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 course of the projected period, it is expected that consumer desire for a healthy lifestyle and increased consumer awareness of the benefits of consuming nutrient-dense foods will lead to an increase in demand for insect protein.
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.
Consumers of today enjoy natural products and are concerned about the components, production processes, and geographic origins of the food they eat. Over the course of the forecast year, a number of significant reasons are expected to fuel the expansion of the insect protein market, including consumers’ desire for healthy and eco-friendly food options, increased spending on functional food items, and an increase in the number of athletes and gym-goers.
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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:
- Rapid Market Growth: The insect protein market is poised to witness a remarkable CAGR of 17.7%, projecting a surge from $602.3 million in 2023 to a substantial $3.1 billion by 2033.
- Driving Factors: Increasing consumer inclination towards a healthy lifestyle and growing awareness about the nutritional benefits of insect protein are expected to fuel market expansion.
- Nutrient-Dense Trend: Rising health concerns globally drive the demand for nutrient-dense foods, opening avenues for insect protein in various sectors beyond traditional applications.
- Market Challenges: Despite its nutritional value, high production costs, stringent regulations, and limited production capacity remain key challenges hindering the insect protein market’s growth.
- Regional Dynamics:
- Europe Leads: Europe dominates the market revenue, with a significant demand for insect protein in food and beverage, animal nutrition, and personal care applications.
- North America Influence: North America, experiencing heightened awareness and demand for nutrient-dense foods, contributes substantially to market revenue.
- Growth Potential in Asia: The insect protein market is expected to witness significant growth in Asia, especially in Mexico and Canada, driven by new business opportunities and product launches.
- Regional Market Insights:
- United States: Anticipated to exhibit rapid growth with a CAGR of 20.6%, reaching an estimated market size of $1.1 billion in 2033.
- China: Expected to grow steadily with a CAGR of 11.9%, reaching a market size of $129 million in 2033.
- Japan: Predicted to generate $61.7 million in 2033, growing at a CAGR of 9.5%.
- United Kingdom: Anticipated to witness quick growth, reaching $300.8 million in 2033 with a CAGR of 23.6%.
- South Korea: Projected to expand at a CAGR of 9.8%, reaching $35.5 million in 2033.
- Form and Application Trends:
- Form Categories: Powdered insect protein is expected to grow at a CAGR of 15.4% during the forecast period.
- Insect Types: Caterpillars are anticipated to have a CAGR of 21.8% from 2023 to 2033.
- Competitive Landscape: The market is competitive and concentrated, with key players including Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, and others focusing on increasing manufacturing capacity to meet global demand.
- Recent Developments: In November 2020, Archer Daniels Midland Company and Innova Feed announced a partnership to expand the insect protein industry by developing a new facility in Illinois, U.S., with a target capacity of 60,000 tonnes annually.
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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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