Insect Protein Market Expected to show Enthralling Growth of 16.5% CAGR with Thailand Unique, Kreca Ento-Food, Nordic Insect Economy Ltd.,Entomo Farms Ltd. and Enviro Flight by 2023

Market Scenario:

The Global Insect Protein Market is expected to reach an approximate CAGR of 16.5% during the forecast period. The ever-rising population eventually leading to decrease in agricultural lands is likely to drive the market. According to the United Nations in 2017, the world population was 7.6 billion and is expected to reach 9.8 billion by 2050. Moreover, in 2015, the U.S. Census Bureau projected that the U.S. population would reach 417 million by 2060 that is a 38% increase as compared to 2007. The trend of protein-rich diet, the high cost of animal and plant-based proteins, and health awareness are other important factors influencing the growth of the market. For instance, house crickets contain 205 g/kg of protein on an average, whereas beef contains 256 g/kg. Similarly, mealworms contain unsaturated omega-3 and six fatty acids as much as fish and pork. With these benefits of insect proteins, the market is projected to grow rapidly.

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However, factors such as stringent environmental regulations, risks associated (allergies) with insect consumption, psychological barriers, religious and cultural believes, and ethical issues are expected to hinder the market growth during the forecast period.

Global Insect Protein Market, by Key Players

• Thailand Unique
• Kreca Ento-Food
• Nordic Insect Economy Ltd.
• Entomo Farms Ltd.
• Enviro Flight
• Proti-Farm
• Exo Inc.
• Crik Nutrition
• Deli Bugs Ltd.
• Agriprotein Technologies
• Bugsolutely
• Hopper Foods
• Hargol Food Tech
• Griopro
• Kric8

Segmentation

The global insect protein market is segmented on the basis of type, product type, application, and distribution channel. The insect protein market, by type, is segmented into crickets, mealworms, black soldier flies, grasshoppers, ants, silkworms, cicadas, and others. The product type segment is sub-segmented into whole insects, insect meals, insect powder, insect protein bars and protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, insect oil, and others. The application segment is sub-segmented into human consumption, animal nutrition, and cosmetics and pharmaceutical. On the basis of distribution channel, the market is categorized into online portals and retail stores.

On the basis of region, the global insect protein market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas is sub-segmented into North America and South America. The North American region is further segmented into the U.S. and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the U.K., Spain, and the rest of Western Europe. The Asia Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.

Regional Market Summary

The insect protein market is dominated by Asia Pacific owing to the huge increasing population.

Asia is the most populous of all the continents and has two most populous countries, China and India. According to World Population Review in 2017, China has the largest population in the world which is estimated to be 1,377,124,512, which is 31.69% of Asia's total population and 18% of the world's population. China is followed by India with an estimated population of 1,285,800,000 and accounts for 29.36% of the continent's population. With the growth in population, the need for healthy food alternatives is also growing. Moreover, insect harvesting, gathering, and processing is an important occupation in some countries of Asia. This drives the growth of the market in this region.

Europe is expected to be the second largest region in the global insect protein market. The EU regulation 2017, granted permission to use insect proteins as fish feed, thus offering a milestone for the European insect production sector. The increased production of insect feed in Europe for the aquaculture sector drives the growth of the market in Europe. The aquaculture sector has grown tremendously and is an important contributor to the region’s food production sector. According to Eurostat in 2017, aquaculture accounted for 19.7% of the total fisheries production and the amounted for EUR 4 billion. Thus, rapidly growing aquaculture sector provides favorable backgrounds for the market to grow in Europe.

The Middle East holds the least share in the global insect protein market due to the presence of stringent government policies. On the other hand, Africa holds a large share in the Middle Eastern and African region for the insect protein market, as the tradition of insect consumption is more than hundreds of years old. The rising price of beef and meat and the tropical climate for insect growth in this region also pose a huge opportunity for the market to grow in this region.

The Americas will witness growth for the insect protein market owing to growing awareness and increasing nutrition demand. The increase in the per capita meat consumption and fears of protein shortage fuel the market within the region.

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