Market Research Future (MRFR) backed these claims for the market with substantial data gathered by experts. Their increasing growth can impact several markets like pharmaceuticals, food & beverages, cosmetics, nutraceuticals, and others.
The global insect protein market is estimated to increase at a CAGR of 21.56% to reach USD 432 Mn till 2027. Insect protein is the powder derived from dried insects after removing the oil from them. Insects are supposed to be the highest source of protein and insects are processed to derived protein powder. This by product is used for human and animal nutrition. Without an argument, we can say that it is a perfect alternative source of protein and there is a sharp rise in demand over the years, mainly in the feed industry.
Several sectors like cosmetics, food & beverages, and nutraceuticals are planning hard to experiment with the protein-rich varieties. Such researches can boost the global market as it increases the operational scope for the market. In recent times, poor countries are also opting for these insects to prevent malnutrition. This can be of substantial importance.
COVID 19 Impacts and effects
The COVID 19 has affected 215 countries. To combat the negative effects countries lead lockdown which has adversely affected the global insect protein market. The pandemic leads to numerous challenges to the food sector, the meat market has been hit badly across the globe. The factors like the risk of continuing production, supply, distribution, lack of workforce; and lesser development activities have affected the insect feed market.
Type and application are two major segments in which the global market for insect protein can be segmented. This also has a special eye on various growth factors that can inspire growth in the global market in the coming years.
By type, the market for insect protein can be segmented into black soldier fly, mealworms, houseflies, grasshoppers, silkworms, crickets, ants, bees, termites, cicadas, and others. The crickets protein is steering the market ahead with a potential market valuation of USD 33,068.9 thousand by the end of 2023. The Mealworm protein segment would be the fastest with a CAGR of 24.00% during the forecast period. It has an advantage as it can be reared in both the temperate and tropical regions.
By applications, the insect protein market includes human nutrition and animal nutrition. The global feed industry is expecting strong demand from animal nutrition segment and the human nutrition segment is expecting strong traction in underdeveloped or developing countries.
Europe had the largest market in 2016 and would post the highest CAGR of 21.10% during the forecast period to retain its market dominance. The market depends a lot on the Asia Pacific region for supply of these insects. However, not all has been granted approval. The selected few are crickets, black soldier fly, and mealworms. These are promoting the insect protein market in Europe and creating scope for widening of the base.
North America has the second-most expansive market that holds a possibility of surpassing the valuation of USD 73,297.9 thousand by 2023. The US helms the market in the North American region where their contribution would depend much on the intake of such product in various aquaculture system.
The APAC region shows high acceptance of the product as several communities are also known to consume these insects. These insects are reared mainly in China, Korea, India, Thailand, Malaysia, Vietnam, and few others for their direct-consumption. The Middle East & can bank on a moderate growth of the market.
Multiple companies are showing great interest in the global insect protein market and their strategic moves are providing thrust to the holistic growth of the market. These companies have been profiled by MRFR for a better market analysis in the coming years. Their actions have been documented in the report to facilitate an understanding of the market flow. These companies are nextProtein (France), EnviroFlight, LCC (US), Proti-Farm Holding NV (Netherlands), Thailand Unique (Thailand), Entomo Farms (Canada), Cricket Flours LLC (US), Chapul, LLC (US), Seek Food LLC (US), Crik Nutrition (Canada), and Haocheng Mealworms Inc. (China).
Buhler, from Switzerland, announced in August 2019 that they are now planning to construct a facility to rear and process yellow mealworms to expand their market scope in the insect industry. The company already has a black soldier fly processing plant, which they inaugurated in June 2019.
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