Insect Protein Market Assessment, By Source [Black Soldier Flies, Beetles, Grasshoppers, Crickets, Termites, Bees, Cockroaches, Others], By Application [Sports Nutrition, Functional Foods, Bakery and Confectionery, Animal Feed and Pet Food, Pharmaceuticals and Cosmetics, Others], By End-user [Humans, Animals], By Region, Opportunities and Forecast, 2017-2031F

Global insect protein market size was valued at USD 671.3 million in 2023, expected to reach USD 2627.81 million in 2031, with a CAGR of 18.6% for the forecast period between 2024 and 2031. The market has gained demand as it has the potential to meet the growing needs for protein worldwide and provides a more resource and environmentally-efficient option than traditional animal agriculture.

The insect protein market is a flourishing sector in the broader alternative protein landscape, characterized by the cultivation and utilization of insects as a sustainable and nutrient-rich source of protein. Insect proteins are derived from various species such as crickets, mealworms, and grasshoppers, and are processed into forms like whole insects, protein powders, and bars.

Insects are a nutrient-rich source of protein since they are high in vitamins, minerals, and essential amino acids. The market for insect proteins finds uses in pet food and animal feed as well as in products for human consumption, such as protein bars and snacks. The market offers a creative and environmentally friendly solution that is well-positioned for further growth and market expansion as consumers seek out new protein sources and become more environmentally conscious.

For instance, in May 2023, French insect producer Ÿnsect introduced its new brand Sprÿng for the pet food market, offering premium ingredients with minimal environmental impact.

Health and Nutritional Benefits Drive the Market Growth

Insects are a nutritional powerhouse offering a compelling array of benefits that perfectly complements consumers' growing focus on health and nutrition. Insect protein meets important nutritional needs as they are high-quality source of protein, essential amino acids, vitamins, and minerals. Nutrient-rich profile meets the needs of a wider range of health-conscious consumers in addition to meeting the growing demand for protein. The exceptional nutritional content of insect protein emerges as a significant driver in the market's growth as people look for sustainable and functional food options. In fact, in May 2023, Swiss government was educating children about the superiority of eating mealworms, locusts, and crickets. In a country popular for cheese and chocolate all over the world, children are being educated about the more delicate delights of eating bugs.

Insects are increasingly being included into food products due to their recognition as a wholesome source of essential nutrients. It has led to an increase in the market share and appeal of insect-based protein alternatives.

Integration of Insect Protein into Animal Feed and Pet Food Industries Drives the Market Growth

Market expansion is largely driven by the incorporation of insect protein into the pet food and animal feed sectors. The exceptional nutritional profile and sustainability benefits of insect protein have made it popular as a perfect ingredient for animal nutrition. Rich in essential nutrients, insects offer a viable and environmentally friendly alternative to conventional protein sources in animal diets. In addition to improving the nutritional value of these goods, the use of insect protein in animal feed and pet food sectors fits with the larger trend of sustainability in the pet care and agricultural sectors. The diversification of applications contributes significantly to the overall growth and market reach of insect protein.

For instance, in April 2023, Protix, introduced fresh PureeX, a delicious fresh insect meat, in response to consumer demand for fresh, healthy, and sustainable pet food. In addition to reducing the "pawprint" of pet food, the launch of frozen PureeX provides pet food makers and their clients with the health benefits of proteins and fats from insects.

Furthermore, in May 2023, HOPE Pet Food extended its range of dog biscuits by introducing two new treat flavours. The organic ashwagandha and chamomile used in the formulation of the new Berry Chill biscuit are recognized for their relaxing and anti-anxiety qualities along with insect protein, oats, and blueberries. To promote intestinal health, natural peanut butter, cranberries, prebiotic fibre, and insect protein are used in formulating the Berry Nutty treat flavour.

Increased Consciousness About Environmental Effects Surge the Market Growth

Increased consciousness about the environmental effects of conventional animal agriculture is propelling the adoption of insect farming as a sustainable alternative, marking a key driver in consumer choices. Due to its smaller environmental impact, consumers are shifting to insect protein due to traditional livestock farming strain on resources. Insect farming is a more environmentally friendly method of producing protein because it requires less space, water, and feed. Furthermore, people seeking sustainable food choices are moving towards insect protein, which is consistent with their environmental responsibility commitment. The increasing consciousness among consumers and transition towards insect farming highlight a significant motivator, as they proactively search for protein sources that reduce the environmental effects linked to conventional animal agriculture methods.

In line with the increasing consciousness about environment and sustainability, in September 2022, Essentia Protein Solutions launched an edible cricket protein powder under the Omni brand, intended for use in a variety of protein-enriched foods, snacks, and supplements. The product includes powdered bone broth and collagen peptides. It was planned to release Essentia's first batch of cricket protein powder in the market in January 2023.

Impact of COVID-19

The COVID-19 pandemic presented a mixed impact on insect protein market. Disruptions in global supply chain, including transportation and logistics challenges, affected the production and distribution of insect-based products. Economic uncertainties and changes in consumer spending patterns during lockdowns influenced purchasing behavior, impacting the demand for specialty food items, like insect protein. On the positive side, heightened awareness of food sustainability and a growing interest in alternative protein sources might have driven increased attention to insect protein. The emphasis on health and nutrition during the pandemic contributed to the resilience of the market, as consumers sought nutrient-dense and sustainable food options. The full extent of the pandemic's impact on global insect protein market would likely involve a combination of supply chain disruptions, changing consumer preferences, and industry's ability to adapt to new market dynamics.

Report Scope

"Insect protein Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global insect protein market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 18.6% from 2024-2031
Revenue Forecast in 2031	USD 2627.81 million
Units	Revenue in USD in million
Segments Covered	Source, Application, End-user
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East & Africa
Key Companies Profiled	Entomo Farms, HaoCheng Industry Co., Ltd, Hexafly, nextProtein SA, Beta Hatch Inc., Bugsolutely Ltd, InnovaFeed SAS, Ynsect (SAS), EnviroFlight, LLC, SAS ENTOMA (Jimini’s), Protix B.V.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfil your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased). We can also provide the editable version of the report in PPT/PDF format on special request

In this report, global insect protein market has been segmented into following categories:

·         By Source

o   Black Soldier Flies

o   Beetles

o   Grasshoppers

o   Crickets

o   Termites

o   Bees

o   Cockroaches

o   Others

·         By Application

o   Sports Nutrition

o   Functional Foods

o   Bakery and Confectionery

o   Animal Feed and Pet Food

o   Pharmaceuticals and Cosmetics

o   Others

·         By End-user

o   Humans

o   Animals

·         By Region

o   North America

o   Europe

o   South America

o   Asia-Pacific

o   Middle East and Africa

Key Players Landscape and Outlook

The insect protein market exhibits a dynamic landscape with several key players driving innovation and growth. Ynsect stands out as a notable leader, specializing in insect farming for protein and fertilizer production. Entomo Farms has played a pivotal role in popularizing cricket-based protein. Hexafly specializes in sustainable insect farming for various applications. These companies leverage advanced technologies, sustainable practices, and strategic collaborations to propel the insect protein market forward. For instance, in October 2023, to increase the amount of insect components used in the food system, Tyson Foods announced a strategic investment with insect protein startup Protix. Under the partnership, Protix's insect protein technology and Tyson's capacity to produce goods on a large scale were combined to address the rising demand for the ingredients to be utilized in pet food, aquaculture, and livestock production.

As the industry gains traction, competition fosters continuous improvement, ensuring a vibrant and evolving landscape that meets the growing demand for alternative protein sources with a focus on sustainability.

Key Players operating in Global Insect Protein Market are:

·         Entomo Farms

·         HaoCheng Industry Co., Ltd

·         Hexafly

·         nextProtein SA

·         Beta Hatch Inc.

·         Bugsolutely Ltd

·         InnovaFeed SAS

·         Ynsect (SAS)

·         EnviroFlight, LLC

·         SAS ENTOMA (Jimini’s)

·         Protix B.V.

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·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

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