Worldwide, more than 5 million species of insects are available, and majority of the global populous have been consuming bugs on a daily basis. According to Food and Agriculture Organization of the United Nations, the steady growth in population will hit 9 billion by 2050 and lead to rise in the demand for feed/food output. Among different insects, edible insects act as a dynamic solution to provide novel and protein food. Thus, the research firm IndustryARC has evaluated the global insect protein market revenue as $62.55 million in 2018 and estimates the opportunities to increment with a profitable CAGR of 20.96% during the forecast period 2019-2025.
In 2018, APAC had the maximum insect protein market share at 60%. Toasted crickets are consumed at a higher note by the westerners during their visit to Southeast Asia. In addition to this, Vietnameese startups and entrepreneurs statement "insect protein will be a part of everyday food products in the near future" is also representing a positive impact on the growth of insect protein market. Scaling up the production capacities of insect protein through infrastructure expansions in different facilities of Asia is boosting the share of APAC in the global insect protein market.
Insect Protein Market Outlook:
Insect protein is a high quality protein which is available in varied forms such as insect protein powder and insect protein animal feed. Insects, plants, micro-organisms, and some species of fish produce anti-freeze proteins. Whole insects, flour, and oil are the most commonly used insect protein products types.
Insect protein is widely applicable in the food and beverage applications of the insect protein market is poised to observe an increment in terms of revenues at a CAGR of 33.97% through to 2025. It is due to the high usage of insect protein in processed food products which includes pasta, burger, cookies, patties and snacks. Increase in demand for insect protein food products is leading to choose an efficient source which provides more output. Hence, edible insects which comprises of vitamins, amino acids and high quality protein is chosen, because they offer high feed conversion efficiency and less feed consumption of insects such as crickets to produce the same amount of protein compared to cattle, sheep, pigs, and broiler chickens. Therefore, this factor is driving the acceptance of edible insects as a trendy innovative food in the food and beverages industry.
Insect Protein Market Growth Drivers:
· Protein Source
Edible insects contain rich amount of protein. Conventional production of protein is possible through a potential source namely insects, which is available in both ways for direct human consumption, and indirectly through food products with extracted protein from insects. Growth of these insects is easily possible even on organic waste, which is an added benefit. Moreover, they release less greenhouse gases and ammonia compared to conventional livestock. Hence, because of all these advantages edible insects are highly adopted as protein source.
· Insect Nutrition
Growing health awareness among people coupled with athletes hunger search for protein bars, powders, and mixes has been booming the insect protein market demand.
Insect Protein Market Trends –
· Sustainable Food Source
Insects act as an alternative source to fight hunger of an individual. They also act as an easy-grow food option with in sustained available space. The insect protein is highly flexible to blend with soups, shakes and baked goods. Cricketers are extensively used by the edible insect industry specifically to produce chips, pastas and protein bars.
· Funding
In 2018, AgriProtein has increased its funding by $105m and recognized as one of the hunger investors in insect protein market. It is concentrated in converting organic food waste into a high-protein substitute to fishmeal.
· Acquisition
In 2018, Aspire Food Group has acquired Exo. This strategy is combining the product line of cricket-based protein bars in to edible insect farming operations.
Insect Protein Market Key Players Perspective –
Next Protein Inc., EnviroFlight, LLC, Thailand Unique, Entomo Farms, Kreca Ento-Food, Nordic Insect Economy Ltd, Proti-Farm, EXO., Crik Nutrition and Agriprotein Technologies are some of the main insect protein market share players involved in the global insect protein market.
Insect Protein Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the insect protein market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The insect protein market research report also analyses the application of the insect protein in various industries such as food and beverages, pharmaceutical, animal feed, cosmetics, and bio diesel.
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