Global Insects Protein Market to Grow at a CAGR of 23.1% during 2023-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Insects Protein Market was worth USD 201.4 million in the year 2022. It is estimated to grow at a CAGR of 23.1%, earning revenue of around USD 858.06 million by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Insects Protein Market was worth USD 201.4 million in the year 2022. It is estimated to grow at a CAGR of 23.1%, earning revenue of around USD 858.06 million by the end of 2028. The lucrative growth of the Global Insects Protein market is attributed to urbanization, the rising purchasing power of the consumer, expanding food and beverage industry, adoption of increasing consumption of Insects Protein snacks, and fast food, and protein supplements across the globe. Furthermore, Global Insects Protein is one of the most emerging markets that is growing continuously owing to its advantages such as high protein content, minerals like iron, zinc, sodium, potassium, and vitamins, less emission of gas and ammonia, and are a sustainable source for food that is good for humans and animal feed. However, to some consumers, Insects Protein is considered harmful, and allergic to consumption by humans as this is a new concept for many consumers and due to general neophobic tendencies, which is the main restraining factor of the Global Insects Protein market. Some consumers fear trying new alternatives of proteins because of a lack of awareness and their health concerns. According to Food and Research developments, Insect consumption is very healthy, nutritious, and safe for consumption by humans, as well as for animals. Many countries are already utilizing Insect Protein in the Food and Beverage industry as an alternative to animal protein and insect species are consumed in at least 113 countries. In western countries, Insects-based Protein bars, snacks, fast food, and dairy products, in general, are gaining huge popularity among consumers. Cricket Bars, Mealworms, and grasshopper meal have already carved a niche for themselves in the market due to their high protein and amino acid content. With increasing launches of different other Insect Protein Food, the Global Insects Protein market is anticipated to propel during the forecast period (2023-2028).
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Based on Distributional Channel, the Global Insects Protein Market is segmented into Online Retail, Convenience Stores, Supermarkets/Hypermarkets, and others. The Online Retail segment accounts for the largest market share as the demand for Insects Protein increased enormously by the young generation's snack consumption, rising mobile usage, and a variety of Insects Protein food products available on Online websites, thereby, accelerating the growth of the Global Insects Protein market. Based on End-User, the Insects Protein market is segmented into Food and Beverages, Animal Feed, Pharmaceuticals, Cosmetics, and Protein Supplements. The Food and Beverages segment dominates the market owing to the increasing need for protein in food and beverages, also rising consumption of animal protein like meat, eggs, and milk compels manufacturers to use insect protein as an alternative to meet the protein demand followed by new products launches such as mealworm cookies, cricket pasta, bars, mixed insect snacks, honey caterpillar croquettes, candies, and other insect-based protein products.
Geographically, the Global Insects Protein Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Europe segment accounts to hold the largest share in the market owing to the higher population rate, increasing demand for Insects Protein food products in major markets of the UK, and Germany, and various growing research and development activities in this region are driving the market growth. The sudden outbreak of COVID-19 adversely affected the growth of the Global Insects Protein Market. Initially, the sales declined due to many productions being halted during the complete lockdown and people's concern about the transmission of viruses through animals or insects is the main reason for the rejection of insects-based protein food which declines the growth of the Insects Protein Market globally.
The leading market players in the Global Insects Protein market are Chapul Cricket Protein (US), Protifarm (Netherlands), Aspire Food Group (US), Swarm Nutrition GmbH (Germany), EntomoFarms (Canada), Jimini’s (UK), Protix (Netherlands), Hexafly (Ireland),Ynsect (France), Innovafeed (France), EnviroFlight LLC (US), AgriProtein Holdings Ltd. (South Africa) and other prominent players.The Global Insects Protein market is highly consolidated with the presence of multinational Food and beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and so significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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