MARKET REPORT 66 F&A Alternative Proteins Edition April 2023 pan region, people have a long history of eating insects, thus the insect protein market is growing at a tremendous rate and will grow with a high CAGR 31.11% during the forecast period, 2022-2027. GLOBAL MAJOR PLAYERS The insect protein market is concentrated and competitive with various large-scale and small-scale manufacturers present in the market. According to the reports of research companies and developments in the industry, various companies in the insect protein market are undertaking strategies to expand their business and gain the market share. Some of the key strategies adopted by the industry participants are new product launches, partnerships, and acquisitions. Some Important Developments in the Market - In May 2018, Protix formed a joint venture with Buhler to create rearing and processing solutions for the global market. Also, to ensure the growth of the worldwide market for insect-based ingredients. 'Buhler Insect Technology Solutions' was formed by these two companies with set beliefs and goals in terms of quality and safety. - In January 2020, Darling Ingredients announced the acquisition of Intrexon Corporation's 50% joint venture interest in EnviroFlight, LLC, making it the sole owner of the U.S. insect protein producer. - In November 2020, Protenga built smart insect farms that produce insect proteins that can be used as feed or fertiliser in agriculture. To overcome the cost and sustainability pitfalls of centralised insect-based farming systems, the smart insect farms are built in a modular and decentralised system near waste biomass sources. They are designed to take in 20-60 metric tons of feedstock per day. - In November 2020, AgriProtein, a subsidiary of ITG, announced the formation of "Bioko!", a joint venture with PreZero US. PreZero, a German-based company, is a global recycler that is at the forefront of developing circular economy solutions from 90 locations in nine countries. The two companies have joined forces to form an operating entity in the United States for nutrient recycling processes. - In March 2021, Nutrition Technologies raised USD 5 million in a Pre-Series B funding round to establish an insect protein factory in Malaysia. The existing investors, Openspace Ventures and SEEDS Capital, the investment arm of Enterprise Singapore, participated in the investment. - In October 2021, Aspire Food Group has expanded their automated production facility in London, to produce 10,000 tons of crickets/year. - In November 2021, Agronutris, a French insect protein producer, announced plans to invest approximately $116 million in the construction of two new factories in north-eastern France that would supply a significant portion of their output to the European pet food industry. - In November 2021, Ÿnsect launched the Bernie’s, an ultra-premium and luxury brand for dog feed in US market in collaboration with Pure Simple True LLC. - In December 2021, Neo Bites, a sustainable pet food start-up founded to improve dog health and the pet food industry's relationship with the environment, has launched the first line of functional dog food toppers made from insect protein.
RkJQdWJsaXNoZXIy MTUxNjkxNQ==