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

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).

Over the projected period, demand for insect protein is anticipated to be driven by rising consumer awareness of the consumption of nutrient-dense foods and rising inclination for a healthy lifestyle. The increased demand for wholesome food products due to rising health consciousness among customers worldwide has given manufacturers in a variety of industries the chance to sell such foods. Given the rising need for food goods that comes along with an expanding global population, insect protein has great potential to help end world hunger. There are numerous uses for insect protein, including the manufacturing of animal feed, foods and beverages, cosmetics, and personal care items.

In western nations, insects are also being investigated as a potential source of human food and animal feed due to the mounting concerns to the world's food crisis. Due to the high consumer awareness level and the existence of consumers who are concerned about their health, the U.S. accounted for the greatest revenue share in the North American market in 2019.

In addition, more than 50% of Americans have one or more chronic diseases that can be prevented, many of which are brought on by unhealthy eating habits and inactivity. Because of this, there is a rising national need for wholesome food products.

Additionally, customers today place a premium on natural products and pay attention to the food's ingredients as well as how and where it is produced. The market is anticipated to rise over the forecast period for a variety of factors, including rising spending on functional food products, an increase in sports and gym aficionados, and consumers seeking out healthy and sustainable food options.

The market is anticipated to increase as a result of numerous nations approving the ingestion of insects. In the personal care and cosmetics sector, insect protein is a popular source of fat substitute for skincare products.

US Insect Protein Market  is poised to grow at a sustainable CAGR for the next forecast year.