Insect Protein Market Dynamics & Global Forecast by 2027

Insect Protein Market was expected to generate a revenue of US$ 0.8 billion in 2022 and is projected to reach US$ 3.3 billion by 2027 at a CAGR of 33.4% from 2022 to 2027. North America is expected to dominate the market by 2027. The growing population and the pressure caused by it on food and feed demand has been a global concern since a decade. As the world population proliferates, the demand for food as well as feed will increase, thereby necessitating an increase in food production by 70%.

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Insect Protein Market Dynamics:

Increasing Investments in R&D and Start-ups

Various companies in the insect protein market are undertaking strategies to expand their business and gain the market share. Some of the key strategies adopted by the industry participants are new product launches, partnerships, and acquisitions. For instance, in March 2022, Global Bugs entered in partnership with Smart Vet Group to focus on formulating and production of pet food and supplemental products for pets that contain whole roasted crickets and cricket powder. In November 2021, Ÿnsect, an insect protein company launched the Bernie's, an ultra-premium and luxury brand for dog feed in US market in collaboration with Pure Simple True LLC.

Microbial Risk and Allergic Reactions

Consumption of insect protein is highly prone to various allergic risks both for human and animal consumption. Use of insect protein is still in the early phase of research for use in various applications and thus have high risk of various unknown allergic and associated diseases, that cannot be treated on an immediate basis. Risks associated with eating insects could be caused by probable chemical (e.g., heavy metal accumulation) and microbiological contaminations. Additionally, several insects have been known to trigger allergic reactions by eating, inhalation, direct contact, stings, and bites. Cross-reactivity with other taxonomically related food allergens, such as crustaceans, as well as inhalant allergens, such as home dust mites, can contribute to the adverse reactions recorded after ingesting insects.

Adverse Effect of Vegan Trend on Insect Protein Market

Excessive consumption of animal-based protein has been proven to result in various diet-related diseases such as obesity, type-2 diabetes, heart diseases, and certain cancers. Whereas, on the other hand, the consumption of vegan products is observed not to accentuate such diseases; moreover, they help in building better immunity. Vegan products are replacing conventional processed meat products such as burgers, sausages, and nuggets. This is because vegetarian food contains lower levels of saturated fat, cholesterol, and calories than animal-based meat. It often contains higher levels of micronutrients such as zinc, iron, and calcium. Considering this rapid growth of the vegan population, various meat product manufacturers are shifting toward producing plant-based meat and soy-based products, which is anticipated to hamper the growth of the market.

Defined Regulations and Government Support

Consumption and acceptance of insect protein products is highly associated to the key sensory factors such as texture, taste, and appearance. Various regulatory bodies are conducting studies and research to help provide consumers with appropriate guidelines regarding the use of insect protein and its benefits. For instance, in 2021, European Commission recognized the key role of insect farming in its Farm to Fork strategy for sustainable food. in July 2021 European Union also approved and introduced the first novel insect protein, a yellow mealworm, in the European market. These regulatory acceptance and approvals are projected to provide lucrative growth opportunities to the participants in the market.

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The key players in insect protein market include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada), and Ynsect (France) among others.

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