Insect Protein Market size to grow by USD 1.14 billion from 2022 to 2027, Increasing demand for sustainable protein sources to drive the market growth, Technavio

NEW YORK, March 8, 2024 /PRNewswire/ -- The insect protein market size is expected to increase by USD 1.14 billion from 2022 to 2027. The market is estimated to register a CAGR of 31.84%, according to the latest research report from Technavio. Increasing demand for sustainable protein sources is a major factor that drives the growth of the global insect protein market. The demand for alternative protein sources, such as insect proteins, is increasing. In addition, the environmental awareness of the impacts of conventional animal husbandry is growing globally. Furthermore, along with deforestation, livestock farming is a major contributor to greenhouse gas emissions. This is because it consumes large amounts of land, water, feed, and other abundant resources. Cricket farming produces 2,000 times less water and emits 100 times less greenhouse gas emissions in comparison to beef production. Resultantly, insect farming tends to be more environmentally friendly. For instance, in comparison to conventional livestock like cows or pigs, insects such as crickets, which are frequently used to produce protein, require significantly less land, water, and feed. Hence, such factors drive the market growth of insect protein during the forecast period. 

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Key Company

There are a large number of companies operating in the highly competitive global insect protein market, ranging from small startups to major corporations. Although the market is still in the developing stage, it is expanding quickly, providing opportunities for both new players and long-standing competitors. The insect protein market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

• All Things Bugs LLC - The company offers insect protein such as Griopro Cricket powder.
• Aspire Food Group - The company offers insect protein for pets, aquaculture, and livestock.
• Beta Bugs Ltd. - The company offers insect proteins such as Hiper-Fly, and Just Fly.

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Regional Market Outlook

• Europe is estimated to account for 33% of the growth of the global market during the forecast period. The regional insect protein market is expanding at a significant rate due to a number of factors. For instance, the investigation of alternative protein sources, such as insects, is being driven by the rising demand for sustainable and healthy food options. Insects are a more environmentally friendly option because they require considerably less land, water, and feed to produce insect protein in comparison to conventional livestock. Furthermore, insects are an extremely nutrient-dense food source. Hence, such factors drive regional market growth during the forecast period.

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Key Market Segmentation

This insect protein market report extensively covers market segmentation by product (coleoptera, lepidoptera, hymenoptera, orthoptera, and others), application (animal nutrition, food and beverages, and pharmaceutical and supplements), and geography (Europe, North America, APAC, Middle East and Africa, and South America). 

• The market share growth by the coleoptera segment will be significant for overall market growth during the forecast period. Factors such as their health benefits, sustainability, and versatility, as well as by rising consumer awareness and the expanding food and feed sector drive the demand for this segment. Coleoptera, or beetles, which is the largest and fastest growing product segment, presents a promising market scenario as a product in the global insect protein market. Furthermore, the use of insects as a sustainable and different source of protein for humans has gained popularity in recent years. Hence, such factors drive segment growth during the forecast period.

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Companies Mentioned

• All Things Bugs LLC
• Aspire Food Group
• Beta Bugs Ltd.
• Beta Hatch
• Bioflytech
• Chapul LLC
• Darling Ingredients Inc.
• Entomo Farms
• Global Bugs Asia Co. Ltd.
• Goterra
• HEXAFLY
• HiProMine S.A.
• Innovafeed SAS
• JR Unique Foods Ltd.
• MealFood Europe SL
• nextProtein SA
• Nutrition Technologies
• Protenga Pte. Ltd.
• Protix BV
• Ynsect SAS

Inconsistency in government regulations related to insect proteins is one of the major challenge

The harvesting and processing of insects for human consumption or animal feed are restricted or prohibited in certain regions, which limits market expansion. For instance, in Europe, the New Food Regulation, which has a long and complicated approval process, requires approval before insects can be used as food or feed. Furthermore, the U.S. Food and Drug Administration (FDA) provides limited information on insect consumption in food and feed, creating a situation of skepticism among insect protein manufacturers. Hence, such challenges impede market growth during the forecast period.

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Analyst Review

Sustainable protein sources have become a focal point in addressing global food sustainability challenges, leading to a surge in interest in insect-based food products. As populations grow and environmental concerns intensify, alternative protein sources such as insects are gaining traction.

Animal proteins, once dominant, are facing scrutiny due to their environmental impact, prompting a shift towards more sustainable options. Insects offer a promising solution as they are rich in essential amino acids, vitamins, and minerals crucial for human health.

The livestock industry, a significant contributor to environmental degradation, is increasingly exploring research and development activities centered around insect farming techniques. Automated systems are revolutionizing insect farming, making it more efficient and scalable.

Vertical farming methods are being employed to maximize space utilization and optimize insect production. Advanced processing technologies like freeze-drying and grinding ensure the preservation of nutrients and facilitate the creation of diverse insect-based products such as protein bars and meal replacements.

Sustainable insect feed formulations are being developed, incorporating plant-based ingredients to enhance nutritional profiles while addressing production costs concerns.

Despite the promising market potential, challenges remain. Environmental concerns regarding insect farming practices and regulatory challenges hinder widespread adoption. Moreover, consumer acceptance varies due to cultural barriers and perceptions related to taste, texture, and appearance.

Collaborations and partnerships between stakeholders across the food and beverage industry are crucial for overcoming these hurdles. Targeting diverse market segments and optimizing distribution channels are essential strategies for driving market growth.

In developing countries, where protein deficiency is prevalent, insect protein presents a viable solution. However, successful penetration relies on addressing local market dynamics and consumer preferences.

Looking ahead, technological advancements and evolving consumer preferences are expected to shape future trends in the insect protein market. With innovation and strategic partnerships, the insect protein market holds immense promise in addressing global food security challenges while fostering sustainable development.

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Market Overview

Sustainable protein sources have gained traction due to environmental concerns, propelling the rise of insect-based food products. As a viable alternative to traditional animal proteins, insects offer high nutritional value, boasting a rich content of essential amino acids, vitamins, and minerals. Livestock farming's sustainability challenges have spurred research and development activities focusing on insect cultivation and processing techniques. These endeavors aim to streamline processing techniques to scale up production efficiently. The growing acceptance of insect protein signifies a paradigm shift in livestock consumption habits, promising a more sustainable future for protein sources.

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Related Reports:
The algae protein market size is expected to increase by USD 171.7 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.75%.

The Global Potato Protein Market size is projected to increase by USD 37.74 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.43% between 2022 and 2027. In 2017 the market size was valued at USD 68.65 million.

Key Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com

SOURCE Technavio

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