Insect Protein Market

Insect Protein Market Size, Growth, Forecast (2023-2028)

The global Insect Protein Market size was worth USD 144 million in 2022, and it is projected that it will reach USD 1.33 billion by 2028 at a CAGR of 45.7% during the outlook period. Technological advances are accelerating the growth of the market with new ways of including insect proteins in other food and feed.

Market Overview:

Insects are known to be a prominent protein source that can be processed in the form of powders to add as a component in the diet of animals and humans. It is an adequate source of protein that is mainly in demand in the food industry. Insect protein is gaining market attention as a sustainable alternative to protein for years to come. Insect protein is a high-quality protein available in various forms, such as insect protein powder and insect protein animal food. Insects, plants, microorganisms, and some fish species produce antifreeze proteins. Whole insects, flour and oil are the most widely used types of protein products against insects. Protein production from fish, poultry and livestock has become a difficult task due to significant inflation of the world population and the high demand for end-user protein-based products. This has changed the possibilities for industry players to produce insect species for protein. As a traditional protein product, all essential components exist, making it a competent protein product on the market.

Recent Developments in Insect Protein Industry:

• In December 2018, AgriProtein was a Millibeter N.V. (Belgium) was acquired. The acquisition will finance the previous construction of the first commercial Millibeter plant in Belgium. The acquisition is expected to accelerate the company's expansion strategy in Europe.
• In January 2019 EnviroFlight LLC opened its first business creation office in Kentucky, USA. USA, Expanding the creation of bug protein in dark trooper flies. Around $ 32 million have been put resources into the development of this new office.
• In October 2018, Entomo Farms got subsidizing from Maple Leaf Foods, a non-benefit company called Community Futures Peterborough, and the Southern Ontario Fund to grow creation offices and improve computerization and advancement capacities.

Insect Protein Market Growth:

As interest in future sustainability grows, there are factors driving the market, such as shifting preferences from animal proteins to alternative proteins, such as insect proteins, and increasing public and private support for new research projects from insect proteins in developed and developing countries.

REPORT COVERAGE:

Drivers:

Growth is primarily driven by the willingness of asset investors to invest in the development of insect protein manufacturers. Changes in consumer preference for alternative sources of protein, a greater tendency to consume insect-based foods, and the easy availability of edible insects are some of the key drivers of market growth. The benefits of low environmental stress and the high nutritional value of insects are more expected factors to increase demand. Plexanians know more about sustainability and food supply, as do people who eat less meat, buy organic, or eat paleontologists. The adoption of this protein product is expanded by the food sector that handles unmet protein needs. Sales of alternative protein products, such as insect protein, are increasing as the demand for protein increases significantly worldwide. The feed industry is another sector that drives market growth through the rapid consumption of protein products. The market is full of insect protein products, such as mixed insect snacks, protein drinks, and protein bars, creating a strong source of revenue for manufacturers. The food and beverage sector is receiving great attention in the protein market due to the introduction of new protein products. To address these issues, market leaders are turning their attention to competent protein sources, such as animals. Insects are a rich source of protein and are high in protein compared to various animals and plants. Raising edible insects on a commercial scale requires fewer resources, such as land and food. Initially, insect protein was used only as an ingredient in animal feed. This change in attitude towards food is expected to create new opportunities in the insect protein market soon.

Therefore, due to the high protein content, some insects are raised and their application as an alternative source of protein is increasing. As awareness of the high protein content of insects increases, its coverage has diversified into other industries. For example, market players are offering powdered insect proteins to various food and beverage manufacturers, pharmaceuticals, functional foods, cosmetics, pet food, and pet food. In addition to this, insects are used to feed farm animals due to their high nutritional value, which helps to chart the profitable growth curve of the micronutrient sector for animal feed. Market demand will increase as demand for new nutritious food solutions increases for indirect and direct human intake. The reduction in land use for protein production through insect cultivation and the availability of technology for nutritional protein products will provide a new growth path for the market in the coming years. Furthermore, a thriving HI production company has also contributed favorably to the expansion of the insect protein market in recent years. In addition, insects are composed of biologically active residues that contain lauric acid, chitin, and antimicrobial peptides that have immune-enhancing functions, which are consumed in the diet to improve intestinal health.

Restraints:

The lack of adequate regulations on the use of insect proteins in the feed industry can be a major obstacle to industrial growth.

Impact of COVID-19 on the Insect Protein Market:

COVID-19 disease has caused serious public health emergencies with a rapid spread in more than 215 countries worldwide. The global impact of coronavirus disease (COVID-19) in 2019 has already begun to be felt and will have a major impact on the insect market in 2020. The meat products manufacturing industry faces major challenges, including continued production risk distribution and transportation. And other activities in the supply chain; Lack of labor; Delayed development activities such as R&D project.

Insect Protein Market Segmentation Analysis:

Depending on the application, the insect protein market can be classified into food and beverages, personal care and cosmetics, and animal nutrition. Adoption of insect-based proteins is increasing in many food and beverage applications, such as bakeries, dietary supplements, and snacks, as food and beverage producers are increasing the need for protein alternatives to meet growing consumer demands. Insect protein is even more appealing to vegetarian cat owners, as cats need taurine, an essential amino acid found in meat and fish.

By product, the insect protein market is segmented as Lepidoptera, Coleoptera, Hymenoptera, Hemiptera, Orthoptera and Diptera. The beetle's neck refers to the sequence of insects consisting of beetles and worms. It is the largest insect and represents approximately 40% of the species. Edible beetles have been traditionally consumed in many countries due to their high protein content. Consumption of live insects from such species is widespread, but extracting protein from them is a relatively new concept.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

In Europe and North America, human utilization of insect's proteins is little and is regularly considered socially improper or contraindicated. Bugs are not straightforwardly noticeable to buyers, so these items are effortlessly acknowledged. Therefore, many companies that make powdered protein for insects are emerging and expanding their production capacity in North America and European countries. Producers introduced insect protein powder here because consumers in this area are still uncomfortable with the idea of consuming insects. Protein powders and bars, pasta and various bakery products based on insect proteins are in high demand among consumers in both regions. Going forward, this trend will continue for years to come, and as a result, will greatly support the insect protein market in North America and Europe. The insect protein is mainly used in animal feed. However, due to increased consumer health awareness, the demand for insect protein for human consumption is expected to grow at a high growth rate. Insect protein in food products is in increasing demand in North America, Europe and Asia Pacific.

Key Players in the Market:

Major key Players in the Global Insect Protein Market are

• Aspire Food Group
• Protifarm NV Entomo Farms
• Protix
• Jimini's
• Chapul Cricket Protein
• Swarm Nutrition GmbH
• EnviroFlight LLC
• InnovaFeed SAS
• AgriProtein Holdings Ltd
• Hexafly