Insect-based Protein Market Revenue, Share, Size, Growth Insights and Forecast Through 2029
The global insect protein market revenue is poised for significant growth, projected to reach USD 856.08 million by 2029 at a compound annual growth rate (CAGR) of 24.1%, according to Fortune Business Insights™ in its report, “Insect Protein Market, 2022-2029.” This surge is attributed to rising urbanization and the growing demand for sustainable protein alternatives. The market was valued at USD 153.92 million in 2021 and USD 189.32 million in 2022.
Insect protein can be sourced from live insects or processed insect-based products. Species such as ants, mealworms, black soldier flies, crickets, and grasshoppers are notable for their high protein content and ability to thrive in resource-constrained environments. Insects have long been a dietary staple in over 110 countries, particularly in Southeast Asia.
Rich in protein, fats, vitamins, and minerals, edible insects offer a sustainable solution to enhancing food and feed security. Their nutritional profile and environmental benefits make them a viable alternative protein source for diverse food and feed applications. As awareness of their ecological advantages grows, insect protein is increasingly recognized as a crucial component of future sustainable food systems.
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Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780
The rising demand for plant-based meat substitutes and portable protein snacks is a major driver of market growth. As consumer preferences shift towards healthier and more sustainable eating habits, the food industry is evolving to meet these expectations. To capitalize on this trend, manufacturers are encouraged to focus on expanding and innovating their product portfolios, ensuring they cater to the growing demand for convenient, protein-rich, and environmentally friendly alternatives.
List of Key Market Players-
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- Aspire Food Group (Canada)
- Ynsect NL Nutrition & Health B.V. (Netherlands)
- EntomoFarms (Canada)
- Chapul Cricket Protein (U.S.)
- Jimini’s (France)
- EnviroFlight LLC (U.S.)
- Swarm Nutrition GmbH (Germany)
- AgriProtein Holdings Ltd (England)
- Next Protein Inc. (France)
- Innovafeed (France)
Segments-
The insect protein market is categorized into various product segments, including lepidopterans, coleopterans, hymenopterans, and orthopterans. Its primary applications span food and beverages, animal feed, and pharmaceuticals and cosmetics. Geographically, the market is divided into key regions: Asia Pacific, South America, Europe, North America, and the Middle East and Africa.
Report Coverage-
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The report encompasses key market developments and insights into various market segments.
- It evaluates the impact of the COVID-19 pandemic on the market.
- It integrates Porter’s Five Forces Analysis for accurate forecasting.
- It incorporates crucial market drivers and constraints.
- It profiles the positions of key market players accordingly.
Drivers & Restraints-
Rising Demand for Alternate Protein to Fuel Market Growth
Insect farming is gaining traction across diverse industries, including beverages, aquafeed, nutraceuticals, pet food, and pharmaceuticals, due to its cost-efficiency compared to traditional plant and animal farming methods, as well as the high protein content of insects. This versatility makes insect protein a valuable resource, fueling the market’s steady growth.
Key drivers of market expansion include advancements in food technology, urbanization, shifting consumer preferences, and the increasing demand for alternative protein sources. However, the high production costs associated with expensive manufacturing processes remain a significant challenge for the market’s growth trajectory.
Regional Insights-
Europe to Dominate Global Market Due to Wide Use of Insect Protein
Europe currently dominates the insect protein market, with a significant share driven by its use in culinary applications, particularly among middle-aged and older consumers. The rising demand for fiber-fortified products in countries like the UK and Germany is anticipated to further bolster market growth.
Meanwhile, the Asia-Pacific region is set for rapid growth, fueled by increasing local demand for insect protein. China is expected to play a pivotal role due to its abundant raw materials. Additionally, the region’s market expansion will be supported by the growth of the food and beverage and pharmaceutical industries in countries such as South Korea, India, China, Indonesia, and Malaysia.
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Competitive Landscape-
Key Players Adopt Innovative Strategies to Acquire Growth
To address the growing demand for insect protein and accelerate corporate growth, industry leaders are prioritizing expanding production capacities and implementing strategic initiatives such as alliances, mergers, and acquisitions to enhance their market position. A prominent example of this trend is Ÿnsect’s acquisition of Protifarm in April 2021, underscoring the increasing consolidation within the insect protein industry.
