Insect Protein Market Outlook
The global insect protein market size was valued at USD 249.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2021 to 2028. The growing consumer awareness regarding the consumption of nutritional food products and increasing preference for a healthy lifestyle are expected to drive the demand for insect protein over the forecast period. The growing health consciousness among consumers across the globe has increased the demand for healthy and nutritious food products, thus providing opportunities for manufacturers in various industries to offer such food products.
the market would reach new heights with a 23 percent CAGR. The market is likely to profit from the growing demand for high-protein foods. Market Research Future (MRFR) backed up these market claims with extensive data obtained by industry specialists. Pharmaceuticals, food and drinks, cosmetics, nutraceuticals, and other markets may be impacted by their increasing growth.
Several industries, including cosmetics, food, drinks, and nutraceuticals, are working hard to develop protein-rich cultivars. Such studies might help to improve the global market by expanding the market's operational reach. Poor countries have recently begun to use these insects to reduce malnutrition. This has the potential to be significant.
Competitive Analysis
Multiple companies are showing great interest in the global insect protein market and their strategic moves are providing thrust to the holistic growth of the market. These companies have been profiled by MRFR for better market analysis in the coming years. Their actions have been documented in the report to facilitate an understanding of the market flow. These companies are nextProtein (France), EnviroFlight, LCC (US), Proti-Farm Holding NV (Netherlands), Thailand Unique (Thailand), Entomo Farms (Canada), Cricket Flours LLC (US), Chapul, LLC (US), Seek Food LLC (US), Crik Nutrition (Canada), and Haocheng Mealworms Inc. (China).
Buhler, from Switzerland, announced in August 2019 that they are now planning to construct a facility to rear and process yellow mealworms to expand their market scope in the insect industry. The company already has a black soldier fly processing plant, which they inaugurated in June 2019.
Regional Analysis:
Europe had the largest market in 2016 and would post the highest CAGR of 21.10% during the forecast period to retain its market dominance. The market depends a lot on the Asia Pacific region for the supply of these insects. However, not all have been granted approval. The selected few are crickets, black soldier fly, and mealworms. These are promoting the insect protein market in Europe and creating scope for the widening of the base.
North America has the second-most expansive market that holds a possibility of surpassing the valuation of USD 73,297.9 thousand by 2023. The US helms the market in the North American region where their contribution would depend much on the intake of such products in various aquaculture systems.
The APAC region shows high acceptance of the product as several communities are also known to consume these insects. These insects are reared mainly in China, Korea, India, Thailand, Malaysia, Vietnam, and a few others for their direct consumption. The Middle East can rely on a moderate growth of the market.
Segmentation:
Type and application are two major segments in which the global market for insect protein market size can be segmented. This also has a special eye on various growth factors that can inspire growth in the global market in the coming years.
By type, the market for insect protein can be segmented into black soldier fly, mealworms, houseflies, grasshoppers, silkworms, crickets, ants, bees, termites, cicadas, and others. Cricket’s protein is steering the market ahead with a potential market value of USD 33,068.9 thousand by the end of 2023. The Mealworm protein segment would be the fastest with a CAGR of 24.00% during the forecast period. It has an advantage as it can be reared in both the temperate and tropical regions.
By applications, the insect protein market includes human nutrition and animal nutrition. The global feed industry is expecting strong demand from the animal nutrition segment and the human nutrition segment is expecting strong traction in underdeveloped or developing countries.
Access Full Report Below Click links @:https://www.marketresearchfuture.com/reports/insect-protein-market-6094
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
+1 646 845 9312
