The global insect protein market is projected to reach USD 856.08 million by 2029, demonstrating a compound annual growth rate (CAGR) of 24.1% during the forecast period. This rapid growth is driven by the rising demand for alternative protein sources and increasing urbanization, as noted in the report by Fortune Business Insights™ titled “Insect Protein Market, 2022-2029.” The market was valued at USD 153.92 million in 2021 and USD 189.32 million in 2022.

Insect protein can be obtained either through the direct consumption of whole insects or through processed products. Insects such as crickets, mealworms, black soldier flies, grasshoppers, and ants are excellent sources of protein that can be raised efficiently, even in resource-limited settings. These insects have historically been a vital component of traditional diets in over 110 countries, predominantly in Southeast Asia.

Generally, edible insects are rich in protein, fat, and energy, making them a significant source of vitamins and minerals. They represent a sustainable alternative protein source for both feed and food applications and can enhance food and feed security. Given their potential as an environmentally friendly option for future food systems, the advantages of insect protein are expected to drive demand in the coming years.

A key trend propelling this growth is the increasing demand for portable protein snacks and plant-based meat alternatives. As consumer preferences shift towards more sustainable and health-conscious food options, the food industry is adapting to these changes. Manufacturers have the opportunity to leverage this trend by expanding and innovating their product offerings to cater to the rising demand for convenient protein snacks and plant-based alternatives.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780 

Segments-

The market is segmented by product type into orthopterans, hymenopterans, lepidopterans, coleopterans, and others. It is classified into three main application categories: food and beverages, animal feed, and pharmaceuticals and cosmetics. Geographically, the market is divided into key regions, including Asia Pacific, South America, Europe, North America, and the Middle East & Africa.

Report Coverage-

The report encompasses key market developments and insights into various market segments.

• It evaluates the impact of the COVID-19 pandemic on the market.
• It integrates Porter's Five Forces Analysis for accurate forecasting.
• It incorporates crucial market drivers and constraints.
• It profiles the positions of key market players accordingly.

Drivers & Restraints-

Rising Demand for Alternate Protein to Fuel Market Growth

Raising insects is more cost-effective than cultivating plants or rearing animals, and insects offer a higher protein content, making them increasingly attractive across various sectors, including beverages, aquafeed, nutraceuticals, pet food, and pharmaceuticals. The insect protein market is expected to maintain its growth trajectory due to its rich protein content and diverse applications.

Market expansion is driven by advancements in food technology, urbanization, shifting consumer tastes and preferences, and the growing demand for alternative protein sources. However, the market's growth may face challenges from high production costs associated with expensive manufacturing processes.

Regional Insights-

Europe to Dominate Global Market Due to Wide Use of Insect Protein

Europe currently holds the largest market share for insect protein, with expectations for further expansion fueled by significant consumption among middle-aged and older consumers in culinary applications. There is also a rising demand for fiber-fortified products in countries such as Germany and the UK.

In the Asia-Pacific region, rapid growth is anticipated due to increasing local demand for insect protein. China, rich in raw materials, is expected to be a key driver of this growth. Additionally, the expanding food and beverage and pharmaceutical sectors in South Korea, India, China, Indonesia, and Malaysia are projected to further support the development of the insect protein market in the region.

Competitive Landscape-

Key Players Adopt Innovative Strategies to Acquire Growth

These leading companies are focused on expanding their production capacities to meet the increasing demand for insect protein and drive business growth. They are actively engaging in strategic initiatives, such as forming alliances, and pursuing mergers and acquisitions, to enhance their market presence. Notably, Ńsect acquired Protifarm in April 2021 as part of its growth strategy, highlighting the trend of consolidation within the industry.

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)