MARKET REPORT F&A Alternative Proteins Edition April 2023 63 When compared to other animals and plants, insects are a better source of protein. Also, insect protein production is less expensive. In the beginning, insect protein was only used in animal feed. However, as more people become aware of the high protein content of insects, it has become widely used in a variety of industries. Today, insect protein is used in a variety of products, including food and beverages, medicines, nutraceuticals, cosmetics, pet food, and animal and poultry feed. Apart from the high protein content, insects are a source of essential fats, high-quality lipids, fiber, vitamins, and minerals such as iron and calcium. The most used insect protein production is mealworms, black soldier flies, locusts, and crickets. MARKET GROWTH EXPECTATIONS What is the estimated industry size of insect protein? It is difficult to give a clear answer to this question. As in many production areas, market research companies have different estimates in this area. For example; The report of Markets and Markets explains that the market size was valued at US$ 0.8 billion in 2022 and is projected to reach US$ 3.3 billion by 2027 at a CAGR of 33.4% from 2022 to 2027. On the other hand, Data Bridge Market Research analyses that the insect protein market was valued at US$ 543.67 million in 2021 and is expected to reach the value of US$ 1,395.54 million by 2029, at a CAGR of 24.7% during 2022-2029 forecast period. According to another research published by Research and Markets, the global insect protein market was estimated to be at US$ 428.12 Million in 2022, which is expected to grow with a CAGR of 26.5% and reach US$ 1,386.55 million by 2027. Fortune Business Insights is the research company with the lowest estimates. According to the company's report; the global insect protein market size was US$ 153.92 million in 2021. The market is projected to grow from US$ 189.32 million in 2022 to US$ 856.08 million by 2029, exhibiting a CAGR of 24.1% during the forecast period. DRIVING FACTORS IN THE INSECT PROTEIN MARKET The insect protein market is driven by factors such as rising urbanization, growing venture investments in alternative protein companies, innovation in food technology, the high nutritional value of edible insects, and environmental sustainability with the production & consumption of alternative protein. According to the report of Research and Markets, the global protein market is evolving and growing as consumers' demand for protein rises. From next-generation plant-based meats to on-the-go protein snacks to dairy protein bioactive for sports performance, protein is everywhere for today's consumers. Buyers' increasing and strong interest in protein are developing new lucrative opportunities that touch on the functional benefits of diverse proteins, protein diversity in the diet, and new protein sources. The adoption of insect-based protein has been growing in the food & beverages segment to fulfill consumers' increasing demand.
RkJQdWJsaXNoZXIy MTUxNjkxNQ==