“The insect protein market is projected to grow at a CAGR of 45.0%, in terms of value. The key drivers include increasing investments in R&D and start-ups and rising demand for alternative proteins.”
The insect protein market is estimated to be valued at USD 144 million in 2019 and is projected to grow at a CAGR of 45.0%, recording a value of USD 1,336 million by 2025. The growth of the insect protein market is driven by the willingness of multiple capital investors to invest with emerging insect protein manufacturers. This is due to the rising awareness about the benefits of insect protein and the necessity to develop alternative sources of protein to meet the rising global demand.
“The crickets segment in the insect protein market is projected to record the highest CAGR during the forecast period.”
Crickets are highly used in products such as powder and protein bar, due to their high availability and acceptability. The use of crickets is profitable in comparison with other livestock protein, owing to the reduced expenses associated with their rearing. They also contain nine essential amino acids, along with zinc, Vit. B12, iron, potassium, magnesium, sodium, and calcium. Cricket flour is an alternative for milk, as it contains a high amount of calcium.
Furthermore, researchers derive a similarity between crickets and shrimps since the digestibility of their protein is almost similar for humans. Also, crickets have been part of the traditional diet in Thailand, and Southeast Asian countries since ages, and hence, the chances of cricket allergy among humans have been observed to be the least. Owing to these reasons, the application of crickets is majorly targeted toward human nutrition.
“The animal nutrition segment held the largest share, by application, in the insect protein market in 2018.”
Insect protein manufacturers are mainly focusing on catering to the dietary needs of animals used for agriculture and wildlife management. Insect protein products are fed to zoo and pet animals along with fish. According to the United Nations Food and Agriculture Organization (FAO), the production of animal proteins between 2010 and 2050 is expected to grow by around 1.7% annually. This is due to the growing demand for nutritious, healthy, and safe pet foods. These factors are projected to drive market growth. Moreover, the growing concerns about pet health and willingness among pet owners to spend more on pet food products and medicines are projected to drive the market growth further.
“High growth is projected to be witnessed in the European insect protein market during the forecast period.”
The growing trend toward healthy eating and hybrid meat products are among the key drivers of the significantly accelerated traction within the European insect protein market. Increasing research and development in insect technology, and most importantly, the regulatory advancements supported by positive media coverage and greater availability of insect products have further created growth opportunities in this market. Majority of the companies in the insect protein market are headquartered in the European region with key players including Ÿnsect (France) and Protix (Netherlands) in the feed industry, and Protifarm (Netherlands), Wholi (Denmark), and Jimini’s (UK) in the food industry.
Break-up of Primaries:
By Company Type: Tier 1 - 10 %, Tier 2 - 20%, and Tier 3 - 70%
By Designation: C-level - 30%, D-level - 20%, and Others*- 50%
By Region: Asia Pacific - 15%, Europe - 30%, North America- 30%, South America - 15%, and RoW - 10%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report:
• AgriProtein Holdings Ltd (South Africa)
• EnviroFlight LLC (US)
• Innovafeed (France)
• Ÿnsect (France)
• Hexafly (Ireland)
• Protix (Netherlands)
• Aspire Food Group (US)
• EntomoFarms (Canada)
• Protifarm (Netherlands)
• Jimini’s (UK)
• Chapul Cricket Protein (US)
• Imago Insect Products GmbH (Germany)
The report segments the insect protein market based on application, insect type, and region. In terms of insights, this report focuses on various levels of analyses—the competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the global insect protein market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
• To get a comprehensive overview of the insect protein market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions in which the insect protein market is flourishing