Insect Protein Market To Reach USD 10.6 Billion By 2032 Says DataHorizzon Research
A detailed analysis report of the insect protein market.
Fort Collins, Colorado, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Insect Protein Market was valued at USD 0.9 Billion in 2022 and is expected to reach USD 10.6 Billion by 2032 at a CAGR of 27.2%.
Insects are consumed as a daily food by around two billion people. Apart from their high protein content, they are equipped with essential lipids, body fats, vitamins, and minerals such as iron and calcium. Lipids can be used as a biofuel, and protein can be used as human food fish food, which drives the overall insect protein market.
The higher sustainability of the insects is that they have a smaller ecological cycle than the other protein sources. Compared to livestock animals, insects need resources like water and land, making them more sustainable options, and as a result, the market is growing positively. The protein bars made of insect proteins are seen as an alternate option for the regular bars.
With the usage of insect proteins, the global demand for world hunger has become sustainable with time. These are used for producing animal feed production, beverages, cosmetic products, and personal care products, thus reducing the dependability on traditional sources driving the overall insect protein market. On the other hand, in the U.S., approximately 50% of the population suffers from one or more chronic diseases due to poor eating and lifestyle patterns, and insect proteins help provide more sustainable options, which can help complete their daily food intake. Insect proteins have been common amongst gym goers looking for sustainable protein options.
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The global insect protein market has been segmented into insect type, application, and region. The coleopterans (beetle) dominate the overall segment with approx. 1/3 of market share. It is proven to be edible and fit for human consumption as well. Animal nutrition leads the overall market for insect proteins. These are used in feeds and fodder for animals to maintain their optimum protein and fat levels. Europe dominates the market for Insect proteins and is considered to be the prominent region for the consumption of insect-based proteins. Insect proteins are among the major ingredients consumed as a part of food across the middle age and old age people in Europe. The UK and Germany are the two major consumers of insect-based foods.
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Insect Protein Market Report Highlights:
- The global insect protein market growth is anticipated at a CAGR of 27.2% by 2032.
- The growing popularity of insect-based foods as a health supplement drives market growth.
- Based on insect types, the market for insect protein can be segmented into crickets, grasshoppers, wasps & ants, black soldierflies, beetles, and termites.
- Based on the application, the insect proteins can be used in Animal Nutrition, Food, Beverages, Pharmaceutical, and Commercial. Animal nutrition leads the overall market for insect proteins.
- Some prominent players in the insect protein market report include Enviroflight, Innovafeed, Hexafly, EnviroFlight, Goterra, Alibaba Group Holding Limited, Aspire Food Group, Protix, Nutrition Technologies, Global Bugs, Ynsects, ECA GROUP, and Entomo Farms Co.
Industry Trends and Insights:
- In 2023, Tyson Foods will invest in an insect protein startup, Protix, to accelerate the production of animal feed ingredients, pet foods, and aquaculture production.
- Ynsect, based in France, is collaborating with the Lotte R&D Centre, a Korean tech leader, to speed the development of insect-based cuisine in Asia.
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Insect Protein Market Segmentation:
- By Insect Type: Cricket, grasshoppers, wasps & ants, black soldier flies, termites.
- By Application: Animal nutrition, food, beverages, pharmaceutical, commercial.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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