High nutritional value and production efficiency poise the global insect protein market to show astounding growth at 28% CAGR between 2019 and 2029. The market is primarily driven by factors such as cost-efficiency, eco-friendly manufacturing processes, and innovation in food and beverages made from insect protein extracts. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends.
The global insect protein market is expected to grow at an astounding CAGR of 28% from 2019 to 2029. This growth can be attributed to rapid adoption from manufacturers and consumers alike. Cost benefits, production efficiency, and nutritional value offered by insects are main drivers of growth in insect protein market.
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It includes in-depth insights into the insect protein market:
- Estimated value of the market is pegged at US$ 322 Mn by 2029. Through the course of the report’s forecast period, the market exhibits a dexterous pace of growth.
- Regionally, Europe emerged as a key market for Insect Proteins. This is attributed to increasing environmental awareness among nutrition-savvy consumers.
- Along with North America, Europe continues to lead demand generation as key markets for Insect Protein. Middle East & Africa (MEA) registers double digit growth that offers lucrative opportunities for future revenues.
- Beetles exhibit promising growth at the highest rate of more than 20% over the forecast period. Beetles contain high amounts of protein, mineral, low fat, and chitin which are driving the growth of this segment.
- Key players are likely to focus on research and development of new products and strategic supply chain partnerships to stay relevant in developed markets.
“Versatile nature of insect proteins play an important role in generating demand from animal nutrition segment. The mass-adoption is driven by surge in demand for eco-friendly alternatives for animal feed in aquatic and poultry farms. Pets play an important part as owners prefer nutritional food for their beloved pets,” said a lead analyst at FMI.
Who is Winning?
Some of the leading players operating in the insect protein market are EntomoFarms, Aspire Food Group, Chapul Cricket Protein, Swarm Nutrition, GmbH, AgriProtien Holdings Ltd., InnovaFeed SAS, Protix, SAS Ynsect, EnviroFlight LLC, and Hexafly.
As a result of increasing competition, insect protein manufacturers are focusing on expanding their product portfolio and improving production process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, strategic partnerships remain popular among market players. Companies intend to expand their regional footprint through strategic collaborations.
- UK based insect protein product manufacturers, Eat Grub partnered with SOK- Finland’s largest supermarket group. SOK will distribute insect protein based Eat Grub product across 400 of its stores globally.
- Insect-based French snack start-up, Jimini’s forged a strategic partnership with Carrefour to sell its products across 300 Carrefour stores worldwide.
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Get Valuable Insights into Insect Protein Market
Future Market Insights, in its new report, presents an unbiased analysis of the global insect protein market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. In terms of insect type ((Bees, Wasps, and Ants), (Grasshoppers, Locusts, and Crickets), (beetles), (caterpillars), and others), by form factor (whole insect and powder), by region (North America, Latin America, Europe, APEJ, Japan, and Middle East & Africa).
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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