Increasing demand for protein-rich products, sustainable raw material, and their contribution to the circular economy are some of the major factors that are expected to contribute to the growth of the global insect protein market.
The premium market intelligence study by BIS Research on the global insect protein market is projected to reach $1.38 billion in terms of revenue by 2027, at a CAGR of 26.49%.
Source: BIS Research Analysis
With an increased worldwide focus on achieving net-zero emissions, the shift to eco-friendly, sustainable products brings significant sales and financing opportunities. The shift is more prominent in the food and beverages industry in regions such as North America and Europe. Thus, insect protein-based products are a great alternative to conventional plant and animal-based food products.
An insect is a sustainable source of protein which can be a developing solution for the food industry. According to the Food and Agriculture Organization (FAO), the protein content available in insects are much higher than other conventional sources such as meat and plant-based products.
The detailed study is a compilation of 74 market data tables and 26 figures spread through 144 pages and an in-depth TOC on “Insect Protein Market – Analysis and Forecast, 2022-2027”
Leading Insect Type in the Global Insect Protein Market
Among all the insect types, the cricket segment is expected to dominate the global insect protein market with a significant share of $101.2 million by 2027.
Figure: Global Insect Protein Market (by Insect Type), $Million, 2021-2027
Source: Expert Interviews and BIS Research Analysis
Crickets are high in macro and micro-mineral elements like calcium, potassium, sodium, iron, magnesium, phosphorus, zinc, manganese, and copper. Crickets are further high in vitamins such as B group vitamins, along with that crickets have vitamins A, C, D, E, and K. They additionally come with high protein content.
When compared to livestock, cricket farming is more environmentally friendly owing to its low greenhouse gas emissions, low water as well as feed intake, and limited land area requirement for production. Crickets have wider applications in food products.
From all these factors, it can be said that this segment will grow further in the near future.
Demand – Drivers and Limitations
Following are the demand drivers for the insect protein market:
- Increasing demand for protein-rich products.
- Surging demand for natural and sustainable raw materials.
- Growing demand for insect protein in the animal nutrition industry.
The market is expected to face some limitations too due to the following challenges:
- Lower acceptance of insect protein due to limited awareness.
- Increasing trend of plant-based products.
- Allergies caused by insect protein.
Reasons to Buy This Report
This exclusive report on the insect protein market will help you in the following ways:
- Extensive competitive benchmarking of the top 15 players (insect protein product manufacturers and insect protein ingredient providers).
- Market share analysis based on product portfolio and recent developments.
Investment landscape, competitive benchmarking, funding, and patent analysis.
- The study provides the reader a detailed understanding of the different insect protein-based products by application (animal feed, food and beverage, and others), and by distribution channel (online and offline).
Analyst’s Take on the Market:
According to Rakhi Tanwar, Principal Analyst, BIS Research, “Currently, adoption of insect protein is rising gradually, since consumers are shifting their consumption pattern toward a more sustainable food source and also prefer to have supplements in their diet. Insect protein powder, hence, is gaining popularity among consumers globally. Some other trending products are insect protein powder, protein bars, cookies, pasta, insect flour, and others. The insect protein’s adoption is further going to increase at a CAGR of 26.49% during the period 2021 to 2026, due to its low farming and processing costs along with an increased need for a sustainable protein source.”
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Key Companies Operating in the Market and Competitive Landscape
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players who are leading include insect protein ingredient providers and insect protein product providers, which capture around 56.67% of the presence in the market. Players in other industries such as clothing and apparel, packaging, and animal feed, among others, account for approximately 43.33% of the presence in the market.
Some of the prominent names operating in this market are:
Company Type 1: Insect Protein Product Manufacturers
- Ynsect (SAS)
- Aspire Food Group
- Nutrition Technologies
- Beta Hatch
- Enterra Corporation
Company Type 2: Insect Protein Ingredient Providers
- Imago Insects Products GmbH
- JR Unique Foods. Ltd
- Chirps Chips
- All Things Bugs, LLC
Companies that are not a part of the above pool have been well represented across different sections of the report (wherever applicable).
Who should buy this report?
The companies which are manufacturing and commercializing insect-based foods and beverages, animal feed, fertilizers, pharmaceuticals, personal care products, research institutions, and regulatory bodies should buy this report.
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Key Questions Answered in the Report:
- What is the estimated global insect protein market size in terms of revenue for the forecast period 2022-2027?
- What is the expected compound annual growth rate (CAGR) during the forecast period 2021-2027?
- What are the key trends, market drivers, and opportunities in the market about the insect protein market?
- What are the major restraints inhibiting the growth of the global insect protein market?
- What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
- For a new company looking to enter the insect protein market, which areas could it focus upon to stay ahead of the competition?
- What is the competitive strength of the key players in the insect protein market based on the analysis of their recent developments, product offerings, and regional presence?
- What is the competitive benchmarking of the key immersion cooling companies in the agriculture market based on the analysis of their market coverage and market potential?
- What is the type of players operating in the market ecosystem of insect protein, and what is their significance in the global market?
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