The global Insect Protein Market size is projected to reach a CAGR of 33.4% from 2023-2030.
Insects are an essential part of the everyday food intake for over 2 billion people worldwide. Apart from the high protein content, insects are a source of essential fats, high-quality lipids, fiber, vitamins, and minerals such as iron and calcium. The most used insect protein production is mealworms, black soldier flies, locusts, and crickets. While lipids can be used in biofuels and by-products such as chitin exhibit great potential in the pharmaceutical and bioplastic industries, insect-based proteins can be majorly used in food, pet food, fish, and animal feed.
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The key factors positively impacting the growth of the insect protein market are the rising awareness about the high nutritional value of insects, growing preference for innovative protein sources considering the rising greenhouse gas emissions from the animal industries, the environmental benefits of insect proteins, the increasing demand for insect proteins in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of insect proteins.
Recent Developments
· April 2022, Global Bugs has made a strategic partnership with Innovative Natural Solutions. The goal of Global Bugs Asia (GBA) and Innovative Natural Solutions (INS) is to collaboratively promote, support, manufacture and distribute nutritious food items using a combination of plant-based components and crickets.
· October 2021, Aspire Food Group has expanded their automated production facility in London, to produce 10,000 tons of crickets/per year.
Top Key Players
· InnovaFeed
· EnviroFlight
· Ynsect
· Hexafly
· Protix
· Aspire Food Group
· Chapul
· Nutrition Technologies
· Entomo Farms
· Goterra.
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North America to Dominate the Market
· North America is anticipated to hold the largest market share in the insect protein market and is anticipated to dominate the market during the forecast period.
· The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions' high market share. The market for insect protein-based food products is projected to record the fastest growth during the forecast period due to increasing awareness among people.
Insect Protein Market Segmentation:
Based on insect type
· Crickets
· Black Soldier Flies
· Mealworms
· Grasshoppers
· Ants
· Other Insects
Based on application
· Food & Beverages
· Animal Nutrition
· Pharmaceuticals & Cosmetics
Based on the distribution channel
· Offline
· Online
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
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· What is the compound annual growth rate (CAGR) of the Insect Protein Market?
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