Insect protein, derived from insects, serves as a nutritious food source for both humans and animals. This protein is highly sustainable and environmentally friendly, requiring significantly less land, water, and feed compared to traditional livestock like cows or pigs. Insects are rich in protein, healthy fats, and essential vitamins and minerals. The use of insect protein is gaining popularity in various culinary applications, including protein bars, energy drinks, and burgers. Additionally, insects are being explored as a potential solution to the global food crisis due to their abundance and scalability in production.
At a CAGR of 33.4% from 2022 to 2027, the global insect protein market size is estimated to be worth $0.8 billion in 2022 and $3.3 billion by the end of 2027.
The insect protein industry boasts unique qualities that distinguish it from traditional protein sources. Insects offer a highly nutritious protein source, rich in essential amino acids, vitamins, and minerals. They are also a sustainable option, requiring minimal resources to farm and leaving a smaller ecological footprint compared to conventional livestock. Insects’ versatility as a protein source allows for a wide range of applications, from protein bars to pet food. However, the market faces challenges, such as limited consumer acceptance and regulatory hurdles.
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The Food & Beverage Segment is the Fastest Growing Application of Insect Protein During the Forecast Period
The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.
What role do start-ups play in the insect protein market in North America?
North America is anticipated to hold the largest insect protein market share in 2022, followed by Europe, Asia Pacific, and RoW. The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions’ high market share. Many start-ups have been established in the region that provide both edible insects and insect protein-based products for food and feed applications. Enterra Feed Corporation (Canada), Entomo Farms (Canada), EnviroFlight LLC (US), and Aspire Food Group (US) are some of the leading companies providing insect protein-based products. The market for insect protein-based food products is projected to record the fastest growth during the forecast period due to the increasing awareness among people.
Insect Protein Market Growth Drivers
- Sustainability and Environmental Benefits: Insects require significantly less land, water, and feed compared to traditional livestock, making them a highly sustainable protein source with a smaller ecological footprint.
- Nutritional Value: Insects are rich in essential amino acids, healthy fats, vitamins, and minerals, offering a highly nutritious alternative to conventional protein sources.
- Increasing Demand for Alternative Proteins: The rising global population and growing awareness of the environmental impact of meat production are driving demand for sustainable and alternative protein options.
- Versatility in Applications: Insect protein can be used in a wide range of products, including protein bars, energy drinks, pet food, and animal feed, enhancing its market appeal.
- Rising Consumer Awareness: As consumers become more aware of the environmental and health benefits of insect protein, acceptance and demand are increasing.
- Investment and Innovation: Significant investments and innovations in insect farming and processing technologies are improving production efficiency and product quality, contributing to market growth.
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- Government Support and Regulations: Favorable government policies and regulations promoting sustainable food production are encouraging the development and adoption of insect protein.
- Growing Number of Start-ups: The establishment of numerous start-ups focused on edible insects and insect protein-based products is driving market expansion and increasing product availability.
- Food Security Concerns: Insects are being explored as a potential solution to global food security issues due to their abundance and scalability in production.
- Corporate Initiatives: Leading companies in the food and beverage industry are increasingly incorporating insect protein into their product lines, boosting market visibility and growth.
- EnviroFlight (US)
- InnovaFeed (France)
- HEXAFLY (Ireland)
- Protix (Netherlands)
- Global Bugs (Thailand)
- Entomo Farms (Canada)
- Ynsect (France)