Insect Protein Market Size Opportunities & Forecast [2031]

Report Description

The global insect protein market size was USD XX Mn in 2022 and is likely to reach USD XX Mn by 2031, expanding at a CAGR of XX % during 2023–2031. The growth of the market is attributed to the rising demand for ­­environmentally sustainable and cost-efficient sources of protein by consumers.

Protein is an integral part of a person’s diet. It helps in tissue generation, antibody development, and nutrient transport. It acts as an essential element in building body tissues, bones, skin, and cartilage. The current food ecosystem is unable to fulfill the protein requirements of all living beings on the planet adequately. The present methods of protein production are not environmentally sustainable as it generates greenhouse emissions and cause deforestation due to intensive agricultural activities.

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The demand for protein is increasing due to the growing population, rising affluence, and increasing awareness about personal well-being. Protein availability and quality have been a concern for health-conscious communities. Alternative and novel sources of protein have become imperative as dependence on novel sources of protein is increasing due to the growing population and subsequent shortage of protein.

Moreover, concerns about maintaining the ecological balance during the production of protein are rising to give a boost to the production of alternative sources of protein. The dependence on protein alternatives is rising due to environmental concerns.

Insects have been traditionally used for dietary purposes in culinary cultures in many civilizations across the world fulfilling the protein requirements of natives for generations. The nutritional value of edible insects is high compared to meat, chicken, and eggs. Edible insects are high-quality protein sources with concentrated levels of essential amino acids, omega-3 and omega- 6 fatty acids, vitamin B12, zinc, iron, fiber, and antioxidants. Edible insects for animal feed are popular in culture in many economies due to their cost-affordability and easy availability.

Protein derived from insects is the most sustainable and eco-friendly form of protein substitution known to date. Insect protein production processes cause minimal biodiversity loss as it requires significantly less land, feed, and water than traditional livestock. Insect protein production help rejuvenate environmental ecosystems by freeing up land and decreasing biodiversity loss consequently.

Snacks and fast food prepared from edible insect protein are gaining popularity. Consumers are slowly realizing superior nutritional values of insect protein that, includes fiber, protein, omega fats, iron, vitamins, and minerals. In 2020, Gabrielle Wittock, an entrepreneur based in Brussels introduced edible insect-based snacks named Yuma cricket crackers with savory flavors such as pumpkin seed and rosemary in the EU market. In 2021, sales of Yuma crackers doubled, signifying substantial market scope for the product.

The market report finds that the COVID-19 pandemic affected the market adversely due to supply chain disruption, lockdown measures, and the temporary closure of factories which further affected the production and logistical output. Moreover, the fear of getting infected through the consumption of insects and subsequent zoonotic diseases hamper the market.

Insect Protein Market Dynamics

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Drivers

Rising acceptance of insect protein due to its high nutritional value, cost-efficiency, and environmental sustainability are expected to drive the market. Consumers want to opt for alternative sources of protein for high nutritional content in insect protein including concentrated levels of essential amino acids, omega-3 and omega- 6 fatty acids, vitamin B12, zinc, iron, fiber, and antioxidants.

Growing health consciousness among communities for consuming high-quality protein is anticipated to drive the market. Sports enthusiasts and fitness-conscious individuals prefer high-quality protein ingredients in food and supplements for lean-muscle gain and improvements in physical stamina. Promotional activities such as introducing insect cooking classes, cookbooks, and online recipes are bolstering the sales growth of edible insect food. Snack foods such as insect-based crackers have been readily embraced by people owing to their ready-to-eat formation and variety of flavors.

Restraints

The high cost of insect protein and rare allergic reactions caused by the consumption of insect protein is likely to hinder the market. Allergic reactions and microbial risks associated with the consumption of insect protein are largely due to microbiological and chemical contamination.

Opportunities

Increasing promotional and educational activities to promote the potential for insect protein and government support are likely to create opportunities in the market. Private and public institutions are adopting innovative strategies to promote insect protein by emphasizing social, contextual, and practical factors to consumers. Protein production companies enhance the appearance and taste of insect protein to reduce the cultural distaste for insect protein.

Scope of the Insect Protein Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Insect Protein Market Segment Insights

Based on insect type, the insect protein market is divided into orthoptera and coleoptera. The coleoptera segment is expected to expand at a significant growth rate during the projection period owing to the edibility of insect protein in human consumption. Coleoptera is available in various insect-based products such as protein powder, insect-based oil, and flour. The diversity of products and variety in tastes offered by the food producers appeal to the consumers.

In terms of form, the global market is segregated into powder and whole insect. The powder segment is projected to register a considerable CAGR during the forecast period due to enhanced texture, taste, and various flavors offered by the manufacturers. The insect protein provided in powder form appeals to the consumers as it is easy to consume.

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On the basis of application, the insect protein market is segmented into health supplements, food & beverages, and personal care. The food & beverages segment is expected to register a robust growth rate during the forecast period owing to cost-efficiency and high-protein content offered by insect proteins. Protein content in insects is higher than that in meat, chicken, and eggs. Insect protein is used in protein powders, beverages, and nutritional bars due to its high-protein content.

In terms of region, the global insect protein market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to the high acceptance of insect protein in the dietary routine. Rising awareness about the nutritional value of insect protein and environmental sustainability among the health-conscious community is driving the market.