31.1% CAGR of Insect Protein Market Predicted to Garner $3,751.0 Million by 2032 | Says Market.us Research Study

New York, June 28, 2023 (GLOBE NEWSWIRE) — The Insect Protein Market size is expected to be worth around USD 3,751.0 Mn by 2032 from USD 267.6 Mn in 2022, growing at a CAGR of 31.1% during the forecast period from 2023 to 2032.

Insect protein is excellent feedstock obtained from insects that can be used as an ingredient for feed for animals, fish, and pets. Insects are an essential part of everyday food intake for over 2 billion individuals worldwide. Insect-based protein can be mainly used in animal feed, pet food, and fish. In addition, insects are very sustainable and beneficial to the environment as a protein source.

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Key Takeaway:

• By Source in 2022, the Coleoptera segment generated the highest revenue share in 2022.
• By Application, the animal nutrition segment registers the highest market share during the forecast period 2023 to 2032.
• By Distribution Channel, the offline segment has dominated the market and is growing significantly from 2023 to 2032.
• In 2022, Europe dominated the market with the highest revenue share of 30%.
• North America has held the largest revenue share of 21.7% in 2022.
• Asia-Pacific will grow at the highest CAGR from 2023-2032.

They are derived from edible insects and depend on what species are fed with them. Manufactured materials can also obtain insect protein. Insects, including crickets, grasshoppers, black solder flies, and ants, have a high protein content and can be easily increased in areas with minimal resources.

Factors Affecting the Growth of the Insect Protein Market

There are several factors that can affect the growth of the insect protein market. Some of these factors include:

• Rising Health Awareness: Rising health awareness regarding the consumption of nutritional food products and increased preference for a healthy lifestyle are anticipated to propel the need for insect protein worldwide.
• Increasing Population: As the population increases, the need for insect protein rises due to the high potential to combat global hunger.
• Rising Urbanization: Rising urbanization, the invention of new products, and food technology drive market growth.

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Top Trends in Global Insect Protein Market

The approval of insect-base protein has been rising in the food and beverage industry. Owing to the rising demand for alternative protein in food & beverages, manufacturers fulfill the customers’ increasing demand. Therefore, the global insect protein market is developing, and increasing customers’ protein needs increases market growth. Additionally, with the rising worldwide population and welfare, the need for protein as a nutritional component suddenly increases.

Market Growth

Insects are a more useful source of protein related to other plants and animals, which drives market growth. In addition, increasing awareness about the high protein content in insects has been widely used across various industries, propelling market growth. As a result, various market players are developing plans to grow their operations and obtain market share.

Regional Analysis

The insect protein market was dominated by Europe, which acquired the most significant revenue share of 30%. However, the present authorization of insect protein for feed, including pig and poultry, is anticipated to further propel the European region’s need. In addition, a high requirement from developed countries such as Germany, UK, and France is also anticipated to fuel the overall market growth. As a result, the European region is also considered the primary market for insect-based protein due to the high customer acceptance rate for applications such as animal nutrition, food and beverage, and personal care.

North America accounted for the second-largest revenue share during the forecast period due to the requirement for nutritional food products and increasing consciousness among customers regarding the consumption of insect-based products.

The Asia-Pacific is expected to reflect a relatively highest CAGR during the forecast period due to the rising customer base in the region.

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Scope of Report

Market Drivers

The increasing customer awareness about the consumption of nutritional food foodstuffs and rising preferences for a healthy lifestyle are anticipated to propel the need for insect protein during the forecast period. Owing to the protein content, some insects are upraised, and their use as an alternative basis of protein is rising as the consciousness of the high content of insects rises. The demand for nutritious protein products will provide a novel growth path for the market in the upcoming years. Increasing development, technological invention, and rising responsibility of investments in other protein companies drive market growth.

Market Restraints

High cost and limited production capability are the primary factors restraining market growth. Although insect-base protein is still expensive, the devices and methods required to optimize them for large-scale production. In addition, the insufficient regulations on the usage of insect protein in the feed industry can be a main hindrance to industrial growth. Further, communication with insects during farming or breeding may result in individual reactions, one of the significant factors that hamper the market growth.

Market Opportunities

Customers must know the nutritional benefits and be willing to try novel things. Therefore, an increase in R&D activities will offer lucrative opportunities for the market.  The increase in the development of novel opportunities in the market is due to the strong interest in protein. The increasing population and rapid development provide lucrative opportunities for the market. The need for healthy and nutritive food products has also risen, thus offering opportunities for manufacturers in several industries to deliver such products.

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Report Segmentation of the Insect Protein Market

Source Insight

The Coleoptera segment dominated the insect protein market, holding the most outstanding revenue share of 30%. Coleoptera refers to the insect consisting of beetles, larvae, and weevils. The significant order of insects represents around 40% of the species. Edible beetles have been usually consumed in several countries. Mealworms are generally used to extract powders used in animal feed and pet food companies. The increasing need for mealworm ingredients in several industries is anticipated to create prospects for the key players in the market. Coleoptera is fit for individual consumption and is offered in several insect-based products, including protein powder, insect-base oil, and flour.

Application Insight

In 2022, the animal nutrition segment accounted for the maximum market revenue share of 75% 2022. High digestibility band protein and amino acid content are obtaining traction from animal feed manufacturers. Animal nutrition can be utilized in powders or liquid by insect protein, which helps in their whole growth. Insect protein is mainly consumed as a feed stabilizer for aquaculture, poultry, and other animals.

Distribution Channel Insight

The offline segment dominated the insect protein market share. Offline distribution includes hypermarkets, specialist retailers, convenience stores, and supermarkets. However, developing nations are huge customers of insect protein and don’t have well-recognized online distribution channels.

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Market Segmentation

By Source

• Coleoptera
• Lepidoptera
• Orthoptera
• Hymenoptera
• Hemiptera
• Other Sources

By Application

• Food & Beverages
• Animal Nutrition
• Pharmaceuticals & Supplements
• Personal Care and Cosmetics

By Distribution Channel

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The insect protein market is highly competitive, with small and medium-level key players focused on rising production capabilities, new product launches, and R&D of products. The competitive advantages of the market have also been considered in this report. Some of the major players include

• Aspire Food Group
• Enviro Flight LLC
• Swarm Nutrition GmbH
• Next Protein Inc.
• Ynsect NL Nutrition & Health B.V.
• Entomo Farms
• Protix
• Insect Technology Group Holdings Limited
• Other Key Players

Recent Development of the Insect Protein Market

• In March 2021, Nutrition Technologies secured millions to recognize insect protein production in Malaysia. The funds might benefit the substantial enhancement into a novel Southeast Asian market.
• In February 2021, Aspire Food Group and its partners were awarded after Next Generation Manufacturing in Canada to get aid from cricket protein plants.

Browse More Related Reports

• Antifreeze Protein Market accounted for USD 7.2 Mn and is projected to reach USD 90.2 Mn by 2032, with the highest CAGR of 29.6%.
• Whey Protein Market was valued at US$ 9.4 Bn in 2022 and is projected to reach US$ 20.0 Bn by 2032, with a CAGR of 8.0% from 2023 to 2032.
• Protein Engineering Market size is expected to be worth around USD 9,329 Million by 2032 from USD 2,691 Million in 2022, growing at a CAGR of 13.60% during the forecast period from 2023 to 2032.
• Wheat Protein Market size is expected to be worth around USD 7.3 Billion by 2032 from USD 5.3 Billion in 2022, growing at a CAGR of 3.40% during the forecast period from 2023 to 2032.

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