Thanks in part to a sport nutrition Craze, the global insect protein market could reach $3.3 billion by 2027. A new report predicts 32.7% growth over the next five years.
Continue reading below
Our featured videos
You can divide the insect protein market into three broad categories: animal nutrition, pharmaceuticals and cosmetics, and food and beverages. Currently, animal nutrition ranks first, followed by medications and cosmetics, food and beverages coming third.
Due to the high nutrition found in insects, Spot and its human owner may soon be eating more of them. Maybe your dog has already tried cricket snacks or a box of wet grub food.
“Growing concerns about animals health and willingness to spend more on pet food products and medicines among pet owners is further expected to drive the insect protein market growth,” according to a release on the report offered by Research and Markets. “In the animal nutrition segment, aquaculture feeds are expected to account for the majority share of the insect protein market.”
Humans are most likely to consume insects in cricket meal. Manufacturers use this high-protein powder in pasta, bread, cookies, chips, chocolate bars and many other places you wouldn’t expect to find bugs on purpose. Mealworms, grasshoppers, ants and black soldier flies are also safe to eat, according to the report.
The Asia-Pacific region is particularly popular in the insect market, with a growth rate of 33.21%. This region is already one of the main producers and consumers of food insects. The hot and humid climate in many parts of Asia is conducive to insect farming, attracting multinational insect companies. Some of the key players have descriptive names like Bioflytech, Beta Bugs, and All Things Bugs.
According to the report, government the support increases the insect protein market and increases investments in startups, research and development. People are looking for alternative sources of protein to promote sustainability and food security. The stumbling blocks include the reluctance of some consumers to eat insects, the high cost of developing this food source, and the risks of allergic reactions and bad germs. And, of course, vegans.
Main image via Pexels