The Global Insect Protein Market has achieved remarkable growth, reaching a market size valued at US$ 517.70 million in 2022. The market is poised for exceptional expansion, with revenue expected to surge at an impressive rate of 25.2% from 2023 to 2029, ultimately targeting a staggering US$ 2496.39 million.
Market Overview:
Insects, hailed as a superior protein source compared to traditional animals and plants, are gaining prominence. Beyond their nutritional advantages, insect protein is cost-effective. Once confined to animal feed, insect protein is now permeating various industries, including food and beverage, pharmaceuticals, nutraceuticals, cosmetics, pet food, and animal and poultry feed. The growth drivers for the insect protein market encompass a growing global population, urbanization, substantial venture capital investments in alternative protein companies, technological advancements in the food industry, the high nutritional value of edible insects, and the increasing emphasis on environmental sustainability in alternative protein production and consumption.
Report Scope:
This report provides a comprehensive analysis of the global Insect Protein Market, offering revenue growth forecasts at global, regional, and country levels. It delves into the latest trends across segments from 2022 to 2029, conducting qualitative and quantitative analyses. The report encompasses key market drivers, restraints, opportunities, challenges, and trends, presenting a thorough review of the market's dynamics. It further covers critical aspects of the market, including value chain analysis, PESTLE Analysis, Porter’s Five Forces model, competitive landscape, benchmarking of key players, market dynamics, and future trends in the Insect Protein market.
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Market Dynamics:
Drivers
Rising Customer Awareness About Nutrient-Dense Foods: Increasing consumer awareness of nutrient-dense food consumption, coupled with a growing preference for a healthy lifestyle, is set to propel the demand for insect protein. The surge in demand for wholesome food products to meet the health-conscious needs of consumers globally presents an opportunity for insect protein. Given the rising global population, insect protein holds significant potential in addressing world hunger.
Increased Demand for Alternative Protein Sources: The global insect protein market is driven by factors such as urbanization, venture capital investments in alternative protein producers, technological advancements in the food industry, the high nutritional value of edible insects, and a growing emphasis on environmental sustainability in alternative protein production and consumption. The market is experiencing growth due to new product introductions and the rise of vegan diets. However, cost constraints and a preference for animal-based products pose challenges to market growth.
Insect Protein Market Key Players 1. Entomo Farms 2. Exoprotein 3. Nutribug 4. Protix 5. Proti-Farm 6. Coast Protein 7. Aketta 8. C-fu Foods 9. EnviroFlight, LCC 10.nextProtein 11.Thailand Unique 12.Proti-Farm Holding NV 13.Chapul, LLC 14.Cricket Flours LLC 15.Crik Nutrition 16.Seek Food LLC 17.Haocheng Mealworms Inc. 18.Others
Market Trends:
Increased Demand for Alternative Protein Sources: Rising urbanization, investment influx in alternative protein companies, technological innovations in the food sector, the high nutritional value of edible insects, and the environmental sustainability associated with alternative protein production and consumption are key market drivers. The market is witnessing growth due to new product introductions and consumer interest in vegan diets. However, cost considerations and the enduring popularity of animal-based products represent challenges to market expansion.
Segment Analysis:
Animal Nutrition: In 2022, animal nutrition accounted for over 75.0% of the market's revenue. Insect protein primarily serves as an ingredient in animal feed, including chicken, aquatic, and other animal feeds. Manufacturers in the animal feed sector are increasingly demanding insect protein with high digestibility and amino acid content ranging from 40% to 70%, particularly for aquaculture and pet food applications.
Food & Beverage: The food and beverage segment, the second-largest in 2022, is poised for significant growth during the forecast period. Insect-based protein is gaining traction in food and beverage products, including functional foods, nutrition bars, and protein-rich goods. Increased acceptance of insect protein in countries permitting its consumption is expected to drive market growth. Insect protein is also utilized in personal care and cosmetics products as an alternative source of fats in skincare formulations.
Regional Insights:
Europe: In 2022, Europe secured the largest revenue share, exceeding 31.0%. Insect protein enjoys greater consumer acceptance in Europe, where it is used in food and beverage, animal nutrition, and personal care industries. Recent approvals for insect protein use in animal feed, particularly for pigs and poultry, are expected to boost demand in the European market.
North America: North America significantly contributed to the revenue of the insect protein market. Increasing consumer awareness of insect-based products and a growing demand for nutrient-dense foods are expected to make North America the largest market by 2029. Mexico and Canada's substantial growth potential for new entrants and product launches is set to drive demand for insect protein.
Asia Pacific: The Asia Pacific region is projected to experience a revenue-based CAGR of 29.05% during the forecast period. Nations like India, China, and Thailand, with expanding consumer bases, are poised to fuel demand for nutrient-dense food products. Additionally, Thailand and Indonesia, major insect producers, are expected to contribute to increased insect protein consumption.
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Key Offerings:
- Market Overview
- Market Share
- Market Size
- Forecast by Revenue | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments, sub-segments and region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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