Insect Protein Market Set to Reach USD 1,395.54 million and is expected to undergo a CAGR of 24.7% by 2029, Industry Shares, Key Players, Size and Future Growth Analysis

Insect Protein Market analysis report gives an assessment of various segments that are relied upon to witness the quickest development amid the approximated forecast frame. The Market study encompasses a Market attractiveness analysis, wherein each segment is benchmarked based on its Market size, growth rate, and general attractiveness. All the information, facts, and statistics covered in the report lead to actionable ideas, improved decision-making, and better deciding business strategies. Insect Protein Market report contains historic data, present Market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry.

An excellent Insect Protein report endows with superior Market perspective in terms of product trends, Marketing strategy, future products, new geographical Markets, future events, sales strategies, customer actions or behaviours. The report also measures Market drivers, Market restraints, challenges, opportunities and key developments in the Market. This Market report is an accurate study of the Insect Protein industry which gives estimations about new triumphs that will be made in the Insect Protein Market in 2022-2029. The large scale Insect Protein business report exhibits important product developments and tracks recent acquisitions, mergers, and research in the Insect Protein industry by the key players.

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Insect Protein Market Analysis and Size

When compared to other animals and plants, insects are a better source of protein. Insect protein production is less expensive. In the beginning, insect protein was only used in animal feed. However, as more people become aware of the high protein content of insects, it has become widely used in a variety of industries. Insect protein is now used in a variety of products, including food and beverages, medicines, nutraceuticals, cosmetics, pet food, and animal and poultry feed. The protein found in insects varies depending on the species. Protein derived from insects is the most suitable option.

Data Bridge Market Research analyses that the insect protein market was valued at USD 543.67 million in 2021 and is expected to reach the value of USD 1,395.54 million by 2029, at a CAGR of 24.7% during the forecast period. due to the high consumption of insect-derived food since ancient times, as well as the presence of a large livestock population that is fed insect protein products, the insect protein market dominates the market.

Insect Protein Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Wide availability of edible insects
Since insects are widely available, manufacturers have begun to commercialise insect farming and extract protein from them. Crickets, bamboo worm, bagworm, flies, earthworm, beetles, and ants, wasps are some of the widely available edible insects that are driving the demand for insect protein and their application in the insect protein market

Less costly processing of insects
There are standard processing procedures for livestock, but none for insects; thus, manufacturers have a huge opportunity to devise a technology or equipment that can help in the processing of the insect with standard protocol in the insect protein market.

Opportunity

The market's overall growth has been tempered by changing consumer lifestyles and preferences. Furthermore, rapid urbanisation and an increasing population are expected to accelerate the market's overall growth.

Some of the major players operating in the insect protein market are:

Aspire Food Group (US)
EntomoFarms (Canada)
Protifarm (Netherlands)
Jimini's (UK)
Chapul Cricket Protein (US)
Swarm Nutrition GmbH (Germany)
AgriProtein Holdings Ltd. (South Africa)
EnviroFlight LLC (US)
Innovafeed (France)
Ÿnsect (France)
Hexafly (Ireland)
Protix (Netherlands)

Recent Development

Nutrition Technologies raised USD 5 million in a Pre-Series B funding round in March 2021 to establish an insect protein factory in Malaysia. The existing investors, Openspace Ventures and SEEDS Capital, the investment arm of Enterprise Singapore, participated in the investment. This investment could help the company enter new Southeast Asian markets and fund R&D.

In November 2020, Portenga built smart insect farms that produce insect proteins that can be used as feed or fertiliser in agriculture. To overcome the cost and sustainability pitfalls of centralised insect-based farming systems, the smart insect farms are built in a modular and decentralised system near waste biomass sources. They are designed to take in 20-60 metric tonnes of feedstock per day.

In November 2020, AgriProtein, a subsidiary of ITG, announced the formation of "Bioko!", a joint venture with PreZero US. PreZero, a German-based company, is a global recycler that is at the forefront of developing circular economy solutions from 90 locations in nine countries. The two companies have joined forces to form an operating entity in the United States for nutrient recycling processes.

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