DUBLIN--(BUSINESS WIRE)--The "Insect Protein Market by Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), Distribution Channel and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The insect protein market is projected to reach USD 3.3 Billion by 2027 growing at a CAGR of 32.7% from 2022 to 2027. Insect proteins are now getting highly popular among the young population, especially for sports nutrition.
This is due to the rising application of cricket flour in various nutritious food products. Government support, and the presence of key manufacturers in this market, have contributed to the growth of the insect protein market.
Insect protein has high demand in the application segment.
The insect protein market has been segmented based on application food & beverages, animal nutrition, and pharmaceuticals & cosmetics. The animal nutrition segment contributed to the largest market share in 2022, followed by food & beverages and pharmaceuticals & cosmetics.
However, insect protein is majorly known for its nutritional characteristics, and hence, its application is directed toward the food and feed industries. The growing concerns about pet health and willingness to spend more on pet food products and medicines among pet owners are further projected to drive the insect protein market growth. Among the animal nutrition segment, aquafeed is anticipated to account for the majority share in the insect protein market.
According to the Food and Agriculture Organization (FAO) estimates, by 2050 the demand for aquaculture will grow by 90%, and its production will increase from 59.9 million (MT) in 2010 to 113.7 million (MT) in 2050, which is projected to boost the market growth.
Asia Pacific is projected to witness a growth of 33.21% during the forecast period in the insect protein market.
The insect protein market in the Asia Pacific is growing at a CAGR of 33.21%. The Asia Pacific region is anticipated to be positioned as one of the leading consumers and producers of insect protein. The lucrative opportunity offered by the region has encouraged multinational companies to start their operations in the region.
The hot and humid climate for most of the months of the year is one of the most promising conditions for the proper growth of insects in this region. Emphasis is given to the companies' mergers, expansion, acquisition, partnership, and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.
Market Dynamics
Drivers
- Increasing Investments in R&D and Start-Ups
- Increasing Demand for Alternate Protein
- Food Security & Sustainability
Restraints
- Consumers' Unacceptance of Insect-based Proteins
- High Cost
- Microbial Risk and Allergic Reactions
Opportunities
- Defined Regulations and Government Support
- Collaborations of Insect Protein-based Product Manufacturers with Retailers
- Opportunities for Food Equipment Manufacturers in Insect Rearing
Challenges
- Adverse Effect of Vegan Trend on Insect Protein Market
Companies Mentioned
- Aspire Food Group
- All Things Bugs, LLC.
- Beta Bugs
- Beta Hatch
- Bioflytech
- Chapul, LLC
- Enviroflight
- Entomo Farms
- Global Bugs
- Goterra
- Hexafly
- Hipromine SA
- Innovafeed
- Jr Unique Foods
- Nextprotein
- Nutrition Technologies
- Protix
- Protenga
- Tebrio
- Ynsect
For more information about this report visit https://www.researchandmarkets.com/r/paz685
