ID: MRFR/F-B & N/4636-CR | 107 Pages | Author: Snehal Singh | February 2021
The global insect protein market size is estimated to increase at a CAGR of 21.56% to reach USD 432 Million till 2027. Generally, the insect protein comes in the form of a powder derived from dried insects after extracting oil from them.
The high protein content in the insect protein is predicted to thrive the global market growth during the assessment timeframe. Moreover, the rising demand for food security and sustainability is estimated to thrive the global market growth throughout the review period. For instance, government agencies' defined policies and regulations are estimated to bring lucrative opportunities for the global market for insect protein. However, the insect protein market growth might be affected due to consumers' high risk of allergic and microbial reactions.
The global insect protein market has been segmented into two types which are based on application and insect type. Further, the application segment is classified into animal nutrition and human. Based on the insect type segment, the global market for insect protein has been segregated into crickets, grasshoppers, ants, mealworms, termites, black soldier flies, bees, cicadas, and houseflies, silkworms, and others.
The COVID 19 has affected 215 countries. To combat the negative effects countries lead lockdown which has adversely affected the global insect protein market. The pandemic leads to numerous challenges to the food sector, the meat market has been hit badly across the globe. The factors like the risk of continuing production, supply, distribution, lack of workforce; and lesser development activities have affected the insect feed market.
People are not consuming meat products like earlier. This has further increased the problem of the meat industry and fueled the demand for alternative substitutes like edible insects and vegan products. But the long-term usage of animal protein can have a positive impact on human health. Major strategic developments are taking place in the insect protein industry. A Thai Union Group (Thailand)in March 2020, announced to invest ~USD 30 million in alternative proteins and other food tech innovations. There are many positive changes coming across the post COVID era.
Insects are a better source of protein compared to other animals and plants. Rearing insect protein is less costly. In the beginning, insect protein was used as an element for animal food only. But with increasing awareness regarding the high protein content in insects, it has been widely used across different industries. Nowadays, insect protein is used in several products like food & beverages, medicines, nutraceuticals, makeup, pet food, and animal and poultry feed. Insects’ protein varies upon the different species. Insect-based protein is the most suitable alternative for protein.
As per the data of insect protein market analysis of 2019, APAC had the most insect protein market share at 60%. In Southeast Asia, the most saleable items are toasted crickets. In addition to this, Vietnamese startups are concentrating on making insect protein as a part of daily breakfast. There have been many companies across Southeast Asia that focus on Scaling up the production units of insect protein through establishing food factories and different facilities across Asia to mass product insect protein powder, this is tremendously boosting the share of APAC in the global insect protein market.
There are two types of consumption of insect-based protein such as insect protein powder and insect protein animal feed. The insect protein market has an expected revenue and CAGR of 33.97% through to 2027. There is high usage of insect protein in processed food products across several products which includes pasta, burger, branded cookies, patties, and healthy snacks. It is less costly to produce and has a long-term positive effect on health. The edible insects have plenty of vitamins, amino acids, and high-quality protein and are widely used to feed cattle, sheep, pigs, and broiler chickens. Insect protein supplements are gaining popularity.
The outbreak of COVID-19 has hard severely knocked out the growing pace of the insect protein market size because of mandatory closures of consumer markets and farming across the globe, the profit share of the companies has fallen apart. COVID19 has disrupted the entire supply chain. Continuous lockdown created a negative impact and affected the morale of the farmers. The major retailers, such as supermarkets & hypermarkets and whose main job is selling insect protein supplements have gone through acute shortage despite having demand in certain areas across the globe.
The overall application of edible insect and insect protein across several food, drinks, and dietary supplements is very less compared to the application of other potential protein sources. The majority of the population in India and across the globe are not even aware of insects as a food source and as a protein supplement. But there is a change in global food trends, and urban populations are slowly accepting insect ingredients across various divisions of the food industry such as bakery, confectionery, meat substitute products, beverages, flavored drinks, and supplements products. However, the consumption of whole insects will require more awareness and effort. There has been a continuous increase in the demand for insect protein supplements.
The primary insect protein market claims to have a CAGR of 21.56% to reach USD 432 million by 2027. The demand for insect-based protein has risen because it offers many health benefits. The Asian countries are focussing to increase the production of insect protein powder to meet the demand and supply chain.
Due to the increasing demand for insect-based proteins globally, new products are coming every day. The insect protein animal feed is highly consumed, the major sources of insect protein are
The protein extracted from these insects are used in a variety of industries such as
China remains the volume-wise highest exporter of insect protein-based products globally. Organic insect protein has an increasing market share since 2019. The major players of the market are concentrating on product launches, acquisitions, and strengthening their distribution channels across the globe. North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the markets for selling these products. North America is a growing market now.
Organic herbal tea is highly consumed across homes and poultry. It has medicinal properties. This is making it more popular. The companies are focusing on Increasing product innovations. But developing countries are growing faster.
There are few countries, the demand is surging all-time highs such as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, the European countries have dominated the market, estimated to grow at a CAGR of 21.10%. After Europe, there are North American countries, as they are the second-largest importers, as of 2019. According to statistics, the North American market is estimated to reach USD 73,297.9 thousand by the end of 2027. Asia-Pacific has a share of 13.43% as of 2019. Overall, Germany is the leading market, in terms of value, after the US.
The European Food Safety Authority has allowed the sale of mealworms, lesser mealworms, locusts, crickets, and grasshoppers’ food industry. Currently, protein diets are becoming popular, European love insect-based food. This approval will allow startups to innovate in this space and grow. Thus, with the rising preference for insect-based protein on animal proteins-based food, post-COVID people would love to discover new avenues. Many companies are launching new products daily to meet the surging demands. Consumers all across the globe are getting more advance and aware. It is a perfect example of low fat & economical food source. This is the reason behind its popularity.
Recent Developments
In December 2019, insect feed company Millibeter N.V. (Belgium) was acquired by the prominent player AgriProtein. This acquisition is proposed to enhance the expansion strategy of the company in Europe and fund Millibeter’s first commercial factory construction in Belgium. For instance, in January 2019, the prominent player EnviroFlight LLC launched its first commercial production facility in the United States. This development has invested approximately USD 32 million to expand its insect protein production from black soldier flies.
Report Overview
Report Attribute/Metric | Details |
---|---|
Market Size | USD 432 Million |
CAGR | 21.56% |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Insect Type, Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | NextProtein,EnviroFlight LCC,Thailand Unique,Proti-Farm Holding NV,Chapul LLC,Cricket Flours LLC,Crik Nutrition,Seek Food LLC,Entomo Farms,Haocheng Mealworms Inc. |
Key Market Opportunities | Increasing Demand For By-Products, Surging Adoption Of Sustainable Industrial Farming |
Key Market Drivers | Growing Demand For Insect Protein In Animal Feed, Rising Nutritional Requirements Of Growing Population, Increasing Applications Of Insect Protein |
Key players profiled in the insect protein market include NextProtein, EnviroFlight LCC, Thailand Unique, Proti-Farm Holding NV, Chapul LLC, Cricket Flours LLC, Crik Nutrition, Seek Food LLC, Entomo Farms, and Haocheng Mealworms Inc.
European region consumes the largest insect protein market.
Those who study insect cell protein expression market growth claims to have a CAGR would be 21.56% during the forecast period.
Crickets would be the winner of the insect protein market.
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