The size of the global insect protein market will grow to $3.3 billion by 2027, recording a CAGR of 33.4% during the forecast period.
Chicago, Feb. 14, 2024 (GLOBE NEWSWIRE) — Insect protein refers to protein obtained from insects, which are a diverse group of invertebrates belonging to the class Insecta. In recent years, there has been a growing interest in using insects as a sustainable and nutritious source of protein for human consumption. Insects are rich in protein, vitamins, minerals, and essential fatty acids, making them a reliable alternative to traditional protein sources such as meat, poultry, and fish. The global insect protein market will grow to USD 3.3 billion by 2027, growing at a CAGR of 33.4% during the forecast period. Demand for animal protein is expanding rapidly in emerging economies. Increasing regulatory approval from developed regions for the use of insect protein is driving the growth of the insect protein market.
Key Players in the Insect Protein Market
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EnviroFlight (US)
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InnovaFeed (France)
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HEXAFLY (Ireland)
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Protix (Netherlands)
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Global Bugs (Thailand)
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Entomo Farms (Canada)
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Insect (France)
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Drivers and Opportunities
Drivers: Increasing Investment in R&D and Start-ups
Various companies in the insect protein market are implementing strategies to expand their business and gain market share. Some of the key strategies adopted by industry participants are new product launches, partnerships, and acquisitions. For example, in March 2022, Global Bugs partnered with Smart Vet Group to focus on developing and manufacturing pet food and supplement products for pets containing whole roasted crickets and cricket powder. In November 2021, Ÿnsect, an insect protein company launched Bernie’s, an ultra-premium and luxury brand for dog feed in the US market in partnership with Pure Simple True LLC.
Opportunities: Specific Regulations and Government Support
The consumption and acceptance of insect protein products is highly related to key sensory factors such as texture, taste, and appearance. Various regulatory bodies are conducting studies and research to help provide consumers with appropriate guidelines regarding the use of insect protein and its benefits. For example, in 2021, the European Commission recognized the central role of insect farming in its Farm to Fork strategy for sustainable food. in July 2021, the European Union also approved and introduced the first novel insect protein, a yellow mealworm, to the European market. The acceptance and approval of this regulation is expected to provide growth opportunities to market participants.
Insect Protein Market Trends
The insect protein market is experiencing several notable trends:
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Rising Demand: There has been a dramatic increase in demand for insect protein products, driven by growing awareness of the environmental and nutritional benefits of insect-based foods. Consumers are looking for sustainable protein alternatives to traditional sources like meat and prefer to explore insect-based options.
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Product Innovation: Companies in the insect protein sector are innovating in product formulations and diversifying their offerings to appeal to a wider audience. This includes developing new insect-based protein powders, bars, snacks, and even incorporating insect protein into traditional food products like pasta and burgers.
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Expansion of Distribution Channels: Insect protein products are becoming more widely available through a variety of distribution channels, including online retailers, specialty health food stores, and major supermarkets. This expansion of distribution channels increases accessibility and convenience for consumers interested in trying insect protein products.
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Investment and Financing: The insect protein market has attracted significant investment and funding from both traditional food industry players and venture capital firms. This capital inflow has supported research and development efforts, as well as the scaling of production facilities, driving further growth in the market.
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Regulatory Developments: Regulatory frameworks around the use of insects for human consumption are evolving, with some regions updating their regulations to facilitate the growth of the insect protein market. Clearer guidelines and standards will help build consumer trust and confidence in insect-based products.
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Education and Awareness: Efforts to educate consumers about the nutritional benefits, sustainability, and safety of insect protein are ongoing. As awareness grows, more consumers may be willing to include insect-based products in their diets.
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The food and beverage segment is the fastest growing among various insect protein applications during the forecast period
Major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industries among others. The supply of insect protein affects the production of insect-based food and beverage production. Insect-based protein is considered a viable alternative protein source, mainly in food and feed applications. Although whole insects are also available in the market as a rich source of protein, the scope of this report is limited to processed products available as insect protein.
The Asia Pacific region is witnessing the highest growth rate in the insect protein market
Southeast Asian countries have a tradition of entomophagy but no regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceuticals and cosmetics are among the growing segments in the region, especially in China and Japan. Food consumption per capita is expected to increase in Australia, as the population is expected to reach 35.9 million by 2050, according to a report published by the Australian Government.
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