Insect Protein Market: Orthoptera Is Expected To Fastest-Growing Source Segment With A Revenue-Based CAGR Of 31.2%

 Insect Protein Industry Overview

The global insect protein market size is expected to reach USD 1.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 27.4% from 2021 to 2028. The growing consumer awareness regarding the consumption of nutritional food products and increasing preference for a healthy lifestyle are expected to drive the demand for insect protein over the forecast period. The insect industry is growing at a fast pace to increase production and supply chain, with a lot of investments, joint ventures, and partnerships. This has increased efficiency, advancements in technology, automation, improvements in genetics, and legislative changes. Moreover, insects are considered as a healthy food source in Western countries,that are packed with nutrients, are ecological, and are a sustainable source for food.

 

In addition, consumer preference to experiment with new food products for taste and nutritional benefits and that support sustainability is the key factor that positively impacts the market growth. The growing health consciousness among consumers across the globe has increased the demand
for healthy and nutritious food products, thus providing opportunities for manufacturers in various industries to offer healthy and nutritious food products. The sports and active nutrition segments have seen significant changes over the years with increasing demand from professional athletes, new protein supplements and energy bars, new players in the market, and changing consumer preferences. Preferences from consumers for a healthy lifestyle are driving the demand for protein supplements from various sources, including, animal-based, plant-based, and insect-based. Insects have evolved over the years as a source of nutritional supplements for sports and gym enthusiasts, thus offering growth opportunities for the market.

The global outbreak of the COVID-19 pandemic has caused a worldwide public health emergency and a socioeconomic crisis throughout 2020 largely impacting various sectors including food & beverage. However, the lockdown imposed in the various parts of the globe also affected the supply chain in 2020, thus fluctuating demand and supply in the market. Essential food and beverage products and pharmaceutical products saw an increase in demand, however, demand for non-essential products such as insect protein saw a slow growth during the pandemic. During the pandemic, places such as gyms and sports complexes were locked down in many parts as precautionary measures affected the demand for protein supplements. This also prevented consumers from shopping from brick and mortar stores and gave growth for online shopping. Moreover, with the ease in rules and regulations for the pandemic and markets starting to operate in various parts of the globe, the market is expected to recover over the forecast years.


Insect Protein Market Segmentation

Grand View Research has segmented the global insect protein market on the basis of source, application, and region:

Based on the Source Insights, the market is segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, and Others.

  • Coleoptera is fit for human consumption and is offered in various insect-based products including insect-based oil, protein powder, flour, and others. Orthoptera is expected to emerge as the fastest-growing source segment with a revenue-based CAGR of 31.2% over the forecast period.

 

  • The orthoptera segment includes insects such as locusts, grasshoppers, and crickets that are widely available, easy to breed, and have high protein content. Lepidoptera is one of the prominent sources of insects used for producing insect protein and covers insects such as caterpillars, butterflies, and moths. The growing awareness, increasing demand for nutritional products, and ease of breeding insects are anticipated to fuel the segment growth.

 

Based on the Application Insights, the market is segmented into Food & Beverages, Animal Nutrition, Pharmaceutical & Supplements, and Personal Care & Cosmetics.

  • Animal nutrition accounted for the largest revenue share of over 75.0% in 2020. Insect protein is primarily consumed as a feed additive for poultry, aquaculture, and other animals. High digestibility band amino acidand protein content ranging from 40% to 70% are gaining traction from animal feed manufacturers. 

 

  • Functional food products, nutritional bars, and protein-rich products are some of the products for application in the food and beverage industry. Many countries authorizing insects for human consumption are expected to fuel the market growth.

 

Insect Protein Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Order a free sample PDF of the Insect Protein Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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