Insect Protein Market Analysis, Segments, Size, Share, Industry Growth by 2027

The global insect protein market will grow to USD 3.3 billion by 2027, growing at a CAGR of 33.4% during the forecast period. The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of insect protein market.

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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.

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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.

The offline distribution channel is most widely used and held the largest market share in 2021, primarily owing to its of ease of accessibility and convenience.

Offline distribution includes supermarkets, hypermarkets, convenience stores, and specialist retailers. Few consumers prefer online platform because of ease of accessibility and convenience. The dominance of offline distribution channel is primarily driven by the demand from developing countries. These countries are the large consumers of insect protein and do not have well established online distribution channel.

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The food & beverage segment is the fastest growing among the various application of insect protein during the forecast period

The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.

Asia Pacific region is witnessing the highest growth rate in the insect protein market

Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan. The food consumption per capita is projected to increase in Australia, as the population is projected to reach 35.9 million by 2050, according to a report published by Australian Government.

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

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