Global Insect Protein Market

Insect Protein Market Size, Share, Growth Analysis, By Product Type (Orthoptera, Hemiptera), By Product Form (Insect Powder, insect Oil), By Application (Animal Feed, Food and beverages), By Distribution Channel (Offline, Online), and By Region - Industry Forecast 2024-2031

Report ID: SQSG30I2040 | Region: Global | Published Date: November, 2024
Pages: 242 | Tables: 69 | Figures: 75

Insect Protein Market Regional Insights

North America is expected to register largest insect protein market share, followed by Europe, Asia Pacific, and the Rest of the World. The existence of important insect protein manufacturing companies in developed regions such as North America and Europe leads to the high market share of these regions. Many start-ups have emerged in the region, offering edible insects as well as insect protein-based products for food and feed uses. Some of the top firms offering insect protein-based products include Enterra Feed Corporation (Canada), Entomo Farms (Canada), EnviroFlight LLC (US), and Aspire Food Group (US). Because of rising public awareness, the market for insect protein-based food products is expected to develop the fastest during the forecast period.

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Global Insect Protein Market size was valued at USD 0.53 billion in 2022 and is poised to grow from USD 0.64 billion in 2023 to USD 2.32 billion by 2031, growing at a CAGR of 17.4% during the forecast period (2024-2031).

The insect protein market is highly competitive, with small and medium-sized competitors focusing on innovation, increasing manufacturing capacity, and product research and development. For example, Innova Feed announced a relationship with Archer Daniels Midland Company, a major agricultural operator, in November 2020. The alliance was formed in order to develop its insect protein business by building a new facility in Illinois, the United States, with a target capacity of 60,000 tons of insect protein per year. 'Innovafeed (France)', 'Hexafly (Ireland)', 'Protix B.V. (Netherlands)', 'Ynsect (France)', 'Aspire Food Group (Canada)', 'Entomo Farms (Canada)', 'Nutrition Technologies (Malaysia)', 'Global Bugs Asia (Thailand)', 'Hargol FoodTech (Israel)', 'Flying Spark Ltd. (Israel)', 'Bioflytech S.L. (Spain)', 'EnviroFlight (Darling Ingredients) (USA)', 'Altimate Foods Pte. Ltd. (Singapore)', 'FarmInsect GmbH (Germany)', 'Entofood Sdn Bhd (Malaysia)', 'F4F SpA (Chile)', 'CricketOne Asia (Vietnam)', 'Chapul Cricket Protein (USA)', 'Protenga (Singapore)', 'Armstrong Crickets Georgia (USA)'

Several players in the insect protein market are developing plans to grow their operations and obtain market share. New product releases, alliances, and acquisitions are some of the primary strategies used by industry participants. For example, in March 2022, Global Bugs announced a collaboration with Smart Vet Group to focus on the development and production of pet food and supplemental products for pets using whole roasted crickets and cricket powder. In conjunction with Pure Simple True LLC, nsect, an insect protein company, released Bernie's, an ultra-premium and luxury brand for dog feed, in the US market in November 2021.

From next-generation plant-based meats to on-the-go protein snacks, the demand for alternative protein sources is increasing. As consumer demand for protein rises, the global protein market evolves and expands. Protein is everywhere for today's customers, from next-generation plant-based meats to on-the-go protein snacks to dairy protein bioactive for sports performance. Buyers' growing and intense interest in protein is creating new economic prospects centered on the functional benefits of various proteins, protein diversity in the diet, and new protein sources. Protein as a food-nutritional component is in high demand due to rising global population and wellbeing. Because of the growing need for alternative protein among food and beverage manufacturers to meet rising customer demand, the use of insect-based protein has grown in the food industry.

North America is expected to register largest insect protein market share, followed by Europe, Asia Pacific, and the Rest of the World. The existence of important insect protein manufacturing companies in developed regions such as North America and Europe leads to the high market share of these regions. Many start-ups have emerged in the region, offering edible insects as well as insect protein-based products for food and feed uses. Some of the top firms offering insect protein-based products include Enterra Feed Corporation (Canada), Entomo Farms (Canada), EnviroFlight LLC (US), and Aspire Food Group (US). Because of rising public awareness, the market for insect protein-based food products is expected to develop the fastest during the forecast period.

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Global Insect Protein Market

Report ID: SQSG30I2040

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