Insect Protein Market: Meticulous Research® Reveals Why the Market is Expected to Reach $9.46 Billion by 2030 at a CAGR of 28.4%

In recent years, there has been a significant increase in the demand for high-quality meat products in emerging economies of Southeast Asia, the Middle East & Africa, and Latin America, mainly due to population growth and increasing urbanization in these regions. According to the FAO, the total annual meat production is projected to increase by more than 48 MT in 2027 over the previous year to reach nearly 367 MT, predominantly in developing countries accounting for 76% of the total production. Meat producers are continuously focusing on improving value with the help of quality protein-containing feed to meet the growing demand.

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According to the latest publication on the Insect Protein Market by Meticulous Research®, the insect protein market is expected to record a CAGR of 28.4% from 2022 to 2030 to reach $9.46 million by 2030.

Furthermore, the growing meat demand has resulted in the adoption of insect-derived feeds by meat producers. Hence, the high demand for insect feed by meat producers in emerging economies is expected to increase the number of investments in developing countries. Major market players are expanding in these markets due to such opportunities. For instance, InnovaFeed announced its plan to build ten production sites by 2030 due to the increasing demand for a sustainable protein source for animal diets.

By 2025, the global demand for fish and shellfish is expected to reach almost 180 million tons (Source: FAO). Dried and powdered fish feed, such as anchovy, used as a feed for aquaculture, is becoming increasingly inadequate. According to the FAO, 1.2 to 1.6 million tons of raw materials for fish feed will be required in 2025 as an alternative to fish meal. Hence, the insect farming sector has gained significant traction in developed countries.

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In 2020, InnovaFeed opened a new production unit in Nesle, France. Ÿnsect is constructing one of the world's largest vertical farms in Amiens, France. Enterra (Canada) announced its plans to expand its commercial-scale facilities by 2023, in North America, with financing from Calgary-based Avrio Capital and U.K.-based Wheat Sheaf. Thus, emerging economies are expected to offer significant business opportunities for stakeholders in the insect protein market.

Based on geography, the insect protein market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the insect protein market. The high market growth in Asia-Pacific is attributed to factors such as the well-established commercial farming market for insects, especially in Thailand, the wide availability of various insects coupled with huge production, the positive attitude towards insects as food & feed in South-East Asia, the absence of regulatory barriers to using insects as food & feed, and the presence of key market players in the region.

However, North America is slated to register the highest CAGR during the forecast period. The increasing demand for insect protein foods in this region is attributed to the growing demand for environment-friendly protein-rich food. In addition, increasing familiarity with insects as food, decreasing food neophobia, and altering attitudes towards insects, both in general and as food, are the key factors driving the growth of the insect protein market in North America.

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Based on product, in 2022, the whole insects segment is expected to account for the largest share of the insect protein market. The easy availability and the lower cost of whole insects compared to processed insects is one of the major drivers fueling its demand in the market. Furthermore, the lack of insect processing facilities in some parts of the world and the growing demand for insects in the animal feed industry drives the growth of this segment.

However, the insect powder segment is slated to register the highest CAGR during the forecast period of 2020-2030. Increasing health & wellness trends, the rising number of health clubs & fitness centers serving insect powder, the emergence of several start-ups producing insect protein bars & shakes, and busy lifestyles demanding highly nutritious & convenient foods, such as insect powder are some of the major drivers for the growth of this segment.

Based on insect type, in 2022, the crickets segment is estimated to account for the largest share of the insect protein market. The growth of the crickets segment is attributed to the higher incorporation of crickets into various food recipes and products, high nutritional value and ease of farming & processing of crickets, and the rising demand for cricket-based food products such as protein powders, protein bars, and snacks. However, the black soldier flies segment is estimated to witness rapid market growth during the forecast period of 2020-2030. The growth of this segment is attributed to the rising demand for alternative proteins from the animal feed industry due to the rising prices of fish and soy meal, the growing aquaculture industry, government approval for the use of insect meal in livestock feed, and the increasing number of investments by key players in the black soldier fly industry.

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Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the insect protein market. The growth of this segment is driven by the increasing consumption of processed insects as food, the growing demand for alternative protein due to food shortages worldwide, and the rising demand for high-quality protein and amino acid sources among end users.

Based on end use, the human consumption segment is estimated to showcase significant market growth during the forecast period of 2020-2030. The growth of this segment is attributed to the rising demand for insect-based foods from the growing global population, the high nutritional value of insects, and the growing demand for environment-friendly alternative sources of protein.

The key players operating in the insect protein market include Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), BioflyTech (Spain), TEBRIO (Spain), nextProtein (France), Hexafly (Ireland), HiProMine S.A. (Poland), and Protenga Pte. Ltd. (Singapore).

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This release was published on openPR.