Global Insect Protein Market Size To Worth USD 6.8 Billion by 2030 | CAGR of 25.5%
Category: Food & BeveragesGlobal Insect Protein Market Size To Worth USD 6.8 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Insect Protein Market Size is to grow from USD 0.7 Billion in 2022 to USD 6.8 Billion By 2032, at a Compound Annual Growth Rate (CAGR) of 25.5% during the projected period. Demand for insect protein is projected to be fueled by rising consumer awareness about the consumption of nutritional food products and a growing preference for healthier lifestyles during the forecast period. Increased consumer health awareness has increased demand for nutritious and healthy food goods, creating opportunities for producers in a variety of industries to provide such food products.
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Browse key industry insights spread across 200 pages with 137 market data tables and figures & charts from the report on "Global Insect Protein Market Size, Share, and COVID-19 Impact Analysis, By Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), By Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), By Distribution Channel (Offline, Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/insect-protein-market
Insect protein is gaining popularity as a sustainable and nutritious alternative to traditional animal protein sources. It is derived from various insect species such as mealworms and black soldier flies. The growing demand for sustainable food solutions is one of the primary drivers of market growth. In comparison to conventional livestock farming, insect protein production requires significantly less land, water, and feed. Companies in the insect protein market are investing in R&D to create innovative products that will appeal to a diverse range of consumers. They are working to improve the taste, texture, and overall palatability of insect-based foods by developing new processing techniques. Insect protein is also being used in a variety of food products, including protein bars, snacks, pasta, and burgers. This diversification of insect protein products has increased consumer availability and accessibility. However, when compared to traditional protein sources, insect protein products frequently face price competitiveness challenges. Due to factors such as feed costs, infrastructure, and regulatory compliance, the cost of insect production, particularly at smaller scales, can be relatively high. Improving price competitiveness will require lowering production costs through technological advancements, economies of scale, and efficient farming methods.
The food & beverages segment is expected to hold the largest share of the global insect protein market during the forecast period.
The global insect protein market is divided into four applications: food & beverages, animal nutrition, pharmaceutical & cosmetics, and others. Among these, the food and beverages segment is projected to account for the majority share of the global insect protein market throughout the forecast period. This segment's growth has been fueled by rising consumer demand for sustainable protein sources, as well as the development of innovative insect protein-based food products.
The cricket segment is expected to grow at the highest pace in the global insect protein market over the forecast period.
The global insect protein market is classified into crickets, grasshoppers, ants, mealworms, black soldier flies, and others. Cricket is projected to expand at the fastest rate in the global insect protein market over the forecast period. The reason for their popularity is that they are widely available, have a pleasant flavor profile, and are well-established in the food industry.
The offline segment is expected to hold the largest share of the global insect protein market during the forecast period.
The global insect protein market is classified as offline or online based on the distribution channel. The offline segment is projected to account for the majority share of the global insect protein market throughout the forecast period. The dominance of the offline distribution channel is primarily driven by demand from developing countries.
North America is estimated to hold the largest share of the global insect protein market over the predicted timeframe.
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North America is expected to hold the largest share of the global insect protein market during the forecast period. In North America, increasing awareness about the environmental impact of traditional livestock farming, combined with a strong emphasis on health and wellness, has fueled the adoption of insect protein. During the forecast period, Asia Pacific is expected to grow at the fastest rate in the global insect protein market. In countries such as China, Thailand, and Vietnam, increasing populations, changing dietary patterns, and urbanization have led to an increase in insect protein production and consumption.
Major vendors in the Global Insect Protein Market include EnviroFlight, InnovaFeed, HEXAFLY, Protix, Global Bugs, Entomo Farms, Ynsect, Aspire Food Group, Chapul, Goterra, Nutrition Technologies, and Others.
Recent Developments
- In April 2022, Global Bugs has established an agreement with Innovative Natural Solutions. Global Bugs Asia (GBA) and Innovative Natural Solutions (INS) collaborate to promote, support, manufacture, and distribute nutritious food items made from plant-based components and crickets.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Insect Protein Market based on the below-mentioned segments:
Global Insect Protein Market, By Application
- Food & Beverages
- Animal Nutrition
- Pharmaceutical & Cosmetics
Global Insect Protein Market, By Insect Type
- Cricket
- Grasshoppers
- Ants
- Mealworms
- Black Soldier Flies
- Others
Global Insect Protein Market, By Distribution Channel
- Offline
- Online
Global Insect Protein Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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