The global insect protein market size is expected to reach USD 1.48 billion by 2028 according to a new study by Polaris Market Research. The report “Insect Protein Market Share, Size, Trends, Industry Analysis Report, By Product (Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, Others), By Application (Food & Beverages, Animal Nutrition, Personal Care & Cosmetics, Others), By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The ability of wealthy investors to invest in emerging insect protein producers is driving the development. According to the Food and Agriculture Organization (FAO), around 2 billion have insect protein in varied cuisines. Some of the main factors pushing the overall market growth are a shift in consumer preference for a substitute protein source, and widespread accessibility of edible insects.
Lesser ecological stress and the nutritional value of insects are also anticipated to upsurge the demand. Flexitarians, like those who eat organic or follow a paleo diet, stop eating meat and are usually more obsessed with food safety and sourcing. This shift in food attitudes is anticipated to create lucrative opportunities in the target market growth for insect protein.
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Crickets, locusts, and grasshoppers are all associates of the Orthoptera insect order. Over the forecast timeframe, it is projected to retain a sizable market share. Crickets, in general, have better nutritional content, containing approximately 65.0% protein and providing a total protein and essential amino acid profile.
Cricket-derived protein ingredients are progressively being sold as substitutes to animal-based protein. Furthermore, as opposed to animal-based protein ingredients, these protein additives require less water and emit fewer greenhouse gases during production.
Cricket-derived protein additives are commonly used in energy bars. These additives are widely used as a powder to make energy bars taste better. For example, leading market participants such as Crik Nutrition (a Canadian company) source crickets through farms that have been planned and checked to develop crickets fit for human food and enforce normal rules and procedures for the very same.
Growing popularity of insects as eatables in both feed and food applications, Europe accounted for the largest share of the market, particularly in countries like Denmark and France. Numerous studies are being conducted to determine the long-term benefits, which is anticipated to boost regional market growth for insect protein over the forecast period.
Market participants such as Aspire Food Group Protifarm, Chapul Cricket Protein, EnviroFlight LLC, Ÿnsect, AgriProtein Holdings Ltd. Hexafly, Jimini’s, and Swarm Nutrition GmbH, Innovafeed, EntomoFarms, and Protix some of the key players operating in the market for insect protein.
Polaris Market Research has segmented the insect protein market report based on product, application, and region:
Insect Protein, Product Outlook (Revenue - USD Billion, 2016 - 2028)
Insect Protein, Application (Revenue - USD Billion, 2016 - 2028)
Insect Protein, Regional Outlook (Revenue - USD Billion, 2016 - 2028)