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DUBLIN, June 23, 2022 /PRNewswire/ -- The 'Insect Protein Market - A Global and Regional Analysis: Focus on Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2022-2027' report has been added to ResearchAndMarkets.com's offering.
The global insect protein market was estimated to be at $342.87 million in 2021, which is expected to grow with a CAGR of 26.49% and reach $1,386.55 million by 2027.
The growth in the global insect protein market is expected to be driven by increasing demand for protein-rich products, sustainable raw material, and their contribution to the circular economy.
North America generated the highest revenue of $86 million in 2021. Europe also has a significant share of revenue in the year 2021-2027. Since in the Asia-Pacific and Japan region, people have a long history of eating insects, thus the insect protein market is growing at a tremendous rate and will grow with a high CAGR 31.11% during the forecast period, 2022-2027.
Market Lifecycle Stage
The insect protein market is still in the growing phase. Increased research and development activities are underway to develop insect protein-based products, which are expected to increase due to the shift in consumer preference to plant-based meat and veganism.
Integration of different emerging technology is one of the major opportunities in the global insect market. Moreover, insect protein properties are such that they can be customized based on various applications leading to consumers adopting insect protein-based products in animal feed, human food, agriculture, cosmetics, and pharmaceutical industry.
Impact
With an increased worldwide focus on achieving net-zero emissions, the shift to eco-friendly, sustainable products brings significant sales and financing opportunities. The shift is more prominent in the food and beverages industry in regions such as North America and Europe. Thus, insect protein-based products are a great alternative to conventional plant and animal-based food products.
Impact of COVID-19
Since insect-based products are emerging in the market, the COVID-19 pandemic impact on the global insect protein market has been insignificant. Moreover, the rise in the trend of protein-rich products is expected to positively affect the growth of the market in the next upcoming years, as insect-protein-based products have more nutrition than traditional protein-rich products.
Moreover, the products contain medicinal properties such as ants and are useful in anti-microbial chemicals. Therefore, the consumption and use of other insect protein-based products are expected to increase during and post-COVID-19 pandemic.
How Can This Report Add Value?
Growth/Marketing Strategy:
The global insect protein market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and collaborations to strengthen their position in the insect protein market.
For instance, in February 2022, Innovafeed announced a collaboration with the ADM. In this collaboration, Innovafeed will offer its black soldier fly protein to ADM's pet food division to make ''high-quality, nutritious'' products that have a ''much smaller carbon footprint and land need'' than conventional animal protein.
Competitive Strategy:
Key players in the global insect protein market analyzed and profiled in the study involve insect protein product manufacturers that provide raw or processed products. Moreover, a detailed competitive benchmarking of the players operating in the global insect protein market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Recent Developments in Global Insect Protein Market
- In January 2022, after winning a national trade competition and signing a high-profile research partnership, French insect protein company Ynsect is looking to expand into the Japanese and Korean markets.
- In December 2021, Neo Bites, a sustainable pet food start-up founded to improve dog health and the pet food industry's relationship with the environment, has launched the first line of functional dog food toppers made from insect protein.
- In November 2021, Agronutris, a French insect protein producer, announced plans to invest approximately $116 million in the construction of two new factories in north-eastern France that would supply a significant portion of their output to the European pet food industry.
- In May 2018, Protix formed a joint venture with Buhler to create rearing and processing solutions for the global market. Also, to ensure the growth of the worldwide market for insect-based ingredients. 'Buhler Insect Technology Solutions' was formed by these two companies with set beliefs and goals in terms of quality and safety.
- In January 2020, Darling Ingredients announced the acquisition of Intrexon Corporation's 50% joint venture interest in EnviroFlight, LLC, making it the sole owner of the U.S. insect protein producer.
Key Market Players and Competition Synopsis
- Aspire Food Group
- Chapul, LLC
- Entomo Farms
- Enviroflight
- Global Bugs
- Goterra
- Hexafly
- Innovafeed
- Jimini's
- nextProtein
- Nutrition Technologies
- Protix
- Thailand Unique
- Ynsect (SAS)
Key Topics Covered:
1 Markets 1.1 Industry Outlook1.1.1 Market Overview1.1.2 Supply Chain Analysis1.1.3 Investment Landscape1.1.4 Patent Analysis1.1.4.1 Patent Analysis (by Status)1.1.4.2 Patent Analysis (by Patent Office)1.2 Business Dynamics1.2.1 Business Drivers1.2.1.1 Increasing Demand for Protein-Rich Products1.2.1.2 Surging Demand for Natural and Sustainable Raw Material1.2.1.3 Growing Demand for Insect Protein in the Animal Nutrition Industry1.2.2 Business Challenges1.2.2.1 Lower Acceptance of Insect Protein Due to Limited Awareness1.2.2.2 Increasing Trend of Plant-Based Products1.2.2.3 Allergies Caused by Insect Protein1.2.3 Business Strategies1.2.3.1 Product Development1.2.3.2 Business Expansion1.2.4 Corporate Strategies1.2.4.1 Mergers and Acquisitions1.2.4.2 Partnerships, Joint Ventures, Collaborations and Alliances1.2.4.3 Other Strategies Adopted by Key Market Players1.2.5 Business Opportunities1.2.5.1 Integration of Different Emerging Technology1.2.5.2 Potential Growth Opportunities in the Asia-Pacific Market1.2.6 Impact of COVID-19 on Global Insect Protein Market
2 Application 2.1 Global Insect Protein Market (by Application)2.1.1 Animal Feed2.1.1.1 Aquafeed2.1.1.2 Pet Food2.1.1.3 Poultry Feed2.1.2 Food and Beverage Industry2.1.3 Others2.2 Demand Analysis of the Global Insect Protein Market (by Application)
3 Products 3.1 Global Insect Protein Market (by Product)3.1.1 Crickets3.1.2 Black Soldier Fly3.1.3 Mealworms3.1.4 Ants3.1.5 Grasshoppers3.1.6 Others3.2 Demand Analysis of the Global Insect Protein Market (by Product)3.3 Global Insect Protein Market (by Distribution Channel)3.3.1 Online3.3.2 Offline3.4 Demand Analysis of the Global Insect Protein Market (by Distribution Channel)
4 Region
5 Markets - Competitive Benchmarking & Company Profiles 5.1 Competitive Benchmarking5.2 Market Share Analysis5.3 Company Profiles
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