Insect Protein Market: By Insect Type (Crickets, Black Soldier Flies, Mealworms, Grasshoppers, Ants, Other Insects), By Product Type (Coleoptera, Lepidoptera, Hymenoptera, Orthopetra, Others), By Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Supplements, Personal Care and Cosmetics), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Insect Protein Market to surpass USD 4,262.7 million by 2031 from USD 338.73 million in 2021 at a CAGR of 25.9% throughout the forecast period 2021-31.
Insect proteins are the quality feedstock used as a key component in pet, fish, and livestock feed. They represent a novel source of food and feed as well as a departure from conventional protein sources like soy and meat. Different insects are advised for inclusion in a species' diet based on the species from which the proteins are sourced. Since insects leave a far lower ecological footprint than other protein sources, they are a sustainable and eco-friendly protein source. Insects are an ideal replacement for other unsustainable protein sources since they use significantly fewer resources, water, and land than animals do, and due to their nutritional qualities are similar to fish meal.
The Insect Protein Market is expected to project a notable CAGR of 25.9% in 2032.
Insect Protein Market to surpass USD 4,262.7 million by 2032 from USD 338.73 million in 2021 at a CAGR of 25.9% in the coming years, i.e., 2022-32. Customers' shift towards healthy foods and an increase in the disposable income of consumers are the main drivers of this market growth. Insect protein is employed in the creation of some cosmetics due to the health benefits it provides. They are being evaluated as a potential substitute for meat proteins due to their nutritional value. Therefore, each of these causes is to blame for the increased demand for insect proteins, thus driving the market.
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The Crickets segment is expected to grow with a higher CAGR during 2022-32
Insect Protein Market is categorized on the basis of Insect Type into Crickets, Black Soldier Flies, Mealworms, Grasshoppers, Ants, and Other Insects. The Insect Protein Market is dominated by the crickets sector. The increased use of crickets in recipes and products, due to their high nutritional value and ease of cultivation and processing, and the expanding popularity of cricket-based food products like protein bars, protein powders, and snacks are all factors contributing to the growth of the crickets segment.
The Animal Nutrition segment is expected to grow with a higher CAGR during 2022-32
Insect Protein Market is categorized on the basis of application into Food & Beverages, Animal Nutrition, Pharmaceutical & Supplements, and Personal Care and Cosmetics. The animal nutrition segment held a major revenue share in 2020 and this trend is anticipated to continue over the next five years. The main use of insect protein is as an ingredient in aquatic, chicken, and other animal feed. The demand from producers of animal feed for high digestibility band amino acid and protein content ranging from 40% to 70% is rising. The profitable animal nutrition market sectors for manufacturers include pet and aquaculture food.
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Growing Consumer Awareness for Nutritional Food Products and Preference for a Healthy Lifestyle
In the coming years, the demand for insect protein is anticipated to be driven by the rising consumer awareness of the consumption of nutrient-dense foods and rising inclination for a healthy lifestyle. The higher demand for wholesome foods due to growing health consciousness among public on the global scale has given manufacturers of a variety of industries a chance to sell such food products.
Increasing Urbanization, Advancements in Food Technology, and Inclination toward Vegan Diet
The factors that influence the market include growing urbanization, a rise in venture capital investments in firms that produce alternative proteins, the high nutritional value of edible insects, technological advancements in the food industry, and environmental sustainability in the production and consumption of alternative proteins. New product introductions and a rising shift to vegan diet also contribute to the market growth. Today, insect-based protein is found in many goods, including pharmaceuticals, food and drink, cosmetics, nutraceuticals, pet food, and aquaculture, livestock, and poultry feed. This is majorly driving the growth of the Insect Protein Market.
Costly Production of Insect Protein and Limited Production Capacity
The main constraints limiting the growth of the Insect Protein Market include prohibitively expensive, restrictive regulations, and limited production capacity. The equipment and processes needed to create insect-based proteins must be optimized for large-scale manufacturing since they are currently expensive. Although many consumers are priced out of this market, few consumers are willing to pay higher rates for the health and environmental advantages of protein derived from insects.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Insect Protein Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2020, Europe accounted for a greater revenue share. Insect protein is more widely accepted by consumers in the European market for uses in the animal nutrition, food and beverage, and personal care industries. The recent approval of insect protein for use in animal feed, especially for poultry and pigs, is anticipated to increase demand in the European market.
Asia Pacific region is anticipated to develop with a higher CAGR over the projected period due to the region's expanding customer base in nations like China, India, and Thailand. In addition, nations like Indonesia and Thailand are among the major producers of insects used as raw materials and have a long history of insect consumption. Moreover, during the forecast period, the presence of developing nations would fuel demand for nutrient-dense food items.
The majority of nations throughout the world have been impacted by COVID 19. Lockdowns caused by COVID-19 had a negative impact on the expansion of the worldwide insect protein market. The pandemic brought about a number of difficulties for the food industry; the worldwide beef market has been particularly hard damaged. The insect feed market has been concerned about the risk of ongoing production, supply, distribution, fewer development activities, and lack of labor.
Insect Protein Market is further segmented by region into:
Insect Protein Market Segments:
Market Size Value in 2021
USD 338.73 million
Revenue Forecast in 2032
USD 4,262.7 million
CAGR of 25.9% from 2022 to 2032
Base Year for Estimation
Revenue in USD million and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Insect Type, Product Type, Application, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
Nutrition Technologies, Ynsect, InnovaFeed, Aspire Food Group, VDL Agrotech, Protix, Jimini’s, EnviroFlight, Hexafly, Beta Hatch, Goterra, Entomo Farms, Next Protein Inc., Chapul Cricket Protein, Imago Insect Products GmbH, and Other Prominent Players.
The Insect Protein Market size was estimated at USD 338.73 million in 2021 and is expected to reach USD 4,262.7 million in 2032.
Insect proteins are the quality feedstock used as a key component in pet, fish, and livestock feed. They represent a novel source of food and feed as well as a departure from conventional protein sources like soy and meat.
The Crickets and Animal Nutrition segments accounted for the larger share of the Insect Protein Market.
Key players in the Insect Protein Market are Nutrition Technologies, Ynsect, InnovaFeed, Aspire Food Group, VDL Agrotech, Protix, Jimini’s, EnviroFlight, Hexafly, Beta Hatch, Goterra, Entomo Farms, Next Protein Inc., Chapul Cricket Protein, Imago Insect Products GmbH, and Other Prominent Players.
The major drivers of the Insect Protein Market are customers' shift towards healthy foods and an increase in disposable income of consumers.
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