Pune, India/press release/-Market Synopsis
The global insect protein market is presumed to expand at 16.5 % CAGR during the forecast period (2018-2023) owing to the increasing trend of a protein-rich diet, asserts Market Research Future (MRFR). Insect protein refers to the protein extracted from edible insects which are rich in vitamins, high-quality protein, and amino acids for human consumption. Insects possess high food conversion rate. For instance, crickets produce the exact amount of protein as cattle, sheep, and chicken but require six times less feed than broiler chickens and pigs.
Drivers and Constraints Impacting the Market
With the ever-increasing population resulting in decreasing in the agricultural lands, the global insect protein market is likely to expand over the review period. Additionally, the rising trend of a protein-rich diet, growing health awareness, high-cost of plant-based and animal-based proteins are some of the factors propelling the market over the years. For instance, house crickets contain 205g/kg of protein whereas beef comprises 250g/kg. With such benefits of insect proteins, the market is estimated to boom. Moreover, rise in consumption of insects owing to growing health issues and avoiding unhealthy diet can also favor the market demand.
On the flip side, strict environmental mandates, psychological barriers, risk related to consumption of insect, ethical issues along with cultural and religious beliefs are presumed to inhibit the global insect protein market over the review period.
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Global Insect Protein Market: Segmental Analysis
The global insect protein market has been segmented on the basis of application, type, product type, distribution channel, and region.
By mode of type, the global market has been segmented into cicadas, black soldier flies, grasshoppers, ants, crickets, silkworms, mealworms, and others.
By mode of product type, the global market has been segmented into insect confectioneries, whole insects, insect oil, insect protein shakes and protein bars, insect beverages, insect powder, insect baked products and snacks, insect meals, and others.
By mode of application, the global market has been segmented into cosmetics and pharmaceutical, human consumption, and animal nutrition.
By mode of distribution channel, the global market has been segmented into retail stores and online portals.
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Geographically, the insect protein market spans across regions namely, Europe, America, the Middle East and Africa, and Asia Pacific.
Among all the regions, Asia Pacific region is presumed to dominate the market owing to the increasing population. With the increasing population, the need for healthy food alternatives is also increasing. Additionally, insect harvesting, gathering, and processing are one of the most important occupations in some of the Asian countries which eventually drives the market growth in this region.
The European region is presumed to be the second largest region owing to the increased production of insect feed for the aquaculture sector. The aquaculture sector has shown a tremendous growth rate and is considered to be a crucial contributor to the region’s food production sector.
The American region is estimated to witness significant growth due to increasing nutrition demand and increasing health awareness. Moreover, the fear of protein shortage along with rise in per capita meat consumption is presumed to bolster the market growth in this region over the review period.
Meanwhile, the Middle East is predicted to hold the least market share owing to the presence of strict government mandates. Africa on the other hand holds a larger market share since the prevailing tradition of insect consumption more than hundred years.
According to Tarique Arsiwalla, the chief commercial officer at insect producer Protix in the Netherlands, the approval of using insect protein for poultry feed can be expected in the not so distant future. The feeding of insect meal to the farm animals is presently not allowed in the European Union while it is only allowed for pet food and farmed fish. Live insects along with insect oil are allowed to be fed to farm animals. For instance, insect oil is already processed in the piglet feed.
The major players operating the global market are Kreca Ento-Food, Nordic Insect Economy Ltd., Kreca Ento-Food, Bugsolutely, Proti-Farm, Exo Inc., Hopper Foods, Deli Bugs Ltd., Agriprotein Technologies, Hargol Food Tech, Thailand Unique, Griopro, Crik Nutrition, Kric8, Entomo Farms Ltd., Enviro Flight, and others.
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