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The global insect-based protein market is experiencing a significant rise due to their rising demand from various industries, such as animal feed, food & beverages, pharmaceuticals, cosmetics, and others. Edible insects, having the ability to be reared on organic waste produce very fewer greenhouse gases and hence hold potential for conventional protein production.
Key market players operating in the global insect-based protein market are focusing on the launch of novel products in the local as well as international market to maintain their prominence in the market. EnviroFlight LLC, Proti-Farm, Thailand Unique, and CRIK Nutrition are some of the key players operating in the global insect-based protein market.
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Insect-based protein is obtained by processing insects, such as caterpillars, locusts, crickets, and others, that contain a generous amount of protein and other important nutrients within them. The high food conversion rate of most of the edible insects is an important aspect of edible insects that can be taken into account to produce an abundance of insect-based protein to feed the growing world population.
With the growing world population and rapid decrease in arable land is projected to boost the demand for insect-based protein market in the forthcoming years. According to the United Nations Population Division, the global population was 7.6 billion in the year 2017 and is projected to reach 9.8 billion by the year 2050. The high cost of plant-based and animal protein is expected to fuel the demand growth of insect-based protein, as they are budget-friendly. Health benefits associated with the consumption of insect-based protein is another significant contributing factor in the growth of insect-based protein market.
Potential of some insects to cause allergy when consumed by human beings are expected to obstruct the growth of insect-based protein market. Furthermore, strict environmental regulations, coupled with psychological and ethical barriers regarding the consumption of insect-based protein can further restrain market growth.
Some of the key companies that are present in the global insect-based protein market are Thailand Unique, EnviroFlight LLC, CRIK Nutrition, Kric8, Nordic Insect Economy Ltd., Deli Bugs Limited., Proti-Farm, Hopper Foods, Kreca Ento-Food, Entomo Farms Ltd., Agriprotein Technologies, and Exo Protein are among the other insect-based protein producers.
By Insect Type
· Scale Insects
· Food & Beverages
Ø Protein Bars
Ø Bakery & Confectionery Products
Ø Energy Bars
· Animal Feed
· Pet Food
· Dietary Supplements
By Distribution Channel
· Retail Stores
· Specialty Stores
· Online Channels
· North America (U.S., Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
By insect type, the global insect-based protein market has been segmented into caterpillars, bees, ants, beetles, grasshoppers, wasps, scale insects, and others. The demand for caterpillars is projected to be high during the forecast period, as they are a rich source of protein, vitamins, and minerals. To treat iron deficiency, mopane caterpillar can be taken into account as for production of iron-rich food products. Grasshoppers are another prominent segment which is projected to rise at a rapid pace, as they are rich in protein and their cholesterol level are significantly lower as compared to pork and beef, and hence they can be utilized to produce low cholesterol healthy protein.
The demand for insect-based protein in the food & beverage industry is projected to grow at a significant pace in the forthcoming years, due to increasing consumer interest in insect-based protein and food products. The declining interest of consumers in animal-based protein due to their low sustainable nature and side-effects on health is expected to create huge growth scopes for insect-based protein market in the upcoming years.
North America, followed by Europe is projected to witness significant rise during the forecast period, owing to increased demand for protein-rich diet across the region. An increasing number of start-ups that are manufacturing insect-based food products, coupled with the increasing adoption of the products in the region is expected to further propel the growth of the insect-based protein market.
The Asia Pacific is expected to dominate the global insect-based protein market, during the forecast years, due to the rapid increase of population in prominent Asian countries, such as Japan, and India, which in turn is generating the demand for an affordable and healthy diet. Increased insect farming in China, Thailand, other Asian countries due to the abundant availability of insects such as beetles, locusts, grasshoppers, and crickets are further projected to aid market growth.
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