Market Analysis
Global Insect Protein Market has the potential to make a difference by crossing the estimated valuation of USD 178,340.4 thousand by 2023. The process would see the market scale the height with a 23% CAGR during the forecast period of 2018 to 2023. The market is expected to benefit from the increasing demand for high protein consumables. Market Research Future (MRFR) backed these claims for the market with substantial data gathered by experts. Their increasing growth can impact several markets like pharmaceuticals, food & beverages, cosmetics, nutraceuticals, and others.
Several sectors like cosmetics, food & beverages, and nutraceuticals are planning hard to experiment with the protein-rich varieties. Such researches can boost the global market as it increases the operational scope for the market. In recent times, poor countries are also opting for these insects to prevent malnutrition. This can be of substantial importance.
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Segmentation
Type and application are two major segments in which the global market for insect protein can be segmented. This also has a special eye on various growth factors that can inspire growth in the global market in the coming years.
By type, the market for insect protein can be segmented into black soldier fly, mealworms, houseflies, grasshoppers, silkworms, crickets, ants, bees, termites, cicades, and others. The crickets protein is steering the market ahead with a potential market valuation of USD 33,068.9 thousand by the end of 2023. The Mealworm protein segment would be the fastest with a CAGR of 24.00% during the forecast period. It has an advantage as it can be reared in both the temperate and tropical regions.
By applications, the insect protein market includes human nutrition and animal nutrition. The global feed industry is expecting strong demand from animal nutrition segment and the human nutrition segment is expecting strong traction in underdeveloped or developing countries.
Key Players
Multiple companies are showing great interest in the global Insect Protein Market and their strategic moves are providing thrust to the holistic growth of the market. These companies have been profiled by MRFR for a better market analysis in the coming years. Their actions have been documented in the report to facilitate an understanding of the market flow. These companies are next Protein (France), EnviroFlight, LCC (US), Proti-Farm Holding NV (Netherlands), Thailand Unique (Thailand), Entomo Farms (Canada), Cricket Flours LLC (US), Chapul, LLC (US), Seek Food LLC (US), Crik Nutrition (Canada), and Haocheng Mealworms Inc. (China).
Buhler, from Switzerland, announced in August 2019 that they are now planning to construct a facility to rear and process yellow mealworms to expand their market scope in the insect industry. The company already has a black soldier fly processing plant, which they inaugurated in June 2019.
Regional Analysis
Europe had the largest market in 2016 and would post the highest CAGR of 21.10% during the forecast period to retain its market dominance. The market depends a lot on the Asia Pacific region for supply of these insects. However, not all has been granted approval. The selected few are crickets, black soldier fly, and mealworms. These are promoting the insect protein market in Europe and creating scope for widening of the base.
North America has the second-most expansive market that holds a possibility of surpassing the valuation of USD 73,297.9 thousand by 2023. The US helms the market in the North American region where their contribution would depend much on the intake of such product in various aquaculture system.
The APAC region shows high acceptance of the product as several communities are also known to consume these insects. These insects are reared mainly in China, Korea, India, Thailand, Malaysia, Vietnam, and few others for their direct consumption. The Middle East & can bank on a moderate growth of the market.
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