The global insect protein market size is expected to reach USD 1.48 billion by 2028, according to a new study by Polaris Market Research.
The “Insect Protein Market, 2021-2028” report published by Polaris Market Research gives a detailed insight into current market dynamics and provides analysis on future market growth. According to the report, the global insect protein market will reach a size of $ 1.48 billion by 2028, showing a compound annual growth rate (CAGR) of 24.9 percent.
The ability of wealthy investors to invest in emerging insect protein producers is driving the development. According to the Food and Agriculture Organization (FAO), around 2 billion have insect protein in varied cuisines. Some of the main factors pushing the overall market growth are a shift in consumer preference for a substitute protein source, and widespread accessibility of edible insects.
Lesser ecological stress and the nutritional value of insects are also anticipated to upsurge the demand. Flexitarians, like those who eat organic or follow a paleo diet, stop eating meat and are usually more obsessed with food safety and sourcing. This shift in food attitudes is anticipated to create lucrative opportunities in the target market growth for insect protein.
Crickets, locusts, and grasshoppers are all associates of the Orthoptera insect order. Over the forecast timeframe, it is projected to retain a sizable market share. Crickets, in general, have better nutritional content, containing approximately 65.0% protein and providing a total protein and essential amino acid profile.
Cricket-derived protein ingredients are progressively being sold as substitutes to animal-based protein. Furthermore, as opposed to animal-based protein ingredients, these protein additives require less water and emit fewer greenhouse gases during production.
Cricket-derived protein additives are commonly used in energy bars. These additives are widely used as a powder to make energy bars taste better. For example, leading market participants such as Crik Nutrition (a Canadian company) source crickets through farms that have been planned and checked to develop crickets fit for human food and enforce normal rules and procedures for the very same.
Growing popularity of insects as eatables in both feed and food applications, Europe accounted for the largest share of the market, particularly in countries like Denmark and France. Numerous studies are being conducted to determine the long-term benefits, which is anticipated to boost regional market growth for insect protein over the forecast period.
Some of the major players operating in the global market for insect protein include Aspire Food Group, Protifarm, Chapul Cricket Protein, EnviroFlight LLC, Ÿnsect, AgriProtein Holdings Ltd., Hexafly, Jimini’s, Swarm Nutrition GmbH, Innovafeed, EntomoFarms and Protix.
