From 2023 to 2033, the insect protein market is projected to accelerate at a CAGR of 17.7% from its 2023 value of US$ 602.3 million. By 2033, there is going to be US$ 3.1 billion global market.

Demand for insect protein is expected to increase over the course of the estimated period due to growing customer preference for a healthy lifestyle and expanding consumer awareness of the advantages of consuming nutrient-dense foods.

Thriving Applications and High Protein Content in Insects Insect Protein Need is Increasing

Nutritious food products are in more demand as a result of customers' increased concerns about their health worldwide. Consequently, manufacturers in numerous other sectors now have the opportunity to sell these food items.

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Today’s consumers value natural products and are concerned about the ingredients in their food as well as how it is made and where it originates from. Increasing spending on functional food items, an increase in the number of athletes and gym goers, and consumers looking for wholesome and environmentally friendly food options are some of the primary drivers anticipated to spur the insect protein market’s growth throughout the course of the projected year.

High Costs Limit Market Expansion

Because of its practical, eco-friendly, and dietary advantages, insect protein is one of the most inventive and distinctive proteins for animal feed. The primary barriers impeding the growth of the insect protein industry include exorbitant expenses, regulatory constraints, and restricted production capabilities.

The equipment and processes needed to generate insect-based proteins need to be upgraded for mass production because they are currently expensive. Even though many consumers are priced out of this market, few are willing to pay higher rates for the health and environmental benefits of protein derived from insects.

Regional Outlook

A growing demand for human consumption products could lead to rapid growth in Europe.

The European continent provided the majority of the income. In the European insect protein market, consumer acceptance of insect protein is higher for applications in the food and beverage industry, animal nutrition, and personal care.

The recent licencing of insect protein for feed, particularly that for pigs and poultry, is expected to enhance demand in the European market. Because industrialised countries like France, Germany, and the United Kingdom have a strong demand for insect protein, it is projected that the market would expand significantly throughout the projection period.

The majority of the revenue came from North America. Because consumers are becoming more aware of the use of insect-based products and have a larger need for nutrient-dense food products, the market is expected to be significant.

The market for insect protein is expected to expand over the course of the anticipated period due to Mexico and Canada’s significant growth potential for new businesses and product launches.

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Key Takeaways

• With a CAGR of 20.6% and an expected market size of US$ 1.1 billion in 2033, the insect protein market in the United States is expected to grow rapidly over the projected period.
• With a strong CAGR of 11.9% and an expected market size of US$ 129 million in 2033, the Chinese market is expected to grow throughout the course of the estimated period.
• In 2033, it is expected that the Japan market would generate US$ 61.7 million and grow at a 9.5% CAGR.
• With a CAGR of 23.6% throughout the projection period, it is anticipated that the United Kingdom market would grow quickly, reaching US$ 300.8 million in 2033.
• The insect protein market in South Korea is predicted to expand at a CAGR of 9.8% over the predicted time period and could reach US$ 35.5 million in 2033.
• Powder is anticipated to expand at a CAGR of 15.4% over the anticipated time frame in the form category.
• The insect type category’s Caterpillars sector could have a CAGR of 21.8% from 2023 to 2033.

Competitive Landscape

With numerous large- and small-scale manufacturers present, the market is competitive and concentrated. The leading market participants include Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, Jimini’s, Swarm Nutrition GmbH, EnviroFlight LLC, AgriProtein Holdings Ltd. nsect, Hexafly, Innovafeed, and Protix. To meet the demand on a global scale, these major firms are concentrating on increasing their manufacturing capacity.

Recent Development

·         Partnership – To Expand Its Insect Protein Industry

Archer Daniels Midland Company and Innova Feed announced a partnership in November 2020. The partnership was formed in order to grow its insect protein business by developing a new facility in Illinois, the U.S., with a target capacity of 60,000 tonnes of insect protein annually.

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Key Segments  

Insect Type:

• Beetles
• Caterpillars
• Bees, Wasps, and Ants
• Grasshoppers, Locusts, and Crickets
• Others

Form:

• Whole Insect
• Powder

Application:

• Food & Beverages
  • Animal Nutrition
  • Aquafeed
  • Pet Food
  • Poultry Feed
• Pharmaceuticals & Cosmetics

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East & Africa (MEA)