Meticulous Research®—leading global market research company published a research report titled ‘Insect Protein Market by Product (Whole Insect, Insect Powder, Insect Meal), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages), and Geography—Forecast to 2030.’
According to this latest publication from Meticulous Research®, in terms of value, the insect protein market is expected to record a CAGR of 28.4% from 2022–2030 to reach $9.46 billion by 2030. In terms of volume, the insect protein market is expected to record a CAGR of 31.5% from 2022–2030 to reach 3,028,468.3 tonnes by 2030. The growth of this market is driven by the high nutritional value of insects, increasing greenhouse gas emissions from the livestock industries, the environmental benefits of insect protein consumption, the rising demand for insect protein in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of insect proteins.
Factors such as the lack of a standardized regulatory framework, psychological and ethical barriers to consuming insects as food, and the risk of allergies due to insect consumption are expected to restrain the growth of this market. Furthermore, emerging economies are expected to provide significant growth opportunities for the players operating in this market. However, a lack of awareness regarding the benefits of insect consumption is expected to be a major challenge for the growth of this market.
The insect protein market is segmented based on product (whole insect, insect powder, insect meal), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other insect proteins), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, in 2022, the whole insects segment is expected to account for the largest share of the insect protein market. The easy availability and the lower cost of whole insects compared to processed insects is one of the major drivers fueling its demand in the market. Furthermore, the lack of insect processing facilities in some parts of the world and the growing demand for insects in the animal feed industry drives the growth of this segment.
Based on insect type, the black soldier flies segment is estimated to witness significant growth during the forecast period of 2020–2030. The growth of this segment is attributed to the rising demand for alternative proteins from the animal feed industry due to the rising prices of fish and soy meal, the growing aquaculture industry, the rising number of government approvals for the use of insect meal in livestock feed, and the increasing number of investments by major players in the black soldier fly industry.
Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the insect protein market. The growth of this segment is driven by the increasing consumption of processed insects as food, the growing demand for alternative protein due to food shortages worldwide, and the rising demand for high-quality protein and amino acid sources among end users.
Based on end use, the human consumption segment is estimated to witness rapid growth during the forecast period of 2020–2030. The growth of this segment is attributed to the rising demand for insect-based foods to feed the growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.
This research report also analyzes major geographies and provides a comprehensive analysis of North America, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the insect protein market. The market growth in Asia-Pacific is attributed to factors such as the well-established commercial farming market for insects, especially in Thailand, the wide availability of various insects coupled with huge production, the positive attitude towards insects as food & feed in Southeast Asia, absence of regulatory barriers to using insects as food & feed, and the presence of key market players in the region.
The key players operating in the insect protein market include Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), BioflyTech (Spain), TEBRIO (Spain), nextProtein (France), Hexafly (Ireland), HiProMine S.A. (Poland), and Protenga Pte. Ltd. (Singapore).
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