Insect Protein Market size to grow by USD 1.14 billion from 2022 to 2027, Europe is estimated to account for 33% of the growth of the global market – Technavio

NEW YORK, Nov. 9, 2023 /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. 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.Discover Packaged Foods & Meats industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

Insect Protein Market – Vendor Landscape

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.

Vendor Offerings

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.

For market’s vendor landscape highlights with a comprehensive list of vendors and their offerings – View Sample in a minutes

Insect Protein Market – 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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What’s New? –

Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recessionGlobal competitiveness and key competitor positionsMarket presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

All Things Bugs LLCAspire Food GroupBeta Bugs Ltd.Beta HatchBioflytechChapul LLCDarling Ingredients Inc.Entomo FarmsGlobal Bugs Asia Co. Ltd.GoterraHEXAFLYHiProMine S.A.Innovafeed SASJR Unique Foods Ltd.MealFood Europe SLnextProtein SANutrition TechnologiesProtenga Pte. Ltd.Protix BVYnsect SAS

Insect Protein Market – Market Dynamics

Drivers

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.

Challenges

Inconsistency in government regulations related to insect proteins is a major challenge hindering the growth of the global insect protein market. 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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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

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SOURCE Technavio