COVID-19 Impact Insect Protein Market & Share: Industry Analysis Forecast (2021-2028)
The global insect protein market is estimated to increase at a CAGR of 21.56% to reach USD 432 Mn till 2027. Insect protein is the powder derived from dried insects after removing the oil from them. Insects are supposed to be the highest source of protein and insects are processed to derived protein powder. This by product is used for human and animal nutrition. Without an argument, we can say that it is a perfect alternative source of protein and there is a sharp rise in demand over the years, mainly in the feed industry.
The global insect protein market size is expected to gain a notable growth during the period of 2023. Insect protein is a suitable alternative to plenty of animal and plant-based protein sources; the protein content in insects is higher and can be made at a low cost. The constant rise in the prices of soymeal and fishmeal are forcing feed manufacturers to shift their choices toward the production of insect protein to meet the rising need for aquaculture and poultry feed.
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Along with the increasing demand for insect protein in several applications, the demand for its by-products is increasing. Insect growers are feeding organic feed to insects to obtain organic product and by-products, such as insect protein and organic insect waste & oil, respectively. These organic end and by-products are used to cater to the rising demand for organic products in various application industries, including food & beverages, agriculture, feed, personal care, nutraceuticals, and pharmaceuticals. Thus, the growing demand for insect protein, insect waste, and insect-based oil is anticipated to render lucrative opportunities to the market players during the forecast period.
Global insect protein market share has been segmented based on insect type, application, and region. Based on insect type, the market has been divided into crickets, mealworms, grasshoppers, ants, bees, termites, black soldier fly, silkworm, houseflies, cicadas, and others. The cricket’s protein segment is expected to be larger during the forecast period. Crickets are rich in protein content, thus making it the most popular source of protein. Along with proteins, crickets are also a good source of chitin and other fibers that may influence gut health. However, the demand for mealworms protein is growing as they can be reared in both the temperate and tropical regions. The mealworms protein segment is growing at a higher CAGR of 24.00% during the forecast period.
Based on application, the global insect protein market is segmented into human nutrition and animal nutrition. The human nutrition segment is further divided into food & beverages, pharmaceuticals, nutraceuticals, cosmetics, and others. Among both, the human nutrition segment is dominating the global Insect Protein Market Share. The food & beverages segment under the human nutrition segment account for the largest market share owing to demand high protein foods and increasing health consciousness has resulted in increased demand for the insect protein. The protein has found its application in convenience foods such as snacks, bars, and an ingredient in various cuisines. During the forecast period, food & beverage segment is estimated to grow at a significant CAGR as to reach USD 59,748.7 thousand by the end of 2023. Nutraceuticals is the second major segment. However, animal nutrition is another major application for insect protein. The high nutritional properties of insects, especially protein content, have resulted in high demand for the insect proteins in the animal feed. The trend has increased in the last few years. The high focus on precision nutrition and increased need for high growth and performance among the animals have resulted in increased demand for insect proteins in the feed.
Geographically, the global insect protein market share has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis, Europe dominated the market, and accounted for the largest share of the market in 2016 and expected to grow at a CAGR of 21.10%. Europe market is followed by North America, which is accounted for the second largest number of shares in the global insect protein market, as of 2016. North America market is estimated to reach USD 73,297.9 thousand by the end of 2023. Asia-Pacific is a substantial region in the market, which accounts for 13.43% share of the market as of 2016. Country wise, Germany is the leading market, in terms of value, followed by the US.
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