The insect protein is gaining traction in the market as a sustainable alternative for protein in the years to come. The insects are regarded as a rich source of protein which accounts for the growing popularity of insect protein. The presence of all the essential components as any conventional protein product makes them a competent protein product in the market.
The significant rise in the demand for protein all across the globe is escalating the sales of alternative protein products such as insect protein. The adoption of these protein products is escalated by the food sector which is dealing with unfulfilled protein demands. The feed industry is another segment which is bolstering the market growth with surging consumption of protein products. The technological advancements are fueling the market growth with new methods to include insect protein in different food and feed products.
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The food & beverages sector is experiencing huge traction in the protein market with the incoming of new protein products. With increasing consumption of animal products such as aquatic animals, meat, egg, and milk, the sustainability challenges are on a rise. To deal with these issues, market leaders are diverting their attention to competent protein sources such as animals. The market is populating with insect protein products such as mixed insect snacks, protein drinks, and protein bars, creating a robust revenue pool for the manufacturers.
Different insects prominently used as a source of insect protein include Black Soldier Flies, Mealworms, Grasshoppers, Crickets, and Ants. Prominent applications of insect protein include Animal Nutrition, Pharmaceutical & Cosmetics, and Food & Beverages. Amongst all the above, the food & beverage sector is projected to contribute a larger revenue share in the global market. Feed sector is also creating new scopes of growth for the manufacturers on the back of numerous applications such as aqua feed, pet feed, and poultry feed.
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The growth of regional markets is primarily determined by the awareness and acceptance of unconventional protein sources such as insects. The manufacturers of insect protein-based products are spreading awareness about this form of protein source, highlighting safety and their health benefits. The market in Europe is projected to grow at a rapid pace during the forecast period owing to the high acceptance of insect protein. The burgeoning demand for protein in the feed sector also accounts for the scaling insect feed market in the region. Buoyed by the variety of climatic conditions, the consumption rate of insects is high in many regions of Asia pacific. Such instances are projected to impart significant position to Asia pacific in the global market. The large environmentally conscious population in the region is also expected to positively influence the market size of Asia Pacific in the coming years.
Major market players are developing innovative products to gain a competitive edge over others. They are strengthening their foothold in the food & beverage sector to enhance their market presence. Established players profiled in the global insect protein market are EnviroFlight LLC, Aspire Food Group, AgriProtein Holdings Ltd., EntomoFarms, Chapul Cricket Protein, and Jimini’s.