Insect Protein Market To Reach USD 432 Million At 21.56% CAGR By 2027 – Report By Market Research Future (MRFR)
New York, U.S., January 25, 2023 (GLOBE NEWSWIRE) —
Market Overview of Insect Proteins
According to a comprehensive research report by Market Research Future (MRFR), Insect Protein Market
Information by insect species, application and region – forecast to 2027
”, the insect protein market could flourish at a fantastic rate of 21.56% between 2020 and 2027, potentially reaching USD 432 million by 2027.
market synopsis
Insect protein is now seen as a potential solution to world hunger as food demand continues to rise in conjunction with growing populations. Insect protein finds a number of important applications in food and beverage products, animal feed production, personal care products and cosmetics. Additionally, amid growing concerns about global food shortages, insects are being touted as the best source of animal feed and human sustenance in various western economies.
Today’s consumers are very focused on what ingredients are part of the food product they buy, how it was made and where it came from. They are more than willing to spend considerable sums of money on high-quality natural products. The increasing preference for functional foods, an increasing number of fitness and sports enthusiasts, and the popularity of sustainable and healthy food options will increase the size of the insect protein industry.
Europe leads with the highest share, while North America secures second place in the global market. The Asia-Pacific market could have the fastest growth rate in the future.
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Report scope:
|
report attribute |
details |
|
Market size in 2027 |
$432 million |
|
CAGR |
21.56% |
|
base year |
2019 |
|
forecast period |
2020-2027 |
|
Historical data |
2018 |
|
Forecast Units |
Value (USD million) |
|
report coverage |
Sales Forecast, Competitive Landscape, Growth Factors and Trends |
|
Covered Segments |
by insect type, application and region |
|
Regions Covered |
North America, Europe, Asia Pacific and Rest of the World (RoW) |
|
Important market drivers |
Growing demand for insect protein in animal feed |
|
Increasing nutritional needs of a growing population |
Market Competitive Landscape:
The wealthy companies in the insect protein market are
-
nextprotein
-
EnviroFlight LCC Thailand
-
Unique
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Proti-Farm Holding NV
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Chapul LLC, Cricket Flours LLC
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Crik Nutrition
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Locate Groceries LLC
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Entomo Farms
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Haocheng Mealworms Inc.
April 2022
The ValuSect group of insect producers in Europe has topped up $496,600 in services to some 18 edible insect organizations. These companies are supported by the group to develop innovative ideas with a focus on improving insect production and ways to increase consumer interest across North West Europe.
Covered Market USP:
Market leader:
The increase in insect farming methods amid lower investment needs and the decline in seafood due to fishing bans in several countries have boosted the demand for insect protein. These invertebrates are experiencing tremendous demand due to their affordability, rich nutrient content and minimal cost associated with keeping them, resulting in significant global market growth.
Governments in all countries are striving to raise awareness of the benefits of insect protein among consumers, especially in emerging markets like India and China, which are expected to benefit the global market in the coming years. Insects require less food and care compared to other animals and have 12 times the protein content compared to other sources. These factors are working to drive demand for insects among a growing number of consumers. In several countries, insects are considered the best source to combat malnutrition because they are easily digested. Insects are immune to numerous diseases and have a range of micronutrients such as fatty acids, zinc, magnesium and iron that should continue to drive market demand for years to come.
From a competitive perspective, the global market offers low barriers to entry due to the lack of strict regulations and low manufacturing costs. The market growth is driven by the frequent research and development activities of large companies.
Browse Insect Protein In-depth Market Research Report (107 Pages):
https://www.marketresearchfuture.com/reports/insect-protein-market-6094
Market Restrictions:
A large proportion of the world’s population is unaware of the potential of insects as a food source as well as a protein supplement. This may be a growth inhibiting factor in the future.
Against this background, the evolving food trends and the global expansion of urban populations with a high acceptance of insect ingredients will bring lucrative opportunities to the companies.
COVID-19 Analysis
The impact of the COVID-19 pandemic has had numerous impacts on the health of the world. The consequences are associated with the significant social and economic burden on people worldwide. As major policy makers implement new frameworks and industry adopts advanced expansion models to remain relevant, people face a range of psychological traumas.
Around the world, the rising cases have led to psychological and economic problems, especially among the elderly. Additionally, the younger population is facing challenges due to the loss of their livelihoods and is choosing family caregiving to help cope with the impact. The focus is largely on treating COVID-19 and developing a vaccine, diverting attention away from other markets.
However, the demand for healthy products with the aim of well-being has increased significantly. Global industry should benefit from this in the long term.
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market segmentation
By insect species
Mealworms, crickets, ants, grasshoppers, termites, bees, silkworms, black soldier flies, cicadas, house flies and others are the main insect species that are the main sources of protein.
through application
Both human and animal nutrition are the main uses of insect protein.
The animal nutrition category is the largest application of insect protein, given the product’s extensive use as a feed additive for aquaculture, poultry and other livestock. The high digestibility as well as the high protein and amino acid content increase the attractiveness of many insects for animal feed manufacturers.
Regional Insights
The European market has successfully taken the lead and will remain the global leader throughout the evaluation period. Consumption of a variety of insects with high protein content, especially in Germany, strengthens the market position in the region. Europe’s impressive performance is also the result of people’s extensive knowledge of the benefits of insect protein. Additionally, the increasing focus on insect farming coupled with the rise in health and wellness trends in the region should further increase market share.
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