Global Insect Protein Market: Market Outlook
The concentrate obtained after several levels of drying and processing of edible insects rich in protein content is referred to as insect protein. Protein is a fundamental component of all living cells and contains many ingredients, such as hormones, enzymes, and antibodies that are necessary for the proper functioning of an organism. The insects are rich sources of protein and are expected to become sustainable alternatives for all protein products in upcoming years. The insect protein contains all essential substances which are available to any other common protein products. The requirement of protein is increasing all around the world, and the food industry is already under pressure to fulfill the protein demand. Insect protein responds to the demand for sustainable and high-quality protein to feed a growing population. Besides the feed industry also required a huge amount of protein in the feed products and the resources are not sufficient to fulfill the demand. Insect protein will be used in a wide variety of food and feed products with the help of developing science and technology.
Global Insect Protein Market: Market Dynamics
The global food and beverage, animal feed industry are in the search of new ingredients and nutritional sources which can fulfill the consumer’s nutritional demand, the adoption of insect protein is has been growing in the food and beverage industry. The consumption of animal products such as, meat, aquatic animals, milk, and egg continues to rise, which becoming a challenge for environmental sustainability. Plant-based proteins are sufficient to fulfill the demand for animal feed and food industry. However, more than 2000 insect species are already being consumed by domestic animals and humans as part of their regular diet owing to their favorable fats, vitamins, high protein content, and minerals. This has created opportunities for food and protein manufacturers to produce a product such as mixed insect snacks, protein bars, protein drinks, whey protein, and many other products based on insect protein.
Global Insect Protein Market: Market Segmentation
Based on insect type, the global insect protein market has been segmented as,
Based on Application, the global insect protein market has been segmented as,
Based on Region, the global insect protein market has been segmented as,
Global Insect Protein Market: Key Players
Some of the key players are operating in the global insect protein market are, Imago Insect Products GmbH, Aspire Food Group, AgriProtein Holdings Ltd., Hexafly, EnviroFlight LLC, Protifarm, Protix, Jimini’s, EntomoFarms, Ÿnsect, Chapul Cricket Protein, and others. These key players are focused on investing in research and development to innovate new and safer insect protein which can be applicable in many varieties of food and feed products. Also looking for the strategic business development in global insect protein market.
Opportunities for the key players in the global Insect Protein market
In most countries or regions, the consumption of insect or insect-based products is very low and often considered as culturally inappropriate has slow downing the growth of the insect protein market. However, manufacturers of insect protein and insect-based food manufacturers need to make awareness about the safety and health benefits of insect protein. Thus, the insect protein-based food products protein bars, pasta, bakery product, protein powders are witnessing acceptance by consumers. Europe is importing more than 60% of protein for animal feed, who is in the need of additional sources of protein for the feed industry, where insect protein is become a sustainable alternative to fulfill the protein demand for the animal feed industry. The Asia Pacific will lead the insect protein market due to the varied climate zones and some of the Asia Pacific countries are already consuming insects as their regular diet. This will lead to a wide acceptance of insect protein in the food and feed industry in the Asia Pacific. The global young population is considered as most health aware and environmentally conscious, who are seeking alternatives for traditional meat protein, and this population will create huge opportunities for global insect protein market in upcoming years.
The insect protein is gaining traction in the market as a sustainable alternative for protein in the years to come. The insects are regarded as a rich source of protein which accounts for the growing popularity of insect protein. The presence of all the essential components as any conventional protein product makes them a competent protein product in the market.
Food And Feed Sectors Gain Prominence
The significant rise in the demand for protein all across the globe is escalating the sales of alternative protein products such as insect protein. The adoption of these protein products is escalated by the food sector which is dealing with unfulfilled protein demands. The feed industry is another segment which is bolstering the market growth with surging consumption of protein products. The technological advancements are fueling the market growth with new methods to include insect protein in different food and feed products.
The food & beverages sector is experiencing huge traction in the protein market with the incoming of new protein products. With increasing consumption of animal products such as aquatic animals, meat, egg, and milk, the sustainability challenges are on a rise. To deal with these issues, market leaders are diverting their attention to competent protein sources such as animals. The market is populating with insect protein products such as mixed insect snacks, protein drinks, and protein bars, creating a robust revenue pool for the manufacturers.
Different insects prominently used as a source of insect protein include Black Soldier Flies, Mealworms, Grasshoppers, Crickets, and Ants. Prominent applications of insect protein include Animal Nutrition, Pharmaceutical & Cosmetics, and Food & Beverages. Amongst all the above, the food & beverage sector is projected to contribute a larger revenue share in the global market. Feed sector is also creating new scopes of growth for the manufacturers on the back of numerous applications such as aqua feed, pet feed, and poultry feed.
The growth of regional markets is primarily determined by the awareness and acceptance of unconventional protein sources such as insects. The manufacturers of insect protein-based products are spreading awareness about this form of protein source, highlighting safety and their health benefits. The market in Europe is projected to grow at a rapid pace during the forecast period owing to the high acceptance of insect protein. The burgeoning demand for protein in the feed sector also accounts for the scaling insect feed market in the region. Buoyed by the variety of climatic conditions, the consumption rate of insects is high in many regions of Asia pacific. Such instances are projected to impart significant position to Asia pacific in the global market. The large environmentally conscious population in the region is also expected to positively influence the market size of Asia Pacific in the coming years.
Major market players are developing innovative products to gain a competitive edge over others. They are strengthening their foothold in the food & beverage sector to enhance their market presence. Established players profiled in the global insect protein market are EnviroFlight LLC, Aspire Food Group, AgriProtein Holdings Ltd., EntomoFarms, Chapul Cricket Protein, and Jimini’s.