The global insect protein market size is anticipated to hit USD 856.08 million by 2029 and exhibit a CAGR of 24.1% during the forecast period. The rising demand for alternate protein, increasing urbanization, and other factors are expected to propel the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Insect Protein Market, 2022-2029”. The market size stood at USD 153.92 million in 2021 and USD 189.32 million in 2022.

Furthermore, during the projection period, the rising demand for plant-based meat substitutes and portable protein snacks is probably going to be a major trend driving market expansion.

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COVID-19 Impact-

Disruption of Supply Chain of Insect Protein amid COVID-19 to Hinder Growth

Severe supply chain problems have affected the market, which has hindered its expansion. The market’s growth has been impacted by a labor shortage and temporary production facility shutdowns. Furthermore, the market expansion for proteins originating from insects has been hindered by their high rejection rate. However, it is anticipated that the market would bounce back from the blow and see tremendous expansion in the upcoming years.

Segments-

On the basis of product type, the market is segmented into orthopetra, hymenopetra, lepidopetra, coleoptera, and others. On the basis of application, the market is trifurcated into pharmaceuticals & cosmetics, animal feed, and food & beverages. Geographically, the market is classified into South America, Europe, North America, the Middle East & Africa, and Asia Pacific.

Report Coverage-

  • It includes key market developments and information on different market segments.
  • It assesses the COVID-19 pandemic’s impact on the market.
  • It incorporates Porters’ Five Forces Analysis for precise prediction.
  • It assimilates key market drivers and restraints.
  • It profiles the rankings of key market players accordingly.

Drivers & Restraints-

Rising Demand for Alternate Protein to Fuel Market Growth

Compared to animals and plants, insects have a higher protein content and require less money to raise. These days, a wide range of sectors need them for things like aquafeed, nutraceuticals, pet food, drinks, medications, and more. The market expansion for insect protein is anticipated to be supported by the expanding uses of insect protein as well as its high protein content.

Innovations in food technology, urbanization, the constantly changing tastes and preferences of consumers, and other factors are anticipated to support market expansion. The market is anticipated to increase as a result of the growing need for alternative proteins.

However, the market’s expansion may be constrained by high product costs brought on by costly manufacture.

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Regional Insights-

Europe to Dominate Global Market Due to Wide Use of Insect Protein

According to estimates, the highest market share for insect protein is in Europe. The growing popularity of fiber-fortified goods in Germany and the UK, along with the widespread use of the protein in food applications among middle-aged and older customers, are anticipated to support the expansion of the market in the area.

The increasing domestic demand for the protein is expected to lead to rapid growth in the Asia Pacific region. Due to its abundance of raw materials, China is predicted to lead Asia Pacific’s growth. Furthermore, growth in Asia Pacific is anticipated to be amplified by the developing food and beverage and pharmaceutical sectors in South Korea, India, China, Indonesia, and Malaysia.

Competitive Landscape-

Key Players Adopt Innovative Strategies to Acquire Growth

Because there are so many different small- and large-scale manufacturers, the market is competitive. Among the leading companies in the industry are EntomoFrams, Jimini’s, EnviroFlight LLC, Aspire Food Group, Protix, Innovafeed, Hexafly, and Swarm Nutrition GmbH. The main industry participants place a strong emphasis on increasing production capacity in order to meet the rising demand and support corporate growth. To support their expansions, they also engage in partnerships, mergers, acquisitions, and other measures. For instance, in April 2021, Ńnsect purchased Protifarm.

List of Key Market Players-

  • 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)

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