Insect Protein Market Synopsis:
As per the research conducted by Market Research Future (MRFR), the global insect protein market is anticipated to acquire a market value of USD 432 Mn by 2027 while thriving at a CAGR of 21.56% by 2027.
Insects are a source of high-quality protein, fatty acids, and minerals, which are required for human nutrition, and is estimated to be the most significant factor driving the global Insect Protein Market 2020. The increasing application of insects in pharmaceuticals, cosmetics, food & beverages, nutraceuticals, and other industries are projected to accelerate the market growth during the forecast period.
It has been gathered that entomophagy, the practice of eating insects, is an efficient solution to the problems related to the conventional food-supply chain. It can also control the emission of greenhouse gases by reducing the consumption of pork or beef, which is likely to be a potential cause of a rise in its demand. Besides, they have high feed-conversion efficiency and less contamination than other animals, which is predicted to fuel the market in the forthcoming period. Further, the spread of COVID-19 is likely to enhance the market growth owing to its medicinal properties.
However, lack of technology and funds to harvest and produce insects for consumption is estimated to contain the market expansion. Conversely, lower prices and the increasing popularity of entomophagy, along with the above-stated factors, are anticipated to counter the restraining factors.
Top Key Players:
The renowned players of the global insect protein market are NextProtein (France), EnviroFlight, LCC (US), Thailand Unique (Thailand), Chapul, LLC (US), Proti-Farm Holding NV (Netherlands), Cricket Flours LLC (US), Seek Food LLC (US), Crik Nutrition (Canada), Entomo Farms (Canada), and Haocheng Mealworms Inc. (China).
Insect Protein Market Segmentation:
The segment analysis of the global insect protein is done by application and insect type.
The application-based segments of the global insect protein are mealworms, crickets, grasshoppers, bees, ants, termites, silkworms, black soldier fly, houseflies, cicadas, and others.
The insect type-based segments of the global insect protein are human nutrition and animal nutrition. Between the two segments, human nutrition is estimated to dominate the global market. The human nutrition segment is further segmented into pharmaceuticals, food & beverages, cosmetics, nutraceuticals, and others.
Regional Analysis:
Based on geography, the global Insect Protein Stocks market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
As per the analysis, the global market is estimated to be dominated by Europe and thrive at a CAGR of 21.10% during the forecast period. Europe is a potential market that meets the increasing demand for insect protein through imports from APAC countries, primarily China. Further, the approvals made in Europe for the rearing and consumption of insects such as black soldier fly, crickets, and mealworms are predicted to underpin the regional market during the review period.
North America is projected to be a profitable market during the review period. North America is likely to acquire the second largest market share, amassing the market value of USD 73,297.9 thousand by 2023. In North America, the US is anticipated to procure the largest market share and is estimated to maintain its position throughout the review period.
The APAC region is estimated to be a lucrative market owing to the vital participation made by countries such as India, Vietnam, China, Korea, Thailand, Malaysia, and a few others. Further, the increasing focus on strengthening the health of the body is estimated to further drive the market during the forecast period.
The MEA region is estimated to exhibit decent growth during the review period.
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