According to a research report “Insect Protein Market by Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), Distribution Channel and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global insect protein market will grow to USD 3.3 billion by 2027, growing at a CAGR of 33.4% during the forecast period. The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of insect protein market.
The food & beverage segment is the fastest growing among the various application of insect protein during the forecast period
The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.
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Asia Pacific region is witnessing the highest growth rate in the insect protein market
Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan. The food consumption per capita is projected to increase in Australia, as the population is projected to reach 35.9 million by 2050, according to a report published by Australian Government.
The major players include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada), and Ynsect (France) among others.
MARKET DYNAMICS
DRIVERS
- Increasing Investments in R&D and Start-ups
- Increasing Demand for Alternate Protein
- Food Security & Sustainability
RESTRAINTS
- Consumers’ Unacceptance of Insect-based Proteins
- High Cost
- Microbial Risk and Allergic Reaction
OPPORTUNITIES
- Defined Regulations and Government Support
- Collaborations of Insect Protein-based Product Manufacturers with Retailers
- Opportunities for Food Equipment Manufacturers in Insect Rearing
CHALLENGES
- Adverse Effect of Vegan Trend on Insect Protein Market
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