FEB 27, 2020: The global Insect Protein market size is expected to reach USD 1.01 billion by 2025, exhibiting a revenue based CAGR of 25.1% over the forecast period, according to a new report by Grand View Research, Inc. The growth is majorly driven by the willingness of the wealth investors to capitalize with developing insect protein manufacturers.
As per the Food and Agriculture Organization (FAO), minimum two billion people around the world consume insect protein in various forms. Shift in the consumer preference for alternative sources of protein, rising trend of consuming insect-based food, and easy availability of edible insects are some of the key factors driving the growth of the market. The low environmental stress and nutritious benefits of insects are the factors further projected to boost the demand. Flexitarians eat lesser meat and are usually more aware of food sustainability and sourcing, as is the case with those purchasing organic products or following a paleo diet. This alteration in attitudes around food, is expected to create novel opportunities for the insect protein market in near future.
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On the basis of product, the market is segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, Diptera, and others. Orthoptera refers to the order of insects that includes grasshoppers, crickets, and locusts. It is expected to hold a considerable market share over the forecast period. Crickets in particular have a superior nutrient profile and can contain about 65% protein, offering a complete portion of protein and essential amino acids. Protein ingredients sourced from crickets are being increasingly marketed as alternatives to animal-based protein. Furthermore, production of these protein ingredients requires relatively less water and it also emits less greenhouse gases in comparison with animal-based protein ingredients.
On the basis of application, the market is segmented into food and beverages, personal care and cosmetics, and animal nutrition. Protein ingredients sourced from crickets find widespread application in protein bars. These ingredients are typically employed in the form of powder to add to the flavor of protein bars. For instance, to ensure high-quality of ingredients, prominent market players including Crik Nutrition (Canada-based Company) source crickets from farms that have been designed and inspected to grow crickets fit for human consumption and follow strict practices and guidelines for the same.
Europe held the largest share of the insect protein market in 2018 and is projected to continue leading over the forecast period on account of the rising popularity of edible insects in both food and feed applications, especially in the countries, such as Denmark and France. Various studies are underway to investigate the sustainable benefits as well as the application scope for insect-based protein ingredients, which is expected to further fuel the regional market growth in the forthcoming years.
Further key findings from the report suggest:
• Coleoptera is likely to reach a market size of USD 63.4 million by 2025, at a CAGR of 25.4% from 2019 to 2025, Coleopetra have been traditionally consumed in various countries, owing to their high protein content
• In terms of application, the food and beverage segment is expected to expand at a CAGR of 25.4% over the forecast period, owing to the rising need for protein alternatives by the manufacturers to cater to the rising consumer demand
• Distribution agreements, product innovations, and strong marketing strategies are some of the key strategies adopted by the market players to gain greater market share and visibility
• Some of the prominent companies present in the insect protein market are Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, Jimini’s, and Swarm Nutrition GmbH, EnviroFlight LLC, AgriProtein Holdings Ltd. Ÿnsect, Hexafly, Innovafeed, and Protix
• The market is concentrated and competitive in nature with various large-scale and small-scale manufacturers present in the countries, such as France, Denmark, U.S., and Canada
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Information Procurement
1.1.1. Purchased Database
1.1.2. GVR’s Internal Database
1.1.3. Secondary Sources & Third-Party Perspectives
1.1.4. Primary Research
1.2. Information Analysis
1.2.1. Data Analysis Models
1.3. Market Formulation & Data Visualization
1.4. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Insect Protein Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Major Raw Material Trends
3.3.2. Procurement Best Practices
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