Insect Protein Market

Market Overview:

The global insect protein market size reached US$ 807.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,855.1 Million by 2028, exhibiting a growth rate (CAGR) of 21.30% during 2023-2028. The expanding number of restaurants, rising participation of individuals in recreational sports, and the growing number of farming activities represent some of the key factors driving the market.

Insect protein is a high-quality feed stock obtained from grasshoppers, crickets, ants, termites, bees, beetles, caterpillars, mealworms, and stinkbugs. It is rich in amino acids, vitamins, minerals, iron, calcium, magnesium, zinc, riboflavin, and other essential nutrients. It is generally farmed and later processed into protein powder, flour, oil, and other forms used in food products. It aids in promoting weight management, improving gut health, boosting the immune system, and minimizing the risk of developing cardiovascular diseases. It requires fewer resources to produce and is considered a sustainable and environment friendly alternative to traditional animal-based protein sources. At present, the rising number of consumers that are opting for high protein and low-fat food products is driving the demand for insect protein-based items across the globe.

Insect Protein Market Trends:

The increasing consumption of insect protein-based food around the world on account of the rising awareness about their health benefits currently represents one of the major factors strengthening the market growth. Besides this, the expanding number of restaurants, cafes, and luxury hotels is driving the use of insect protein in pizza, pasta, burger, noodles, salad, and sausages. This, coupled with the burgeoning food and beverage (F&B) industry, is bolstering the growth of the market. In addition, the growing consumer preference for ready-to-eat (RTE) food products like insect protein-based snacking options on account of rapid urbanization, increasing working population, hectic schedules, and the expanding purchasing power of consumers is influencing the market positively. Furthermore, the rising use of insect protein in the preparation of protein powder and energy and protein bars and the growing participation of individuals in fitness, recreational sports, and athletic activities is creating a positive outlook for the market. Apart from this, governing agencies of numerous countries are undertaking initiatives to promote the use of insect protein as a sustainable food source. Furthermore, insect protein is employed in the agriculture sector as a source of protein for animal feed to improve the growth and performance of livestock and minimize the environmental impact of animal agriculture. This, along with the rising number of farming activities, is contributing to the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global insect protein market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on source, distribution channel, and application.

Source Insights:

• Coleoptera
• Lepidoptera
• Hymenoptera
• Orthoptera
• Hemiptera
• Diptera
• Others
   

The report has provided a detailed breakup and analysis of the insect protein market based on the source. This includes Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, and others.

Distribution Channel Insights:

• Offline
• Online
   

A detailed breakup and analysis of the insect protein market based on the distribution channel has also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.    

Application Insights:

• Animal Nutrition 
  • Aqua Feed
  • Poultry Feed
  • Others
• Food and Beverages
• Pharmaceutical and Supplements
• Personal Care and Cosmetics
   

The report has provided a detailed breakup and analysis of the insect protein market based on the application. This includes animal nutrition (aqua feed, poultry feed, and others), food and beverages, pharmaceutical and supplements, and personal care and cosmetics. According to the report, animal nutrition (aqua feed, poultry feed, and others) accounted for the largest market share.   

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe (Germany, France, the United Kingdom, Italy, Spain, and others) was the largest market for insect protein. Some of the factors driving the Europe insect protein market included increasing preferences for RTE food products, government initiatives, product innovations, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global insect protein market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Aspire Food Group, Chapul LLC, Entomo Farms, EnviroFlight LLC (Darling Ingredients), Goterra, Hexafly, InnovaFeed SAS, Jimini's, nextProtein, Protenga, Protix B.V., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Insect Protein Market Report Scope:

Key Questions Answered in This Report:

• How has the global insect protein market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global insect protein market?
• What is the impact of each driver, restraint, and opportunity on the global insect protein market?
• What are the key regional markets?
• Which countries represent the most attractive insect protein market?
• What is the breakup of the market based on the source?
• Which is the most attractive source in the insect protein market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the insect protein market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the insect protein market?
• What is the competitive structure of the global insect protein market?
• Who are the key players/companies in the global insect protein market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the insect protein market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global insect protein market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the insect protein industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.