High nutritional value and production efficiency poise the global insect protein market to show astounding growth at 28% CAGR between 2019 and 2029. The market is primarily driven by factors such as cost-efficiency, eco-friendly manufacturing processes, and innovation in food and beverages made from insect protein extracts. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends.
It includes in-depth insights into the insect protein market:
- Estimated value of the market is pegged at US$ 322 Mn by 2029. Through the course of the report’s forecast period, the market exhibits a dexterous pace of growth.
- 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.
“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.
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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.
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Insect Type:
- Beetles
- Caterpillars
- Bees, Wasps and Ants
- Grasshoppers, Locusts and Crickets
- Others
Form:
- Whole Insect
- Powder
Application:
- Food & Beverages
- Animal Nutrition
- Aquafeed
- Pet Food
- Poultry Feed
- Pharmaceuticals & Cosmetics
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa