Insect Protein Market Overview:
The insect protein market has been growing at an increasing rate over the decades. Insect protein powder is acquired from a higher protein source. Thus, insects will be processed so that protein elements are intact. The by-product from the process will be utilised for human and animal nutritional requirements. Insect protein is being considered very apt and appropriate. Hence there is a sharp rise in insect protection market growth.
The market growth will rise by 2023, especially within the feed industry. People are shifting to alternative protein sources, considered the best sources. The market drivers will also include a continuous rise in soymeal and fishmeal, forcing major key players to adopt the processes to produce insect protein instead of animal and plant based.
The increasing requirements for aquaculture and poultry also provide impetus to shift towards insect-based protein. The Insect Protein Market Share has expected to value worth 432 million by the year 2027. It will reach an approximate CAGR of 21.56%. However, the impact of the pandemic has severely impacted the insect protein market. This has fuelled the demand for meat industries and alternative substitutes like plant-based products.
Market Segmentation:
This is an animal form of securing proteins. The insect protein market segment will be form, end-use and application. The form segment would include many sources like crickets, ants, grasshoppers, bees, termites, black soldier flies, silkworms, houseflies and others.
By end-use, the insect protein market is subdivided into various industries like human nutrition, food and beverage, pharmaceuticals, cosmetics and animal nutrition. In application, the most dominant segment is animal feed, as human consumption is relatively low owing to high prices, shifting demand to vegan-based products.
Insect protein market will rise in animal seed factor as an additive in liquid or powder is used for feeding animals. These proteins are mixed with the feed, which improves weight rate and prevents disease and vitamin deficiency.
Regional Classification:
Insect Protein Market is regionally segmented into North America, Europe, Asia- Pacific and others. Over the past few years, the European country has grown vividly. It is estimated that the Insect Protein Market growth in this region acquired a CAGR of 21.10%. North America is considered the second-largest growth market. By 2023, the Insect Protein Market growth will be worth 73 000 million. After, North America and the Asia Pacific will contribute to the market growth with an expected CAGR of 13.43%.
From all the regions, protein diets in Europe have become popular. Hence, the European Food Safety Authority has allowed selling of mealworms, locusts, cricket and grasshopper. It is expected that Europe will be the highest growth region of all.
Top Companies:
The market players for the insect protein industry, are:
- NextProtein
- EnviroFlight LCC
- Thailand Unique
- Proti-Farm Holding NV
- Chapul LLC
- Cricket Flours LLC
- Crik Nutrition
- Seek Food LLC
- Entomo Farms
- Haocheng Mealworms Inc.
Industry News:
Thai Union Groups, in the year 2020, announced its investment of USD 30 million in the growth and development of alternative proteins. COVID has provided positive implications for Insect Protein Market Trends.
Another critical player named Innova feed announced its collaboration with an agribusiness leader, Archer Daniel Midland Company. The partnership will be done to elaborate the business through the construction of new sites in Illinois.
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