From 2023 to 2033, the insect protein market is projected to accelerate at a CAGR of 17.7% from its 2023 value of US$ 602.3 million. By 2033, there is going to be US$ 3.1 billion global market.
Over the projected period, the demand for insect protein is anticipated to increase due to rising consumer awareness of the consumption of nutrient-dense food products and rising customer preference for a healthy lifestyle.
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Thriving Applications and High Protein Content in Insects Insect Protein Need is Increasing
The demand for wholesome food products has grown as a result of rising health consciousness among customers throughout the world. As a result, manufacturers in a variety of industries now have the opportunity to sell such food items.
Consumers today place a premium on natural products and pay attention to the components in their food as well as how it is produced and where it comes from. Some of the main factors anticipated to boost insect protein market expansion throughout the projected period include rising expenditure on functional food products, an increase in the number of sports and gym enthusiasts, and consumers searching for healthy and sustainable food options.
High Costs Limit Market Expansion
Due to its functional, environmental, and nutritional advantages, insect protein is one of the distinctive and innovative animal feed proteins. High costs, regulations, and constrained production capacity continue to be the key barriers to progress of the insect protein market.
The equipment and processes needed to create insect-based proteins need to be optimised for large-scale manufacturing because they are currently expensive. Although many consumers are priced out of this market, few consumers are willing to pay higher rates for the health and environmental advantages of protein derived from insects.
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Regional Outlook
Developing Product Demand for Human Consumption May Cause Europe to Exhibit a Strong Growth.
The lion’s share of the revenue came from the European continent. For uses in the food and beverage sector, animal nutrition, and personal care, insect protein is more widely accepted by consumers in the European insect protein market.
Demand is anticipated to increase in the European market as a result of the recent approval of insect protein for feed, especially that for pigs and poultry. The market is anticipated to grow significantly over the forecast period due to the high demand for insect protein from industrialised nations like France, Germany, and the United Kingdom.
The revenue was largely from North America. The market is projected to be a significant market because consumers are becoming more conscious of the use of insect-based products and have a greater need for food products that are nutrient-dense.
Due to Mexico and Canada’s substantial growth potential for new companies and product launches, the insect protein market is likely to grow throughout the projected period.
Key Takeaways
- With a CAGR of 20.6% and an expected market size of US$ 1.1 billion in 2033, the insect protein market in the United States is expected to grow rapidly over the projected period.
- With a strong CAGR of 11.9% and an expected market size of US$ 129 million in 2033, the Chinese market is expected to grow throughout the course of the estimated period.
- In 2033, it is expected that the Japan market would generate US$ 61.7 million and grow at a 9.5% CAGR.
- With a CAGR of 23.6% throughout the projection period, it is anticipated that the United Kingdom market would grow quickly, reaching US$ 300.8 million in 2033.
- The insect protein market in South Korea is predicted to expand at a CAGR of 9.8% over the predicted time period and could reach US$ 35.5 million in 2033.
- Powder is anticipated to expand at a CAGR of 15.4% over the anticipated time frame in the form category.
- The insect type category’s Caterpillars sector could have a CAGR of 21.8% from 2023 to 2033.
Competitive Landscape
With numerous large- and small-scale manufacturers present, the market is competitive and concentrated. The leading market participants include Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, Jimini’s, Swarm Nutrition GmbH, EnviroFlight LLC, AgriProtein Holdings Ltd. nsect, Hexafly, Innovafeed, and Protix. To meet the demand on a global scale, these major firms are concentrating on increasing their manufacturing capacity.
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Recent Development
· Partnership – To Expand Its Insect Protein Industry
Archer Daniels Midland Company and Innova Feed announced a partnership in November 2020. The partnership was formed in order to grow its insect protein business by developing a new facility in Illinois, the U.S., with a target capacity of 60,000 tonnes of insect protein annually.
Key Segments
Insect Type:
- Beetles
- Caterpillars
- Bees, Wasps, and Ants
- Grasshoppers, Locusts, and Crickets
- Others
Form:
- Whole Insect
- Powder
Application:
- Food & Beverages
- Animal Nutrition
- Aquafeed
- Pet Food
- Poultry Feed
- Pharmaceuticals & Cosmetics
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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