Insect Protein Industry Overview
The global insect protein market size is expected to reach USD 1.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a 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 insect industry is growing at a fast pace to increase production and supply chain, with a lot of investments, joint ventures, and partnerships. This has increased efficiency, advancements in technology, automation, improvements in genetics, and legislative changes. Moreover, insects are considered as a healthy food source in Western countries,that are packed with nutrients, are ecological, and are a sustainable source for food.
In addition, consumer preference to experiment with new food products for taste and nutritional benefits and that support sustainability is the key factor that positively impacts the market growth. 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 healthy and nutritious food products. The sports and active nutrition segments have seen significant changes over the years with increasing demand from professional athletes, new protein supplements and energy bars, new players in the market, and changing consumer preferences. Preferences from consumers for a healthy lifestyle are driving the demand for protein supplements from various sources, including, animal-based, plant-based, and insect-based. Insects have evolved over the years as a source of nutritional supplements for sports and gym enthusiasts, thus offering growth opportunities for the market.
Insect Protein Market Segmentation
Grand View Research has segmented the global insect protein market on the basis of source, application, and region:
Based on the Source Insights, the market is segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, and Others.
- Coleoptera dominated the market and held a revenue share of over 30.0% in 2020.
- Orthoptera is expected to emerge as the fastest-growing source segment with a revenue-based CAGR of 31.2% over the forecast period.
- The growing awareness, increasing demand for nutritional products, and ease of breeding insects are anticipated to fuel the segment growth.
Based on the Application Insights, the market is segmented into Food & Beverages, Animal Nutrition, Pharmaceutical & Supplements, and Personal Care & Cosmetics.
- Animal nutrition accounted for the largest revenue share of over 75.0% in 2020.
- Insect protein is primarily consumed as a feed additive for poultry, aquaculture, and other animals.
- High digestibility band amino acid and protein content ranging from 40% to 70% are gaining traction from animal feed manufacturers.
- The food and beverages application segment emerged as the second-largest application segment in 2020 and is expected to witness considerable growth over the forecast period.
Insect Protein Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
The market is highly competitive with the small and medium level players focusing on innovation, increasing production capacities, and research & development of products. For instance, in November 2020, Innova Feed announced a collaboration with Archer Daniels Midland Company, one of the key players in agribusiness. The collaboration was made to expand its insect protein business by constructing a new site in Illinois, the U.S. that will have a target capacity of 60,000 tons of insect protein per year.
Some prominent players in the global insect protein market include:
- InnovaFeed
- EnviroFlight
- Ynsect
- Hexafly
- Protix
- Aspire Food Group
- Chapul
- NutritionTechnologies
- Entomo Farms
- Goterra
Order a free sample PDF of the Insect Protein Market Intelligence Study, published by Grand View Research.
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