Insect Protein Market by Insect Type, Application, Distribution Channel and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Insect Protein Market by Insect Type (Crickets, Grasshoppers, Ants, Mealworms, Black Soldier Flies and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceuticals & Cosmetics), Channel Distribution & Region – Global Forecast for 2027 Report” has been added to from ResearchAndMarkets.com offer.

The Insect Protein Market is expected to reach USD 3.3 Billion by 2027, growing at a CAGR of 32.7% from 2022 to 2027. Insect Protein is now becoming very popular among the young population, especially for sports nutrition.

This is due to the increasing use of cricket flour in various nutritious food products. Government support and the presence of key manufacturers in this market has contributed to the growth of the insect protein market.

Insect proteins are in great demand in the application segment.

The insect protein market has been segmented on the basis of food and beverage applications, animal nutrition, and pharmaceuticals and cosmetics. The animal nutrition segment contributed the largest market share in 2022, followed by food & beverages and pharmaceuticals & cosmetics.

However, insect protein is mainly known for its nutritional characteristics and hence its application is directed towards food and feed industries. Growing concerns about pet health and the drive to spend more on pet food and medications among pet owners is further expected to drive the growth of the insect protein market. Among the animal nutrition segment, aquaculture feed is expected to account for the majority share of the insect protein market.

According to estimates by the Food and Agriculture Organization of the United Nations (FAO), by 2050 the demand for aquaculture will increase by 90% and its production will increase from 59.9 million (MT) in 2010 to 113.7 million (MT) in 2050, which is expected to drive the growth of the market.

The Asia-Pacific region is expected to witness a growth of 33.21% over the forecast period in the insect protein market.

The Asia-Pacific insect protein market is growing at a CAGR of 33.21%. The Asia-Pacific region is expected to position itself as one of the major consumers and producers of insect protein. The lucrative opportunity offered by the region has encouraged multinational companies to start their operations in the region.

The hot and humid climate for most months of the year is one of the most promising conditions for good insect growth in this region. Emphasis is placed on corporate mergers, expansion, acquisition, partnership and new product development as strategic approaches taken by leading companies to build their brand presence among consumers.

Market dynamics

Drivers

  • Increase investment in R&D and start-ups

  • Increase in demand for alternative proteins

  • Food security and sustainability

Constraints

  • Consumers’ lack of acceptance of insect-based proteins

  • High cost

  • Microbial risk and allergic reactions

Opportunities

  • Defined regulations and government support

  • Collaborations of insect protein product manufacturers with retailers

  • Opportunities for food equipment manufacturers in insect farming

Challenges

  • Negative effect of the vegan trend on the insect protein market

Companies cited

  • Aspire Food Group

  • All Things Bugs, LLC.

  • Beta bugs

  • Beta outbreak

  • Bioflytech

  • Chapul, LLC

  • Enviroflight

  • Entomo Farms

  • Global Bugs

  • Goterra

  • hexafly

  • Hipromine SA

  • Innovafeed

  • Jr Unique Foods

  • Nextprotein

  • Nutrition technologies

  • Protix

  • Protenga

  • Tebrio

  • Yinsect

For more information about this report visit https://www.researchandmarkets.com/r/paz685