The global insect protein market is set to witness growth at a CAGR of 9.2% and top a valuation of USD 838.5 Mn by 2032.
The global insect protein market is expected to grow at a stunning 9.2% CAGR from 2022 to 2032. This growth can be attributed to the technology’s quick adoption by both producers and consumers. The economic benefits, productivity improvement, and nutritional value provided by insects are the primary drivers of expansion in the edible insect protein sector.
Because of the higher efficacy of protein and minerals in edible insects like beetles and caterpillars, global insect protein industry is expected to reach USD 349.3 million by 2022. Insect protein producers are profiting from growing public health and environmental concerns about traditional animal proteins.
Caterpillars, that have a spectacular double-digit rate of growth of much more than 10.2%, are followed by beetles, which account for more than a quarter of the marketplace. The nutritional advantages of these edible insects, as well as their widespread availability, are propelling expansion in these categories.
More than three-fifths of the worldwide insect protein market is accounted for by Europe and America. Customers are embracing insect protein items manufactured by up-and-coming start-ups such as Eat Grub and Aspire Group. This increase might be attributed to increased consumer awareness of animal agriculture’s harmful environmental consequences. In these highly industrialised areas, insect protein offers a viable option to the informed customer.
Beef only has 29% nutritional protein, while crickets have 69%. The nutrient value distinction between insect protein and regular protein powder is a significant trend driving this business. Insect cultivation for protein extraction requires 8 to 10 times lesser land, 5 times less freshwater, and produces 6 to 12 times fewer greenhouse gas emissions.
Additionally, as the global public becomes more aware of the harmful effects of animal agriculture, corporations are looking for alternatives. Insects include a wide variety of essential amino acid residues, fatty acids, minerals, and vitamins. Because of its medicinal and operational benefits, insect protein is widely accepted by producers and consumers.
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Key Takeaways from Market Study
- The insect protein market is expected to expand at CAGRs of 5.8% and 6.1% in Europe and America, respectively, through 2032.
- The European insect protein market currently holds 27.4% share of the total market.
- During the timeframe of 2017-2021, revenues for insect-based pet food category increased by 18%.
- Throughout 2020 and 2021, consumption for beetle protein climbed by 11%.
“Insect protein producers would generate revenue if they targeted the protein industries. Because of the increased need for health supplements goods throughout the world, the food supplements business might be a viable business model for insect protein.,” says a Future Market Insights analyst.
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Competitive Landscape
Insect protein suppliers are investing a lot into studies and technology to ensure the quality of their goods.
- Eat Grub collaboration with SOK: Eat Grub a significant producer of insect protein located in the United Kingdom, is cooperating with SOK, Finland’s biggest grocery store chain.
- AgriProtein acquired Millibeter N.V: Millibeter N.V was acquired by AgriProtein in 2018. This deal will assist AgriProtein in establishing its first facility in Belgium. The investment is anticipated to extend the company’s European market.
- EnviroFlight LLC: The firm launched its first production facility in the United States, and it plans to expand its insect protein extraction plant utilizing Black army flies.
Market Segments Covered in Insect Protein Market Analysis
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