the global insect protein market by FMI Estimated that the insect protein market enjoyed year-on-year (YoY) growth of 8.2% in 2022 and is accounted for USD 349.2 Mn and is expected to witness a prominent CAGR of 9.2% to reach the value of USD 838.5 Mn in 2032. Revenue for the insect-based pet food segment grew by 18% during the period 2017-2021 while the Demand for beetle protein increased by 11% between 2020 and 2021.
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It includes in-depth insights into the insect protein market:
- Regionally, Europe emerged as a key market for Insect Proteins. This is attributed to increasing environmental awareness among nutrition-savvy consumers.
- Along with North America, Europe continues to lead demand generation as key markets for Insect Protein. Middle East & Africa (MEA) registers double digit growth that offers lucrative opportunities for future revenues.
- Beetles exhibit promising growth at the highest rate of more than 20% over the forecast period. Beetles contain high amounts of protein, mineral, low fat, and chitin which are driving the growth of this segment.
- Key players are likely to focus on research and development of new products and strategic supply chain partnerships to stay relevant in developed markets.
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“Versatile nature of insect proteins play an important role in generating demand from animal nutrition segment. The mass-adoption is driven by surge in demand for eco-friendly alternatives for animal feed in aquatic and poultry farms. Pets play an important part as owners prefer nutritional food for their beloved pets,” said a lead analyst at FMI.
Who is Winning?
Some of the leading players operating in the insect protein market are EntomoFarms, Aspire Food Group, Chapul Cricket Protein, Swarm Nutrition, GmbH, AgriProtien Holdings Ltd., InnovaFeed SAS, Protix, SAS Ynsect, EnviroFlight LLC, and Hexafly.
As a result of increasing competition, insect protein manufacturers are focusing on expanding their product portfolio and improving production process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, strategic partnerships remain popular among market players. Companies intend to expand their regional footprint through strategic collaborations.
- UK based insect protein product manufacturers, Eat Grub partnered with SOK- Finland’s largest supermarket group. SOK will distribute insect protein based Eat Grub product across 400 of its stores globally.
- Insect-based French snack start-up, Jimini’s forged a strategic partnership with Carrefour to sell its products across 300 Carrefour stores worldwide.
Key Questions Answered in the Report
- How much is the current worth of the insect protein market?
- At what CAGR is the market expected to grow?
- How was the performance in the last five years?
- What is the demand outlook forecast for the insect protein market?
- Who are the top 5 players operating in the market?
- How are market players reacting to the new developments in the market?
- Which are the major countries driving demand for insect protein?
- What outlook does Europe provide?
- At what rate will the U.S. insect protein market grow?
Get Valuable Insights into Insect Protein Market
Future Market Insights, in its new report, presents an unbiased analysis of the global insect protein market, covering historical demand data and forecast figures for the period between 2022 and 2032. The study divulges compelling insights into growth witnessed in the market. In terms of insect type ((Bees, Wasps, and Ants), (Grasshoppers, Locusts, and Crickets), (beetles), (caterpillars), and others), by form factor (whole insect and powder), by region (North America, Latin America, Europe, APEJ, Japan, and Middle East & Africa).
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