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.

Due to growing consumer knowledge of the benefits of consuming nutrient-dense foods and growing consumer preference for a healthy lifestyle, it is predicted that demand for insect protein will rise throughout the forecasted period.

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

Due to global consumers’ growing health concern, there is a greater demand for nutritious food products. As a result, producers in many other industries now have the chance to market such food products.

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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

Insect protein is one of the unique and creative animal feed proteins because of its functional, environmental, and nutritional benefits. The main obstacles to the development of the insect protein market continue to be high costs, restrictions, and limited manufacturing capacity.

Because they are currently expensive, the machinery and procedures required to produce insect-based proteins need to be improved for mass production. Few consumers are ready to pay higher prices for the health and environmental benefits of protein obtained from insects, even if many consumers are priced out of this market.

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: