Insect Protein Market to Value $3.3 Billion by 2027 – Exclusive Report by MarketsandMarkets™

/EIN News/ — CHICAGO, Sept. 26, 2022 (GLOBE NEWSWIRE) — The insect protein market will grow at a CAGR of 33.4% from 2022 to 2027, according to MarketsandMarkets™ It will increase to 3.3 billion US dollars. Demand for animal protein in developing economies is expanding rapidly. Increasing regulatory approvals from developed regions for the use of insect protein is driving the growth of the insect protein market.

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Insects are high-quality proteins that can be easily grown in facilities with limited resources. They have been an integral part of traditional dishes in various countries, mainly concentrated in Southeast Asia. Adoption of insect-based protein products from developed regions such as Europe and North America is increasing with increasing awareness of its nutritional benefits of insects.

Insect-based products are higher in protein than meat protein. Over the past few years, commercial insect production has become increasingly common for high-quality feed applications and is driving the growth of the insect protein market.

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Based on the type of insect, crickets are projected to have high growth potential during the forecast period.

By insect type, the insect protein market is segmented as crickets, black soldier flies, mealworms, grasshoppers, ants, and other insects. It has been observed that black soldier fly larvae are mainly used in feed and crickets in food preparation. Crickets are projected to have high growth potential during the forecast period as the adoption of insects in the food industry is increasing, with its application focused on sports nutrition.

The food and beverage segment is the fastest growing segment among the various applications of insect protein during the forecast period

Major buyers in this market are food and beverage companies, milk alternative producers and feed industries among others. The supply of insect protein affects the production of insect-based foods and beverages. Insect-based protein is considered a viable alternative source of protein, mainly in food and feed applications. Although whole insects are also available on the market as a rich source of protein, the scope of this report is limited to processed products available as insect protein only.

The Asia Pacific region is witnessing the highest growth rate in the insect protein market

Southeast Asian countries have a tradition of entomophagy, but there are no regulations on the cultivation, sale and export of insects. However, insect protein producers have high potential in the animal nutrition segment. Pharmaceuticals and cosmetics are among the growing segments in the region, especially in China and Japan. Per capita food consumption in Australia is projected to increase as the population is projected to reach 35.9 million by 2050, according to a report published by the Australian government.

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Key players include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada) and Ynsect (France). Many companies are increasing production capacity and raising funds and entering into strategic partnerships to increase market shares and meet the growing demand for insect-based protein products.

View Adjacent Reports: Food and Beverage Market Research Reports and Consulting

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