The insect protein market is set to soar with a projected 17.7% CAGR from $602.3 million in 2023 to a global market value of $3.1 billion by 2033. The anticipated surge is driven by increasing consumer awareness of nutrient-dense foods and a preference for a healthy lifestyle.
From 2023 to 2033, the insect protein market is projected to accelerate at a CAGR of 17.7% from its 2023 value of US$ 602.3 million. By 2033, there is going to be US$ 3.1 billion global market.
It is anticipated that demand for insect protein would increase over the course of the forecasted period as a result of growing consumer awareness of the advantages of consuming nutrient-dense foods and expanding customer preference for a healthy lifestyle.
Thriving Applications and High Protein Content in Insects Insect Protein Need is Increasing
There is an increased demand for nutrient-dense food items as a result of rising health concerns among consumers worldwide. As a result, producers in numerous other sectors now have access to the market for these food items.
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Consumers of today love natural products and are interested about the components, production methods, and geographic origins of the food they eat. Some of the key factors anticipated to propel the insect protein market’s growth over the course of the forecast year include consumers looking for wholesome and environmentally friendly food options, rising spending on functional food products, an increase in athletes and gym goers, and consumers.
High Costs Limit Market Expansion
Because of its usefulness, benefits to the environment, and nutritional value, insect protein is one of the distinctive and inventive animal feed proteins. High prices, regulations, and a lack of production capacity continue to be the key barriers to the growth of the insect protein business.
The equipment and processes needed to create insect-based proteins must be upgraded for mass production because they are currently expensive. Even though many consumers are priced out of this market, few consumers are willing to pay higher rates for the environmental and health benefits of protein derived from insects.
Regional Outlook
A growing demand for human consumption products could lead to rapid growth in Europe.
The European continent provided the majority of the income. In the European insect protein market, consumer acceptance of insect protein is higher for applications in the food and beverage industry, animal nutrition, and personal care.
The recent licencing of insect protein for feed, particularly that for pigs and poultry, is expected to enhance demand in the European market. Because industrialised countries like France, Germany, and the United Kingdom have a strong demand for insect protein, it is projected that the market would expand significantly throughout the projection period.
The majority of the revenue came from North America. Because consumers are becoming more aware of the use of insect-based products and have a larger need for nutrient-dense food products, the market is expected to be significant.
The market for insect protein is expected to expand over the course of the anticipated period due to Mexico and Canada’s significant growth potential for new businesses and product launches.
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.
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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.
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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