Insect Protein Market Overview
The term Insect Protein is defined as protein that is obtained from insects. Insects such as crickets, beetles, and other edible insects offer high quality protein. These insects are considered as rich sources for conventional production of proteins with high food conversion rates. The global Insect Protein market is estimated to surpass $213.12m by 2023, growing at an estimated CAGR of 27.79% from 2018 to 2023. The market is majorly driven by the growing human population, demand for nutrient rich food, and nutrient rich feed ingredients for use in animal feed. The Asia-Pacific region evolved as the largest market for insect protein owing to the growing consumer awareness about the various health benefits of insect protein and the major shift in the consumption pattern towards protein rich diet. The Insect Protein market in Asia-Pacific was valued at $28.5m in 2017 and is estimated to reach $151.5m by 2023, growing at a CAGR of 28.7% during the forecast period.
Insect Protein Market Outlook
Insect protein can be directly consumed by humans or used as ingredients to increase the nutritional value of animal feed. The presence of various essential minerals, amino acids, and vitamins in these insects is the main reason that is boosting the growth of the insect protein market. The breeding of these insects is also less expensive and more advantageous when compared to cattle and sheep breeding as insects consume less feed and emit less greenhouse gases and ammonia. This report segments the market on the basis of insect type, product types, and various end users. The major product of insect protein is cricket flour, which has major health benefits and is used in various applications. The protein content in a single dry cricket flour ranges between 65% and 70%. Cricket flour is packed with various vitamins and minerals, such as iron, which helps in carrying oxygen throughout the body.
Insect Protein Market Growth Drivers
The growing awareness among people about the use of harmful chemicals in agriculture has led to an increase in the adoption of organic food ingredients. Since insect protein ingredients are produced from larvae grown in organic farms, they are organic in nature and this results in a gradual increase in demand for the same ingredient as human food and animal feed. The increasing focus on raising healthy livestock and developing nutrient-rich human food ingredients has led to a significant increase in R&D activities, which would significantly open up new opportunities for the insect protein market as well.
Insect Protein Market Challenges
The increasing health problems caused by different allergens in food and feed ingredients lead to a significant increase in regulations. In addition, industrial safety and quality regulations on the manufacturing process, product constitution, and product packaging of insect proteins impose serious challenges to the production process thereby hindering the market growth.
Low product awareness of insect protein ingredients for human food and animal feed coupled with the availability of other cost effective alternatives is also a major constraint to the market growth. In underdeveloped and developing economies, insect protein products are not that common due to limited distribution channels of suppliers, availability of low-cost conventional products, and presence of a large number of suppliers offering conventional animal feed ingredients.
Insect Protein Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the insect protein market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types, product type and their specific end users.
Insect Protein Market Report: Industry Coverage
Insect Types: Beetles, Caterpillars, Hymenoptera, and Orthopetra
Product Types: Whole Insects, Flour, Oil, and Others
End User Industries: Food and Beverage, Pharmaceutical, Animal Feed, Cosmetics, Biodiesel, and Others
The Insect Protein Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- The Middle East and Africa: Israel, South Africa, Saudi Arabia
Insect Protein Market Key Players Perspective
Some of the key players mentioned in this report are Next Protein Inc, EnviroFight LLc, Thailand Unique, and Entomo Firms.
Insect Protein Market Trends
- Developing a sustainable aquaculture is increasingly becoming critical for the provision of affordable sources of protein to consumers. The World Bank estimates that by 2030 nearly two thirds of the sea food will be farm raised, which would provide huge opportunities for the Insect for Feed (IFF) market and make aquaculture a target market for various IFF companies.
- Fast food giant McDonald’s is studying the use of insects for chicken feed to reduce the reliance on soy protein.