Pune, 14, Nov, 2022: Insect Protein Market is a niche industry that is witnessing growth with its increased adoption and applications throughout various end-use industries. The report on Insect Protein Market analysed by Maximize Market Research covers a detailed competitive and regional analysis of the market. The Insect Protein Market is expected to grow from USD 413.5 million in 2021 to USD 2496.39 million in 2029, at a CAGR of 25.2 percent for the forecast period from 2022 to 2029.
Insect Protein Market Scope and Research Methodology
The report is an analysis of the Insect Protein Market by region, segment and competitive landscape. For a thorough understanding of the global factors affecting the Insect Protein Market, the report presents drivers, challenges, restraints and opportunities prevailing in the Insect Protein Market. Key insights such as the market share and market presentation are presented in the report with the help of easy-to-understand figures and tables. The report covers the current trends prevailing in the market along with estimations about future trends to help understand investors identify investment pockets and opportunities in the Insect Protein Market.
The report is equipped with a competitive analysis of the Insect Protein Market. Key players and new entrants in the Insect Protein Market are listed together. These are analysed by region, revenue, financial status, portfolio, technological advancements adopted, social media presence, mergers and acquisitions, joint ventures and strategic alliances. The analysis aids new entrants understand the Insect Protein Market for growth prospects and future business outlooks. A detailed study is also conducted on various government schemes, policies and subsidies that make the Insect Protein Market a lucrative option with growth opportunities.
The bottom-up approach was employed to validate the market size in terms of value and volume by different segments of the product. Data was collected using both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
Porter’s Five Forces analysis provides a deeper understanding of the industry to tweak your strategy according to the current market scenario, increase the profit margin and stay a step ahead of the competitors in the market. The five forces that were analysed in the market include the competitive landscape, supply and demand side of the market with the degree of power held by them, threat to entry and threat of substitution. SWOT analysis was conducted to provide the strengths and weaknesses of the Insect Protein Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Insect Protein Market. Such analysis presents relevant information required for strategic business planning, product development and workforce planning. Thus the report provides a detailed overview of the Insect Protein Market.
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Insect Protein Market Overview
Insect protein is derived from insects such as black soldier fly larvae, mealworms crickets and locusts that are used as an ingredient to feed animals and fish. It is commonly used in animal feed, food and beverages and the pharmaceutical industry. Insect protein assures maximum protein density while using the least amount of resources. After its approval by governments, the Insect Protein Market witnessed a spike in demand.
Insect Protein Market Dynamics
Consumers are increasing their knowledge about the benefits of a healthy diet and a sustainable lifestyle. There is an increased demand for nutrient-rich foods and an inclination to a sound lifestyle. This has increased its demand in industries like food and beverages. This is expected to increase demand for the Insect Protein Market during the forecast period.
The applications of the protein after being approved as safe for human consumption have increased its use in industries. These industries include- cosmetics, animal feed, and personal care and hygiene goods. These varied applications are expected to drive the Insect Protein Market growth during the forecast period.
The Insect Protein Market is considered to have the potential of aiding world hunger given its properties, high feed-conversion efficiency rate and its sustainably producible natures. This factor is expected to fuel the Insect Protein Market growth.
Insect Protein Market Regional Insights
30 percent of the market revenue was held by the European region in 2021. The market is expected to be driven by developing countries in the region like France and Germany over the forecast period. After the European Union sanctioned the use of insect protein, it has been used in industries such as food & beverage, animal nutrition, & personal care industries. This growth is expected to increase the regional Insect Protein Market demand.
Followed by Europe was North America which had a considerable share of the market revenue. The regional growth is driven by the increased demand for nutritious foods and an overall healthy diet among consumers is expected to drive the regional Insect Protein Market growth.
Insect Protein Market Segmentation:
By Insect Type:
- Crickets
- Wasps
- Bees
- Silkworm
- Ants
- Earthworms
- Scorpions
- Others (Locusts, Stink Bugs, Water Bugs, Mealworms, Bagworms)
By End-Use:
- Food & Beverages
- Animal Nutrition
- Pharmaceutical & Supplements
- Personal Care and Cosmetics
Insect Protein Market Key Competitors include:
- Entomo Farms
- Exoprotein
- Nutribug
- Protix
- Proti-Farm
- Coast Protein
- Aketta
- C-fu Foods
- EnviroFlight, LCC
- nextProtein
- Thailand Unique
- Proti-Farm Holding NV
- Chapul, LLC
- Cricket Flours LLC
- Crik Nutrition
- Seek Food LLC
- Haocheng Mealworms Inc.
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Key questions answered in the Insect Protein Market are:
- What is Insect Protein?
- What is the current growth rate of the Insect Protein Market?
- What is the growth rate of Insect Protein Market for the forecast period?
- What is the nature of competition in Insect Protein industry in developed and developing economies?
- Who are the key players in the Insect Protein Market?
- Who are the market leaders in Insect Protein in Europe?
- Who are the market leaders in Insect Protein in USA and Canada?
- Who are the market leaders in Insect Protein in India, China, Japan and South Korea?
- What are the factors affecting growth in the Insect Protein Market?
- Who held the largest market share in Insect Protein Market?
- What are the factors for the growth of Asia-Pacific region in Insect Protein Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Insect Type, End-Use and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Whey Protein Market–The Whey Protein Market size is expected to reach USD 18.31 billion by 2029 at a CAGR of 7.5 percent during the forecast period. The Whey Protein Market is expected to be driven by increasing inclusion of protein rich diets and its adoption by the sports nourishments and supplements.
Global Protein Expression Market–The Global Protein Expression Market size is expected to reach USD 809.20 billion by 2029 at a CAGR of 6 percent during the forecast period. The Global Protein Expression Market is expected to be driven by increased funding on research and development and utilisation of protein expression by the pharmaceutical industry.
Functional Proteins Market–The Functional Proteins Market size is expected to reach USD 7.17 billion by 2029 at a CAGR of 5 percent during the forecast period. The Functional Proteins Market is expected to be driven by increased consumer awareness about healthy diet and increased consumption of dietary supplements.
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