Insect Protein Market Size, Share & Trends Analysis Report by Insect Type (Beetles, Caterpillars, Bees, Wasps and Ants, Grasshoppers, Locusts, Crickets and Others), Form (Whole Insect, Powder), Application (Food & Beverages, Animal Nutrition, Aquafeed, Pet Food, Poultry Feed, Pharmaceuticals & Cosmetics) and Region - Forecast to 2022 - 2032
NEWARK, DE / ACCESSWIRE / August 30, 2022 / The newly released data on the global insect protein market reveals that the market enjoyed year-on-year (YoY) growth of 8.2% in 2022 and secured a valuation of USD 349.2 Mn. The insect protein market is expected to exhibit a robust growth of CAGR of 9.2% to surpass the valuation of USD 838.5 Mn in 2032. During the historical forecast period from 2017 to 2021, the insect protein market grew at a healthy CAGR of 18% while the Demand for beetle protein increased by 11% between 2020 and 2021.
According to the detailed analysis by Future Market Insights, it is anticipated that there is a half-yearly comparison study and evaluation of the worldwide market's growth rates as well as its future development potential. With the assistance of macro and industry variables, there are certain demographic and innovation aspects dominate the market.
The insect protein market is expected to augment within the forecast period in order to reach USD 349.2 Mn in 2022. Owing to the extraordinary bioavailability of protein and minerals in edible insects such as beetles and caterpillars, the market is expected to spur in the future.
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Key Takeaways
- The global insect protein market is predicted to increase sales in the future due to the rising healthcare and environmental concerns regarding the consumption of traditional animal protein sources. The rapid acceptance of advanced technology by both manufacturers and consumers are responsible for market expansion.
- The surge in the insect protein market is noticed because of its increasing usage in the food & beverage industry, owing to a growing need for protein alternatives among food & beverage makers to meet rising consumer demand.
- Due to high population growth and rising concerns about environmental sustainability, the widespread consumption of animal products such as meat, eggs, and milk continues to climb. With the availability of high protein content, minerals, beneficial fats, and vitamins around 2,000 bug species are already consumed as part of a regular diet by humans and domestic animals all over the world.
- Food makers are moving towards entering the insect protein market by developing a variety of insect-based snack items such as whey protein, protein bars, cookies, mealworm cricket pasta, honey caterpillar croquettes, mixed insect nibbles, and chocolates based on insects.
- The increasing expansion of the insect protein market is assumed due to the belief in traditional animal protein sources. Furthermore, the drivers of growth in the edible insect protein industry are cost benefits, production efficiency, and nutritional value supplied by insects.
- Beetles are considered to be highly nutritious due to which they account for more than a quarter of the market, followed by Caterpillars, which have a remarkable double-digit growth rate of more than 10.2%.
- Double-digit CAGRs are also accounted for by insects like Grasshoppers, crickets, and locusts attributed as the most profitable bug varieties. Researchers are actively using locusts and grasshoppers to create baby foods and animal feed for chickens and fish. It will assist manufacturers in expanding their product portfolio and gaining a competitive advantage as early adopters.
Competitive Landscape
Manufacturers are rapidly developing new and innovative ways to use insect protein in order to help those who are malnourished. The dearth of nutritional resources in MEA nations including Kenya is being compensated and researchers are developing food items based on insect protein powder.
Rising worldwide awareness of the negative consequences of animal farming is forcing businesses to seek other alternatives. There are many important fatty acids, amino acids, minerals, and vitamins found in insects. Due to the medical and production benefits, widespread acceptance of insect protein among manufacturers and customers is expected to rise its growth.
More Insights into the Insect Protein Market
Europe and North America are expected to account for the largest market share of more than three-fifths of the global insect protein market. The surge in the insect protein market is witnessed due to rising consumer awareness about the negative environmental effects of animal agriculture. In these industrialized regions, insect protein presents a viable alternative to the information-savvy consumer sector.
Several food and agricultural organizations (FAO) have begun to spread awareness about edible insects as acceptable dietary options for humans, which in return sparked a surge in interest in edible insects.
With the assistance of government funding and successful research endeavors, the Korean edible insect market has witnessed impeccable growth over the forecast period. Furthermore, the surge in accessibility to edible insects is to develop insect-based ingredients instead of final food products showing their original appearance.
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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
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Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Insect Protein Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2022-2026) and Long Term (2027-2032)
2.1.1. Optimistic Scenario
2.1.1.1. China
2.1.1.2. US
2.1.1.3. India
2.1.1.4. Euro Zone
2.1.1.5. Asia Pacific
2.1.1.6. Rest of the World
2.1.2. Likely Scenario
2.1.2.1. China
2.1.2.2. US
2.1.2.3. India
2.1.2.4. Euro Zone
2.1.2.5. Asia Pacific
2.1.2.6. Rest of the World
2.1.3. Pessimistic Scenario
2.1.3.1. China
2.1.3.2. US
2.1.3.3. India
2.1.3.4. Euro Zone
2.1.3.5. Asia Pacific
2.1.3.6. Rest of the World
2.2. Key Factors Impacting the Market
2.3. Note: Market Assessment shall be Provided for Likely Scenario
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Product Launches
3.6. Product Claims & Nutritional Information Scan by Buyers
3.7. Macro-Economic Factors
3.8. Forecast Factors - Relevance & Impact
3.9. Consumers Survey Analysis
4. Key Regulations
4.1. Packaging & Labelling Regulations
4.2. Certifications and Certifying Agency Overview
4.3. Import/Export Policies
5. Global Insect Protein Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (Metric Tons) Analysis, 2017-2021
5.2. Current and Future Market Volume (Metric Tons) Projections, 2022-2032
5.3. Y-o-Y Growth Trend Analysis
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