Global insect protein market was valued at USD 148 million in 2019 and is expected to surpass USD 1400 million by 2025, with a CAGR of 45.7% from 2019–2025.
Insect Protein Market
The global insect protein market was estimated at 148 (USD Million) in 2019 and is projected to be valued at over 1400 (USD Million) by 2025 at a CAGR of 45.7% over 2019-2025. The report offers valuation and analysis of insect protein market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, revenue estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Million).
With prominent inflation in the global population and large-scale demand for protein-based products from the end-users, the production of protein from fish, poultry, and livestock has become a daunting or formidable task. This has shifted the proclivity of the industry players towards producing insect species for protein. According to NCBI, nearly 1,900 species of insects are consumed across the globe and their demand is bulging in the emerging economies.
Market Growth Dynamics
The insect protein market is expected to gain traction over the forthcoming years due to the high feed conversion ratios, reduced GHG emissions, and high feed quality. Apart from this, few of the insect species can be nurtured on organic side streams, thereby minimizing the environmental damage and transmuting waste into high-protein feed replacing fish in the diet. Furthermore reduced disposable charges of organic side streams will boost the scope of the business over the foreseeable future.
Furthermore, the escalating need for new food solutions having high nutritive value for both indirect as well as direct intake by humans will prompt the market demand. Apart from this, insects are used for feeding farmed animals due to their high nutritive value and this will also help in charting a profitable growth curve for animal feed micronutrients sector. Apparently, the reduction in the land area usage for producing proteins through insect farming and the availability of techniques into nutritive protein products will offer new growth avenues for the market over the forthcoming years.
Additionally, insects are consumed in a diet for enhancing gut health as it consists of bioactive parts including lauric acid, chitin, and antimicrobial peptides having immune boosting features. Furthermore, thriving HI producing firms have also contributed lucratively towards the expansion of the insect protein market in the current years.
The favorable market trend is the indication of benefits accrued by the stakeholders through insect production for consumers requiring high value protein products. With insects becoming a part of the routine diet of fish and free-range poultry, it is most plausible that the insect proteins can be considered as the commercial source of animal feed over the coming years, thereby further accelerating the market growth.
Several insects have been tried for animal feed and black soldier fly has proved to be the major potential source of animal feed. Apart from this, studies have revealed that mealworms have higher nutritive value in comparison to other traditional sources of diet. All these factors will further steer up the industry growth over the forthcoming years.
North America & Europe To Make Major Contributions Towards Overall Market Share By 2025
According to NCBI, in 2019 nearly one-third of the U.S. population displayed an interest in purchasing insect-based food products. Apart from this, one out of five meat consumers have demonstrated their eagerness in acceptance of insect food in the U.S. Additionally, favorable feed legislations passed by regulatory authorities of the U.S. and Europe will further steer the growth of the market in North America and Europe.
For instance, the U.S. FDA passed a law referred to as FFDCA and as per the legislation GRAS or additive approval list was required for insects and the approval list also included HI larvae as an animal feed ingredient. Citing another such instance, the European Food Safety Authority of the EU has provided green signal towards the use of fat from insects in animal feed. All these aforementioned factors will unfurl new dimensions of growth for the insect protein industry over the forecasting years.
Key players profiled in the insect protein industry include Protifarm NV Entomo Farms, Aspire Food Group, Jimini’s, Swarm Nutrition GmbH, Chapul Cricket Protein, EnviroFlight LLC, AgriProtein Holdings Ltd., SAS Ÿnsect Company, InnovaFeed SAS, Protix, and Hexafly.
The global insect protein market is segmented as follows:
By Insect Type
Ans: The global insect protein market is anticipated to hit USD 1400 million by 2025.
Ans: The insect protein market is set to record a CAGR of over 45.7% over 2019-2025.
Ans: North America and Europe combined are likely to capture largest market share by 2025.
Ans: Growing requirement for minimizing GHG emissions and enrich the protein content in the animal feed will drive the market trends. Apart from this, insect food comprise of high nutritive value and insect farming requires less space as compared to live stock farming, thereby propelling the industry growth.