Global Insect Protein Market

Insect Protein Market Size, Share, Growth Analysis, By Type(Coleoptera, Lepidoptera, Hymenoptera, Orthoptera), By Application(Dietary nutrition, functional nutrients, sports nutrition, infant nutrition) - Industry Forecast 2024-2031

Report ID: SQSG30I2040 | Region: Global | Published Date: July, 2001
Pages: 242 | Tables: 69 | Figures: 75

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Insect Protein Market size was valued at USD 4.5 billion in 2019 and is poised to grow from USD 5.69 billion in 2023 to USD 56.73 billion by 2031, growing at a CAGR of 27.63% in the forecast period (2024-2031).

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. 'Ynsect', 'Protix', 'AgriProtein', 'EnviroFlight', 'Beta Hatch', 'Hexafly', 'Aspire Food Group', 'InnovaFeed', 'Anterra Capital', 'MealFood Europe', 'Entomo Farms', 'Enterra Feed Corporation', 'EntoCube', 'Future Fit Farms', 'Livin Farms', 'Protenga', 'Thai Union', 'Bugsolutely', 'Flying SpArk', 'Cricket One'

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, 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.

From next-generation plant-based meats to on-the-go protein snacks, the demand for alternative protein sources is increasing. As consumer demand for protein rises, the protein market evolves and expands. Protein is everywhere for today's customers, from next-generation plant-based meats to on-the-go protein snacks to dairy protein bioactive for sports performance. Buyers' growing and intense interest in protein is creating new economic prospects centered on the functional benefits of various proteins, protein diversity in the diet, and new protein sources. Protein as a food-nutritional component is in high demand due to rising population and wellbeing. Because of the growing need for alternative protein among food and beverage manufacturers to meet rising customer demand, the use of insect-based protein has grown in the food industry.

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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Global Insect Protein Market

Product ID: SQSG30I2040