Global Insect Protein Market

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

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

Insect Protein Market Insights

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).

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 2019.

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.

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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