The global insect protein market is expected to grow during the forecast period owing to factors such as a shift in consumer preferences from animal protein to alternative proteins such as insect-based protein. This is due to the rise in concern toward sustainability and growing hunger in the world. The countries in North America and Europe have more consumption of insect protein since the consumers in these regions are supportive of innovative and alternate sources of food. Insect protein has been utilized majorly in pet food, aquafeed, pig’s food, poultry feed, and others. North America and Europe have technological advantages in insect processing since the market players own large production units. In addition to that, there are several key market players and startups from North America and Europe operating in this market. Thus, the insect protein market has a huge presence in the North America and Europe regions.
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The North America region is expected to dominate the global insect protein market attributed to the rising demand for insect proteins from the animal feed industry, mainly for aquafeed and pigs. The growth in the market is further driven by the increasing research and development activities and the adoption of insect protein as a protein supplement in countries such as the U.S., Canada, and Mexico. The U.S. is the major player in this market. There are several key market players from the U.S. operating in the global insect protein market.
Asia-Pacific is anticipated to register the highest growth rate during the forecast period 2022-2027. This region has a developing economy, and population is rising day by day in its emerging countries such as India and China. This is creating a demand for more food and protein consumption. Since insects are an easy alternative and sustainable source of protein, this source can help in feeding a huge population. In addition, China, Thailand, and Malaysia have a long history of insect consumption. Apart from this, several key market players in this region are continuously focusing on product innovation to serve better products.
The global insect protein market has seen major development by key players operating in the market, such as mergers and acquisitions, business expansion, partnerships, collaboration, and joint ventures, product launches. For instance, in February 2022, FeedWerkz, a Singapore-based insect farming technology startup, launched a fully integrated pet food product line under the brand Conscious Creatures. Again, in February 2022, InnovaFeed and ADM signed a strategic collaboration agreement. According to this agreement, Innovafeed will offer its Black soldier Fly protein to ADM’s pet food division to make “high-quality nutritious” products that have a “much smaller carbon footprint and land need” than conventional animal protein. Earlier in June 2020, Protix announced its collaboration with Agrifirm. This agreement resulted in the launch of several new initiatives that will make use of Protix’s insect-based compounds.
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Insect protein is an alternative, sustainable, and natural source of protein, moderately gaining popularity in many countries worldwide. It has applications in food products, feed products, cosmetics, personal care items, and even fertilizers. Since insects contain a higher percentage of protein content along with minerals and vitamins, many functional food manufacturers are further adopting this ingredient as raw material. Insects are being used in the feed prepared for poultry, pigs, fishes and shrimps, pets, and others. Insect-based cookies, pasta, protein bars, functional drinks, and protein powder are also gaining popularity.
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