Insect Protein Market size is expected to reach USD 1.74 billion by 2028

 Insect Protein Industry Overview

The global insect protein market size was valued at USD 249.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2021 to 2028. The growing consumer awareness regarding the consumption of nutritional food products and increasing preference for a healthy lifestyle are expected to drive the demand for insect protein over the forecast period. The growing health consciousness among consumers across the globe has increased the demand for healthy and nutritious food products, thus providing opportunities for manufacturers in various industries to offer such food products.

 

Insect protein holds high potential in combating world hunger as the demand for food products increases along with the growing population. Insect protein has a wide range of applications including animal feed production, food and beverage products, cosmetics, and personal care products. In addition, with the growing threats to global food scarcity, insects are being considered as a new source of human food and animal feed in western countries.

 

Gather more insights about the market drivers, restrains and growth of the Global Insect Protein Market

 

The U.S. accounted for the largest revenue share in the North American market in 2020 owing to the high awareness level among consumers and the presence of health-conscious consumers. Moreover, in the U.S., more than half of the population suffers from one or more preventable chronic diseases, many of which are derived from poor quality eating patterns and physical inactivity. This is increasing the demand for healthy and nutritious food products across the country.

 

In addition, consumers nowadays focus on the food ingredients and how their food is produced and sourced from and are willing to pay a premium price for natural products. Increasing spending on functional food products, a growing number of sports and gym enthusiasts, and consumers looking for healthy and sustainable food options are some of the key reasons expected to augment the market growth over the forecast period.

 

The outbreak pandemic disrupted the supply chain in different regions including North America and European countries such as the U.S., the U.K., France, and Germany are the leading markets for insect protein products. Insect protein saw a slow growth during the pandemic and is expected to recover post-pandemic due to the growing awareness and health consciousness among consumers.

 

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports

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Insect Protein Market Segmentation

Grand View Research has segmented the global insect protein market on the basis of source, application, and region:

Insect Protein Source Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • Coleoptera
  • Lepidoptera
  • Hymenoptera
  • Orthoptera
  • Hemiptera
  • Diptera
  • Others

Insect Protein Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • Food & Beverages
  • Animal Nutrition
  • Pharmaceutical & Supplements
  • Personal Care & Cosmetics

Insect Protein Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Market Share Insights

  • November 2020: Innova Feed announced a collaboration with Archer Daniels Midland Company, one of the key players in agribusiness.

 

Key Companies Profile

Some prominent players in the global insect protein market include:

  • InnovaFeed
  • EnviroFlight
  • Ynsect
  • Hexafly
  • Protix
  • Aspire Food Group
  • Chapul
  • Nutrition Technologies
  • Entomo Farms

 

Order a free sample PDF of Insect Protein Market Intelligence Study, published by Grand View Research.

 

 

 

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