What is the current status of Insect Protein market?

Insect Protein Market: The global insect protein market is anticipated to grow at a CAGR of 45% during the forecast period, 2020–2029. The Food and Agriculture Organization, a specialized agency of the United Nations, estimates insects form a part of the traditional diet of around two billion people around the world. Insects are a rich source of protein and have higher protein content compared to most other animals and plants.

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The Major Players Covered in this Report: EntomoFarms, Aspire Food Group, Protifarm, Bühler Group, Insect Technology Group, Hermetia, Koppert Biological Systems, BioFlyTech, New generation systems, Protix, EXO, Coast Protein, & more...

Insect Protein Market Segmentation- By Insect Type- Cricket, Yellow meal worm, Black soldier fly, Beetles, Caterpillar, Others, By Product- Protein bars, Protein flour, Smoothie, others, By Application- Food products, Animal feed, Edible film industry (packaging), By Protein Extraction- Solvent-based, Aqueous-based

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Insect Protein in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Insect Protein market during the forecast period 2020-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Insect Protein and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Insect Protein. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Impact of COVID-19: As per the WHO, COVID-19 might have originated in bats, while others say the virus was transmitted to humans in Wuhan, China, at a wet market, where animals, such as bats, snakes, rabbits, and birds, are illegally sold. Thus, the fear of COVID-19 transmission from animals and the use of animal-based products has hit the consumption of animal protein hard in recent days. Global export has reduced due to emerging threats from the COVID-19 pandemic. This trend is expected to slow down the demand for animal-based products, subsequently hindering the growth of the insect protein market.

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