Insect Protein Market Overview:
The global insect protein market size is expected to grow at a CAGR of 21.56% and is expected to reach a market value of USD 432 Million by the end of the forecast period.
The insect protein is a powder made from dried insects after the oil has been removed. Insects are thought to be the highest protein source, and they are processed into protein powder. The worldwide Insect Protein Market is predicted to increase significantly. Also, Insect protein is a good substitute for a variety of animal and plant-based protein sources since it has a greater protein content and can be produced at a low cost. The continual rise in the price of soymeal and fishmeal is prompting feed makers to turn to insect protein synthesis to meet the growing demand for aquaculture and poultry feed.
It is less expensive to raise insect protein. Insect protein was originally solely utilized as an ingredient in animal feed. However, as more people become aware of the high protein content of insects, it has become widely utilized in a variety of businesses. Insect protein is now employed in a variety of goods, including food and drinks, pharmaceuticals, nutraceuticals, cosmetics, pet food, and animal and poultry feed. Also, the protein content of insects varies depending on the species. Protein derived from insects is the most suited option.
Market Segmentation:
Based on the Form, the global Insect Protein Market has been segmented into Crickets, Mealworms, Grasshoppers, Ants, Bees, Termites, Black Soldier Fly, silkworms, Houseflies, Cicadas, and Others.
Based on the Industry, the global Insect Protein Market has been segmented into Human Nutrition, Food Beverages, Pharmaceuticals, Nutraceuticals, Cosmetics, and Others.
Based on the Application, the global Insect Protein Market has been segmented into Organic herbal tea, homes, and poultry.
Based on the Region, the global Insect Protein Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Classification:
Europe has dominated the market, which is expected to develop at a CAGR of 21.10 percent. Following Europe, North American countries are the second-largest importers. After the United States, Germany is the largest market in terms of value. Mealworms, smaller mealworms, locusts, crickets, and grasshoppers can now be sold as food by the European Food Safety Authority. Protein diets are currently trending, and Europeans adore insect-based cuisine. This permission will enable startups to develop and flourish in this field.
As a result of the growing preference for insect-based protein over animal protein-based meals, post-COVID people are eager to explore new possibilities. To accommodate the rising demand, several companies are launching new products daily. Consumers all across the world are becoming more sophisticated and informed. It is an excellent example of a low-fat, low-cost food source. This is the reason for its widespread appeal.
Top Key Players:
The major key Insect Protein Market Players are AgriProtein Holdings Ltd (South Africa), EnviroFlight LLC (US), Innovafeed (France), Ÿnsect (France), Hexafly (Ireland), Protix (Netherlands), Aspire Food Group (US), EntomoFarms (Canada), Protifarm (Netherlands), Jimini’s (France), Chapul Cricket Protein (US), and Imago Insect Products GmbH (Germany).
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