The global insect protein market size is anticipated to hit USD 856.08 million by 2029 and exhibit a CAGR of 24.1% during the forecast period. The rising demand for alternate protein, increasing urbanization, and other factors are expected to propel the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Insect Protein Market, 2022-2029”. The market size stood at USD 153.92 million in 2021 and USD 189.32 million in 2022.
Additionally, the growing popularity of plant-based meats and on-the-go protein snacks is likely to be a key trend boosting the market growth during the forecast period.
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Segments-
On the basis of product type, the market is segmented into orthopetra, hymenopetra, lepidopetra, coleoptera, and others. On the basis of application, the market is trifurcated into pharmaceuticals & cosmetics, animal feed, and food & beverages. Geographically, the market is classified into South America, Europe, North America, the Middle East & Africa, and Asia Pacific.
Drivers & Restraints-
Rising Demand for Alternate Protein to Fuel Market Growth
Insects contain more proteins over animals and plants, and are less costly in rearing. They are now widely demanded across several industries in applications such as aquafeed, nutraceuticals, pet food, medicines, beverages, and others. The growing applications of insect protein and their high protein content are likely to bolster the insect protein market growth.
Food technology innovations, urbanization, dynamically evolving consumer tastes and preferences, and others are also expected to foster the market growth. The rising demand for alternate proteins is likely to stimulate the market growth.
However, high product costs due to expensive production may restrain the market’s growth.
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Regional Insights-
Europe to Dominate Global Market Due to Wide Use of Insect Protein
Europe is estimated to hold the largest insect protein market share. The rising importance of fiber-fortified products across Germany and the U.K. and wide utilization of the protein in food applications across middle-age and old-age consumers are expected to fortify the region’s market growth.
Asia Pacific is anticipated to exhibit rapid growth due to the rising domestic demand for the protein. China is expected to dominate the growth in Asia Pacific due to abundantly available raw materials. Moreover, the expanding food & beverage and pharmaceutical industries in South Korea, India, China, Indonesia, and Malaysia are expected to magnify growth in Asia Pacific.
Competitive Landscape-
Key Players Adopt Innovative Strategies to Acquire Growth
The market is competitive due to the presence of various small-scale and large-scale manufacturers. EntomoFrams, Jimini’s, EnviroFlight LLC, Aspire Food Group, Protix, Innovafeed, Hexafly, and Swarm Nutrition GmbH are amongst the top market players. The major market players emphasize production capacity expansion to cater to the growing demand and facilitate business expansion. They also adopt acquisitions, collaborations, mergers, and others to strengthen their expansions. For instance, Ÿnsect acquired Protifarm in April 2021.
List of Key Market Players-
- Aspire Food Group (Canada)
- Ynsect NL Nutrition & Health B.V. (Netherlands)
- EntomoFarms (Canada)
- Chapul Cricket Protein (U.S.)
- Jimini’s (France)
- EnviroFlight LLC (U.S.)
- Swarm Nutrition GmbH (Germany)
- AgriProtein Holdings Ltd (England)
- Next Protein Inc. (France)
- Innovafeed (France)
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