The global insect protein market is estimated to increase at a CAGR of 23.00% to reach USD 400 Bn till 2027.
During the year 2023, the worldwide insect protein market is anticipated to develop significantly. Insect protein is a good substitute for a variety of animal and plant-based protein sources since it has a greater protein content and can be produced at a cheap cost. Because of the continual rise in the price of soymeal and fishmeal, feed manufacturers are increasingly turning to insect protein production to fulfill the growing demand for aquaculture and poultry feed.
Insects have a higher protein content than other animals and plants. It is less expensive to raise insect protein. Insect protein was originally exclusively utilized as an ingredient in animal feed. However, as people have become more aware of the high protein content of insects, it has become more frequently employed in a variety of sectors. Insect protein is now utilized in a variety of goods, including food and drinks, pharmaceuticals, nutraceuticals, cosmetics, pet food, and animal and poultry feed. The protein content of insects varies depending on the species. Protein derived from insects is the most suited option.
In comparison to other possible protein sources, edible insect and insect protein are used in a very limited number of foods, beverages, and nutritional supplements. The majority of people in India and throughout the world are unaware that insects may be used as a food source and a protein supplement. However, global food trends are shifting, and urban populations are gradually adopting insect components in a variety of food categories, including bakery, confectionary, meat substitute goods, beverages, flavored drinks, and supplements. Consumption of entire insects, on the other hand, will need greater awareness and effort. The need for insect protein supplements has been steadily increasing.
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On the basis of insect type, application, and geography, the global insect protein market has been segmented.
Crickets, mealworms, grasshoppers, ants, bees, termites, black army fly, silkworm, houseflies, cicadas, and other insects have been classified into the market. During the projected period, the cricket protein sector is predicted to grow. Crickets are the most preferred source of protein due to their high protein level.
The worldwide insect protein market is divided into two categories based on application: human nutrition and animal nutrition. The worldwide insect protein market is dominated by the human nutrition sector. The human nutrition sector’s food & drinks section has the biggest market share, owing to growing demand for high protein meals and greater health consciousness, which has resulted in higher demand for insect protein.
The worldwide insect protein market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World.
Human eating of insects is uncommon in most European and North American nations, and it is sometimes seen as culturally improper or even taboo. However, with the world’s population expanding and the demand for traditional hog, cattle, and chicken meat increasing, insects are being seriously investigated as a source of animal protein. As a result, producers have started offering insect protein powder-based goods in the form of protein bars, protein powder, pasta, and bakery products in these locations, where edible insect acceptability is low. According to MRFR study, Europe led the market in 2016, accounting for the biggest share of the market and growing at a CAGR of 21.10 percent in 2017. In terms of value, Germany is the most valuable market, followed by the United States. As of 2016, North America accounted for the second highest number of market shares in the worldwide insect protein market, after Europe. By the end of 2023, the North American market is expected to reach USD 73,297.9 thousand.
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The notable players of the market are NextProtein, EnviroFlight, LCC, Thailand Unique, Proti-Farm Holding, Chapul, LLC, Cricket Flours LLC, Crik Nutrition, Seek Food LLC, Entomo Farms, Haocheng Mealworms Inc., and others.
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