Insect Protein Market Revenue Opportunities and Forecasts 2028

Insect Protein Market Growth & Trends

The global insect protein market size is expected to reach USD 1.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a 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 insect industry is growing at a fast pace to increase production and supply chain, with a lot of investments, joint ventures, and partnerships. This has increased efficiency, advancements in technology, automation, improvements in genetics, and legislative changes. Moreover, insects are considered as a healthy food source in Western countries, that are packed with nutrients, are ecological, and are a sustainable source for food.

U.S. insect protein market size, by source, 2018 - 2028 (USD Million)

Insect Protein Market Segmentation

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

Based on the Source Insights, the market is segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, Others.

  • Coleoptera dominated the market and held a revenue share of over 30.0% in 2020. The segment includes edible beetles, aquatic beetles, wood-boring larvae, and dung beetles. Coleoptera is fit for human consumption and is offered in various insect-based products including insect-based oil, protein powder, flour, and others. Orthoptera is expected to emerge as the fastest-growing source segment with a revenue-based CAGR of 31.2% over the forecast period.
  • The orthoptera segment includes insects such as locusts, grasshoppers, and crickets that are widely available, easy to breed, and have high protein content. Lepidoptera is one of the prominent sources of insects used for producing insect protein and covers insects such as caterpillars, butterflies, and moths. The growing awareness, increasing demand for nutritional products, and ease of breeding insects are anticipated to fuel the segment growth.

Based on the Application Insights, the market is segmented into Food & Beverages, Animal Nutrition, Pharmaceutical & Supplements, Personal Care & Cosmetics.

  • Animal nutrition accounted for the largest revenue share of over 75.0% in 2020. Insect protein is primarily consumed as a feed additive for poultry, aquaculture, and other animals. High digestibility band amino acidand protein content ranging from 40% to 70% are gaining traction from animal feed manufacturers. Segments such as pet food and aquaculture will be the profitable segments for manufacturers in animal nutrition. The food and beverages application segment emerged as the second-largest application segment in 2020 and is expected to witness considerable growth over the forecast period.
  • Functional food products, nutritional bars, and protein-rich products are some of the products for application in the food and beverage industry. Many countries authorizing insects for human consumption are expected to fuel the market growth. In the personal care and cosmetics industry, insect protein is widely used for skincare applications as an alternative source of fats. In recent years, the cosmetic industry has been challenged to use more natural and sustainable raw materials due to the rising environmental issues that also determine the growth of the product.

Insect Protein Regional Outlook

  • 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. The collaboration was made to expand its insect protein business by constructing a new site in Illinois, the U.S. that will have a target capacity of 60,000 tons of insect protein per year.

Key Companies Profile & Market Share Insights

The market is highly competitive with the small and medium level players focusing on innovation, increasing production capacities, and research & development of products.

Some of the prominent players operating in the global insect protein market include,

  • InnovaFeed
  • EnviroFlight
  • Ynsect
  • Hexafly
  • Protix
  • Aspire Food Group
  • Chapul
  • NutritionTechnologies
  • Entomo Farms
  • Goterra

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

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