGR of 31.2 % during the guessing period. The demand for food and feed will rise in tandem with the growth of the global population, necessitating a 70% increase in food output. It has become imperative to better assess the alternatives when we take into account environmental issues and the reality of sustainability. For both human and animal nutrition, insects are an unique alternative that has gained attention in recent years. Its presence in our lives is not new, though. More than 2 billion people throughout the world use insects as a necessary component of their daily diet. In the future, the demand for insect protein is expected to rise due to rising consumer awareness of the consumption of nutrient-dense foods and rising inclination for a healthy lifestyle.
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The increased demand for wholesome food products due to rising health consciousness among customers worldwide has given manufacturers in various industries the chance to sell such foods. Products made from insect protein are a great substitute for traditional plant- and animal-based foods. After the pandemic, there has been rise in fear amongst the people regarding the possibility of spread of zoonotic illnesses. Although it has not been documented that these viruses can be spread through ingestion, it is known that insects can carry viruses and directly inject them into humans' blood. In order to aid customers with proper advice about the usage of insect protein and its advantages, numerous regulatory authorities are undertaking investigations and research. The market participants are expected to benefit from lucrative growth potential as a result of this regulatory acceptance and approval.
Insect Protein Market Overview
| Report Metrix | Details |
| Market Size by 2030 | $2.84 Billion |
| Market Size in 2022 | $324.06 Million |
| CAGR 2023-2028 | 31.2% |
| By Insect |
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| By Form |
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| By Application |
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| Opportunities |
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| Key Drivers |
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REGIONAL SEGMENTATION AND OTHER MAJOR PLAYERS IN THE MARKET
Due to increased beer consumption and rising disposable income in the region from 2022 to 2029, the Asia-Pacific region now dominates the insect protein market and will continue to do so during the forecast period. On the other hand, North America is anticipated to have strong growth due to the rising popularity of novel flavours and the region's expanding number of microbreweries with significant volumetric production.
Insect protein is more widely accepted by consumers in the European market for uses in the food and beverage, animal nutrition, and personal care industries. The recent approval of insect protein for use in animal feed, especially that for pigs and poultry, is anticipated to increase demand in the European market. Over the future, the market is anticipated to be driven by the high demand for insect protein from developed nations like France, Germany, and the United Kingdom.
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Some of the dominating key market players are:
Aspire Food Group (US), Swarm Nutrition GmbH (Germany), EntomoFarms (Canada), Jimini’s (UK), Protifarm (Netherlands), AgriProtein Holdings Ltd. (South Africa), Chapul Cricket Protein (US), EnviroFlight LLC (US).
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