Insect Protein Market is Anticipated to Grow $3.3 billion by 2027

Chicago, May 10, 2023 (GLOBE NEWSWIRE) — The global insect protein market size was valued at USD 0.8 billion in 2022. The insect protein industry is estimated to expand USD 3.3 billion by 2027, exhibiting a CAGR of 33.4% over the projected period. The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of insect protein market. MarketsandMarkets™ provides this information in its research report, titled “Insect Protein Market Global Forecast, 2022-2027”.

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Key Industry Development:

As concerns around the environmental impact of traditional protein sources like beef and poultry have grown, consumers and food manufacturers alike have turned to alternative protein sources like insect protein. Insects are highly sustainable and require fewer resources to produce than traditional livestock.

Report Scope & Segmentation:

Key Takeaways:

• Insect protein market size was valued at 0.8 billion in 2022.
• The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of insect protein market.
• The food & beverage segment is the fastest growing among the various application of insect protein during the forecast period.
• The insect protein market is highly competitive, with numerous players operating in the industry. Key players include EnviroFlight, Protix, Global Bugs, Entomo Farms, Ynsect etc.
• The Asia Pacific region is witnessing the highest growth rate in the insect protein market.

Drivers and Restraints:

Increasing Investments in R&D and Start-ups

Various companies in the insect protein market are undertaking strategies to expand their business and gain market share. Some of the key strategies adopted by the industry participants are new product launches, partnerships, and acquisitions. For instance, in March 2022, Global Bugs entered in partnership with Smart Vet Group to focus on formulating and production of pet food and supplemental products for pets that contain whole roasted crickets and cricket powder. In November 2021, Ÿnsect, an insect protein company launched the Bernie’s, an ultra-premium and luxury brand for dog feed in US market in collaboration with Pure Simple True LLC.

Microbial Risk and Allergic Reactions

Consumption of insect protein is highly prone to various allergic risks both for human and animal consumption. Use of insect protein is still in the early phase of research for use in various applications and thus have high risk of various unknown allergic and associated diseases, that cannot be treated on an immediate basis. Risks associated with eating insects could be caused by probable chemicals (e.g., heavy metal accumulation) and microbiological contaminations. Additionally, several insects have been known to trigger allergic reactions by eating, inhalation, direct contact, stings, and bites. Cross-reactivity with other taxonomically related food allergens, such as crustaceans, as well as inhalant allergens, such as home dust mites, can contribute to the adverse reactions recorded after ingesting insects.

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Segments:

The food & beverage segment is the fastest growing among the various applications of insect protein during the forecast period.

The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.

Regional Insights:

Europe has emerged as a major market for insect protein products, driven in part by the region’s strong sustainability and environmental consciousness. Insect-based food products like cricket flour and insect-based snacks have become increasingly popular in countries like the Netherlands and Belgium, while insect-based pet food is gaining traction in markets like the UK and Germany.

In North America, the insect protein market is being driven largely by the growing interest in alternative protein sources among health-conscious consumers. Insect protein supplements like cricket protein powder and meal replacement bars are becoming more widely available in health food stores and online, and some companies are also exploring the use of insect protein as a sustainable ingredient in pet food.

The Asia Pacific region is home to a long tradition of entomophagy, or the consumption of insects as food. As such, the insect protein market in this region is being driven primarily by the demand for insect-based food products like roasted crickets and fried mealworms. Insect protein supplements are also gaining popularity in some parts of the region, particularly in Japan and South Korea.

In Latin America, the insect protein market is still in its early stages of development, but there is growing interest in the potential of insect protein as a sustainable food source. Some companies are exploring the use of insects as a protein source in animal feed, while others are developing insect-based food products for human consumption.

List of Key Players Mentioned in the Report:

• EnviroFlight (US)
• InnovaFeed (France)
• Protix (Netherlands)
• Global Bugs (Thailand)
• Entomo Farms (Canada)
• Ynsect (France)

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Frequently Asked Questions (FAQs):

What is the projected market value of the global insect protein market?

The global insect protein market size is projected to reach USD 3.3 billion by 2027.

What is the estimated growth rate (CAGR) of the global insect protein market for the next five years?

The global insect protein market is expected to grow at a compound annual growth rate (CAGR) of 33.4% from 2022 to 2027.

What are the major revenue pockets in the insect protein industry currently?

Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan.

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