Insect Protein Market size to grow by USD 1,147.96 million from 2022 to 2027, Product diversification and innovation to be major market trends

NEW YORK, June 5, 2023 /PRNewswire/ -- The insect protein market size is expected to increase by USD 1,147.96 million from 2022 to 2027. The market is estimated to register a CAGR of 31.84% , according to the latest research report from Technavio. Discover Packaged Foods & Meats industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The insect protein market covers the following areas:

Insect Protein Market Sizing

Insect Protein Market Forecast

Insect Protein Market Analysis

Insect Protein Market - Vendor Landscape

There are a large number of companies operating in the highly competitive global insect protein market, ranging from small startups to major corporations. Although the market is still in the developing stage, it is expanding quickly, providing opportunities for both new players and long-standing competitors. The insect protein market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Vendor Offerings

All Things Bugs LLC - The company offers insect protein such as Griopro Cricket powder.

Aspire Food Group - The company offers insect protein for pets, aquaculture, and livestock.

Beta Bugs Ltd. - The company offers insect proteins such as Hiper-Fly, and Just Fly.

For market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample in a minutes

Insect Protein Market - Key Market Segmentation

This insect protein market report extensively covers market segmentation by product (coleoptera, lepidoptera, hymenoptera, orthoptera, and others), application (animal nutrition, food and beverages, and pharmaceutical and supplements), and geography (Europe, North America, APAC, Middle East and Africa, and South America).

The market share growth by the coleoptera segment will be significant for overall market growth during the forecast period. Factors such as their health benefits, sustainability, and versatility, as well as by rising consumer awareness and the expanding food and feed sector drive the demand for this segment. Coleoptera, or beetles, which is the largest and fastest growing product segment, presents a promising market scenario as a product in the global insect protein market. Furthermore, the use of insects as a sustainable and different source of protein for humans has gained popularity in recent years. Hence, such factors drive segment growth during the forecast period.

View Sample Report in minutes of this report for more highlights into the market segments.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Insect Protein Market - Regional Market Outlook

Europe is estimated to account for 33% of the growth of the global market during the forecast period. The regional insect protein market is expanding at a significant rate due to a number of factors. For instance, the investigation of alternative protein sources, such as insects, is being driven by the rising demand for sustainable and healthy food options. Insects are a more environmentally friendly option because they require considerably less land, water, and feed to produce insect protein in comparison to conventional livestock. Furthermore, insects are an extremely nutrient-dense food source. Hence, such factors drive regional market growth during the forecast period.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

All Things Bugs LLC

Aspire Food Group

Beta Bugs Ltd.

Beta Hatch

Bioflytech

Chapul LLC

Darling Ingredients Inc.

Entomo Farms

Global Bugs Asia Co. Ltd.

Goterra

HEXAFLY

HiProMine S.A.

Innovafeed SAS

JR Unique Foods Ltd.

MealFood Europe SL

nextProtein SA

Nutrition Technologies

Protenga Pte. Ltd.

Protix BV

Ynsect SAS

Insect Protein Market - Market Dynamics

Drivers

Increasing demand for sustainable protein sources is a major factor that drives the growth of the global insect protein market.

The demand for alternative protein sources, such as insect proteins, is increasing. In addition, the environmental awareness of the impacts of conventional animal husbandry is growing globally.

Furthermore, along with deforestation, livestock farming is a major contributor to greenhouse gas emissions. This is because it consumes large amounts of land, water, feed, and other abundant resources.

Cricket farming produces 2,000 times less water and emits 100 times less greenhouse gas emissions in comparison to beef production. Resultantly, insect farming tends to be more environmentally friendly.

For instance, in comparison to conventional livestock like cows or pigs, insects such as crickets, which are frequently used to produce protein, require significantly less land, water, and feed.

Hence, such factors drive the market growth of insect protein during the forecast period.

Challenges

Inconsistency in government regulations related to insect proteins is a major challenge hindering the growth of the global insect protein market.

The harvesting and processing of insects for human consumption or animal feed are restricted or prohibited in certain regions, which limits market expansion.

For instance, in Europe, the New Food Regulation, which has a long and complicated approval process, requires approval before insects can be used as food or feed.

Furthermore, the U.S. Food and Drug Administration (FDA) provides limited information on insect consumption in food and feed, creating a situation of skepticism among insect protein manufacturers.

Hence, such challenges impede market growth during the forecast period.

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Insect Protein Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 31.84%

Market growth 2023-2027

USD 1,147.96 million

Market structure

Fragmented

YoY growth 2022-2023(%)

30.14

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 33%

Key countries

US, China, South Korea, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

All Things Bugs LLC, Aspire Food Group, Beta Bugs Ltd., Beta Hatch, Bioflytech, Chapul LLC, Darling Ingredients Inc., Entomo Farms, Global Bugs Asia Co. Ltd., Goterra, HEXAFLY, HiProMine S.A., Innovafeed SAS, JR Unique Foods Ltd., MealFood Europe SL, nextProtein SA, Nutrition Technologies, Protenga Pte. Ltd., Protix BV, and Ynsect SAS

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global insect protein market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Application Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Coleoptera - Market size and forecast 2022-2027

6.4 Lepidoptera - Market size and forecast 2022-2027

6.5 Hymenoptera - Market size and forecast 2022-2027

6.6 Orthoptera - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Product

7 Market Segmentation by Application

7.1 Market segments

7.2 Comparison by Application

7.3 Animal nutrition - Market size and forecast 2022-2027

7.4 Food and beverages - Market size and forecast 2022-2027

7.5 Pharmaceutical and supplements - Market size and forecast 2022-2027

7.6 Market opportunity by Application

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 UK - Market size and forecast 2022-2027

9.11 South Korea - Market size and forecast 2022-2027

9.12 Germany - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 All Things Bugs LLC

12.4 Aspire Food Group

12.5 Beta Bugs Ltd.

12.6 Beta Hatch

12.7 Chapul LLC

12.8 Darling Ingredients Inc.

12.9 Entomo Farms

12.10 Global Bugs Asia Co. Ltd.

12.11 Goterra

12.12 HEXAFLY

12.13 Innovafeed SAS

12.14 nextProtein SA

12.15 Nutrition Technologies

12.16 Protix BV

12.17 Ynsect SAS

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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