MARKET REPORT F&A Alternative Proteins Edition April 2023 65 Another risk factor valid for all animal-based product groups is the increasing vegan diet trend. According to the report, excessive consumption of animal-based protein has been proven to result in various diet-related diseases such as obesity, type2 diabetes, heart diseases, and certain cancers. Whereas, on the other hand, the consumption of vegan products is observed not to accentuate such diseases; moreover, they help in building better immunity. Vegan products are replacing conventional processed meat products such as burgers, sausages, and nuggets. This is because vegetarian food contains lower levels of saturated fat, cholesterol, and calories than animal-based meat. It often contains higher levels of micronutrients such as zinc, iron, and calcium. Considering this rapid growth of the vegan population, various meat product manufacturers are shifting toward producing plant-based meat and soy-based products, which is anticipated to hamper the growth of the market. MARKET STATUS BASED BY APPLICATION The global insect protein market in the application segment is expected to be dominated by the animal feed industry. This is due to being a highly nutritious product and the higher insect feed conversion efficiency. When added to feed mixtures, insect protein aids in improving the rate of weight gain in animals, preventing diseases and vitamin deficiencies and improving feed digestion and conversion. Protein derived from insect use in animal feed provides various nutritious ingredients, including amino acids necessary for muscle building, vitamins, and minerals. Insect-based protein can be utilized to manufacture aquafeed, pet feed, and other product types of animal feed products. According to the report of Markets and Markets, the animal nutrition segment was the highest revenue contributor to the market, with US$ 341.0 million in 2021, and is estimated to reach US$ 1,870.7 million by 2027, with a CAGR of 32.8%. The food & beverages segment is estimated to reach US$ 1,407.2 million by 2027, at a significant CAGR of 34.3% during the forecast period (2022-2027). MARKET STATUS BASED BY INSECT TYPE What is the leading type in the insect protein market? Most research reports answer this question as the cricket segment. For example, according to the report of Markets and Markets, the cricket segment was the highest revenue contributor to the market, with US$ 182.4 million in 2021, and is estimated to reach US$ 1,125.2 million by 2027, with a CAGR of 35.4%. MARKET STATUS ON REGIONAL BASIS According to the experts of Markets and Markets, North America is anticipated to hold the largest market share in the insect protein market in 2022, followed by Europe, Asia Pacific, and RoW. The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions' high market share. Many start-ups have been established in the region that provide both edible insects and insect protein-based products for food and feed applications. Research and Markets' report also supports that the market leadership is in North America in 2021. According to the report, North America generated the highest revenue of US$ 86 million in 2021. Europe also has a significant share of revenue in the year 2021-2027. Since in the Asia-Pacific and Ja-
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