USD 4.5 billion
Report ID: SQSG30I2040 | Region: Global | Published Date: September, 2022 | Pages: 242 | Tables: 69 | Figures: 75
Insect Protein Market size was valued at USD 4.5 billion in 2021 and is poised to grow from USD 5.69 billion in 2022 to USD 56.73 billion by 2030, growing at a CAGR of 27.63% in the forecast period (2023-2030).
Over the projected period, demand for insect protein is anticipated to be driven by rising consumer awareness of the consumption of nutrient-dense foods and rising inclination for a healthy lifestyle. The increased demand for wholesome food products due to rising health consciousness among customers worldwide has given manufacturers in a variety of industries the chance to sell such foods. Given the rising need for food goods that comes along with an expanding global population, insect protein has great potential to help end world hunger. There are numerous uses for insect protein, including the manufacturing of animal feed, foods and beverages, cosmetics, and personal care items.
In western nations, insects are also being investigated as a potential source of human food and animal feed due to the mounting concerns to the world's food crisis. Due to the high consumer awareness level and the existence of consumers who are concerned about their health, the U.S. accounted for the greatest revenue share in the North American market in 2020.
In addition, more than 50% of Americans have one or more chronic diseases that can be prevented, many of which are brought on by unhealthy eating habits and inactivity. Because of this, there is a rising national need for wholesome food products.
Additionally, customers today place a premium on natural products and pay attention to the food's ingredients as well as how and where it is produced. The market is anticipated to rise over the forecast period for a variety of factors, including rising spending on functional food products, an increase in sports and gym aficionados, and consumers seeking out healthy and sustainable food options.
The market is anticipated to increase as a result of numerous nations approving the ingestion of insects. In the personal care and cosmetics sector, insect protein is a popular source of fat substitute for skincare products.
US Insect Protein Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.5 billion
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The global Insect protein market is segmented based on type, application and region. Based on type, the Insect Protein Market is segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, Others. Based on application, the Insect Protein Market is segmented into dietary nutrition, functional nutrients, sports nutrition, infant nutrition, others. Based on region, the Insect protein market is categorized into North America, Europe, Asia-Pacific, and MEA.
Insect Protein Market Analysis by type
Coleoptera dominated the market in 2021, with a revenue share of more than 30%. Edible beetles, aquatic beetles, wood-boring larvae, and dung beetles are all part of this category. Coleoptera is safe to eat and is available in a variety of insect-based goods such as insect-based oil, protein powder, flour, and others. Orthoptera is predicted to be the fastest-growing source segment over the forecast period, with a revenue-based CAGR of more than 10%. Insects in the orthoptera family include locusts, grasshoppers, and crickets, which are widely available, easy to raise, and have a high protein content. Lepidoptera is a major source of insects utilized in the production of insect protein, and it includes insects such as caterpillars, butterflies, and moths. Growing awareness, rising demand for nutritional items, and the ease with which insects can be bred are expected to drive segment growth.
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In 2022, North America is expected to register largest market share in the insect protein market, followed by Europe, Asia Pacific, and the Rest of the World. The existence of important insect protein manufacturing companies in developed regions such as North America and Europe leads to the high market share of these regions. Many start-ups have emerged in the region, offering edible insects as well as insect protein-based products for food and feed uses. Some of the top firms offering insect protein-based products include Enterra Feed Corporation (Canada), Entomo Farms (Canada), EnviroFlight LLC (US), and Aspire Food Group (US). Because of rising public awareness, the market for insect protein-based food products is expected to develop the fastest during the forecast period.
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Insect Protein Market Driver
Several players in the insect protein market are developing plans to grow their operations and obtain market share. New product releases, alliances, and acquisitions are some of the primary strategies used by industry participants. For example, in March 2022, Global Bugs announced a collaboration with Smart Vet Group to focus on the development and production of pet food and supplemental products for pets using whole roasted crickets and cricket powder. In conjunction with Pure Simple True LLC, nsect, an insect protein company, released Bernie's, an ultra-premium and luxury brand for dog feed, in the US market in November 2021.
Insect Protein Market Challenge
Insect protein consumption is associated with a high risk of allergy reactions in humans. Because the use of insect protein in diverse applications is still in its early stages of study, there is a high danger of many undiscovered allergies and related disorders that cannot be treated immediately. Eating insects may provide risks due to chemical (e.g., heavy metal buildup) and microbiological contaminations. Furthermore, various insects have been linked to allergic reactions by ingesting, inhalation, direct contact, stings, and bites. Cross-reactivity with other taxonomically related food allergens, such as crustaceans, and inhalant allergens, such as house dust mites, can all contribute to the severe reactions observed after consuming insects.
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The market is highly competitive, with small and medium-sized competitors focusing on innovation, increasing manufacturing capacity, and product research and development. For example, Innova Feed announced a relationship with Archer Daniels Midland Company, a major agricultural operator, in November 2020. The alliance was formed in order to develop its insect protein business by building a new facility in Illinois, the United States, with a target capacity of 60,000 tons of insect protein per year.
Insect Protein Market Top Players Company Profiles
Insect Protein Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, Insect protein is widely utilized in animal feed; nevertheless, demand for insect-based protein for human use is predicted to expand rapidly due to rising consumer health consciousness. Insect-based proteins in feed products witness increasing demand in Europe, Asia Pacific, and North America. However, the lack of effective rules governing the use of insect-based protein in the feed sector might be a significant impediment to the industry's growth.
|Market size value in 2021||USD 4.5 billion|
|Market size value in 2030||USD 5.69 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Insect Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Insect Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Insect Protein Market:
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