Insect Protein Market To Hit Value .74 Billion By 2028 |Grand View Research, Inc.
Posted by Mrudula Anil Karmarkar on November 20th, 2023
San Francisco, 20 November 2023: The ReportInsect Protein MarketSize, Share & Trends Analysis Report By Source (Coleoptera, Orthoptera), By Application (Animal Nutrition, Food & Beverages), By Region, And Segment Forecasts, 2021 - 2028
The global insect protein market size is expected to reach USD 1.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 27.4% from 2021 to 2028. The growing consumer awareness regarding the consumption of nutritional food products and increasing preference for a healthy lifestyle are expected to drive the demand for insect protein over the forecast period. The insect industry is growing at a fast pace to increase production and supply chain, with a lot of investments, joint ventures, and partnerships. This has increased efficiency, advancements in technology, automation, improvements in genetics, and legislative changes. Moreover, insects are considered as a healthy food source in Western countries, that are packed with nutrients, are ecological, and are a sustainable source for food.
In addition, consumer preference to experiment with new food products for taste and nutritional benefits and that support sustainability is the key factor that positively impacts the market growth. The growing health consciousness among consumers across the globe has increased the demand for healthy and nutritious food products, thus providing opportunities for manufacturers in various industries to offer healthy and nutritious food products. The sports and active nutrition segments have seen significant changes over the years with increasing demand from professional athletes, new protein supplements and energy bars, new players in the market, and changing consumer preferences. Preferences from consumers for a healthy lifestyle are driving the demand for protein supplements from various sources, including, animal-based, plant-based, and insect-based. Insects have evolved over the years as a source of nutritional supplements for sports and gym enthusiasts, thus offering growth opportunities for the market.
The global outbreak of the COVID-19 pandemic has caused a worldwide public health emergency and a socioeconomic crisis throughout 2020 largely impacting various sectors including food & beverage. However, the lockdown imposed in the various parts of the globe also affected the supply chain in 2020, thus fluctuating demand and supply in the market. Essential food and beverage products and pharmaceutical products saw an increase in demand, however, demand for non-essential products such as insect protein saw a slow growth during the pandemic. During the pandemic, places such as gyms and sports complexes were locked down in many parts as precautionary measures affected the demand for protein supplements. This also prevented consumers from shopping from brick and mortar stores and gave growth for online shopping. Moreover, with the ease in rules and regulations for the pandemic and markets starting to operate in various parts of the globe, the market is expected to recover over the forecast years.
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The growing consumer awareness regarding the consumption of nutritional food products and increasing preference for a healthy lifestyle are expected to drive the demand for insect protein over the forecast period. The growing health consciousness among consumers across the globe has increased the demand for healthy and nutritious food products, thus providing opportunities for manufacturers in various industries to offer such food products.
Insect Protein Market Report Highlights
Insect protein holds high potential in combating world hunger as the demand for food products increases along with the growing population. Insect protein has a wide range of applications including animal feed production, food and beverage products, cosmetics, and personal care products. In addition, with the growing threats to global food scarcity, insects are being considered as a new source of human food and animal feed in western countries.
The U.S. accounted for the largest revenue share in the North American market in 2020 owing to the high awareness level among consumers and the presence of health-conscious consumers. Moreover, in the U.S., more than half of the population suffers from one or more preventable chronic diseases, many of which are derived from poor quality eating patterns and physical inactivity. This is increasing the demand for healthy and nutritious food products across the country.
In addition, consumers nowadays focus on the food ingredients and how their food is produced and sourced from and are willing to pay a premium price for natural products. Increasing spending on functional food products, a growing number of sports and gym enthusiasts, and consumers looking for healthy and sustainable food options are some of the key reasons expected to augment the market growth over the forecast period.
Insect Protein Market Report Scope
The outbreak pandemic disrupted the supply chain in different regions including North America and European countries such as the U.S., the U.K., France, and Germany are the leading markets for insect protein products. Insect protein saw a slow growth during the pandemic and is expected to recover post-pandemic due to the growing awareness and health consciousness among consumers.
The market is highly competitive with the small and medium level players focusing on innovation, increasing production capacities, and research & development of products. For instance, in November 2020, Innova Feed announced a collaboration with Archer Daniels Midland Company, one of the key players in agribusiness. The collaboration was made to expand its insect protein business by constructing a new site in Illinois, the U.S. that will have a target capacity of 60,000 tons of insect protein per year.
List of Key Players of Insect Protein Market
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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