Market Size of Insect Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.89 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Insect Protein Market Analysis
The insect protein market size is expected to grow from USD 288.38 million in 2023 to USD 348.97 million by 2028, at a CAGR of 3.89% during the forecast period (2023-2028).
- The insect protein has been gaining traction in various parts of the globe due to various factors. European Union officers have suggested that mealworms can be used as a source of protein to fortify cookies, pasta, or baked goods. According to the National Library of Medicine, insect protein can contain a substantial amount of protein. As per an article published by the National Library of Medicine, freeze-dried yellow mealworm larvae contained up to 33% fat, 51% crude protein, and 43% true protein on a dry matter basis.
- Additionally, insect protein is more eco-friendly as compared to raising cattle and other bigger sources of protein. Hence, many regions across the globe have been considering insects as potential sources of protein. Many regions have been witnessing the expansion of insect farms to cater to the growing demand for insect protein for animal feed, food & beverages, supplements, etc. For instance, in May 2022, Russia's first cricket farm was opened in Novosibirsk Oblast. The farm was intended to introduce a new protein source to the feed components market in Russia.
- Insect protein is also being widely used in pet food to increase its nutritional value. Various companies have been increasing their insect protein offerings and expanding to new regions. For instance, in November 2021, Ÿnsect launched its first product in the United States in collaboration with Pure Simple True LLC. The company launched a high-value protein that was used as a core ingredient for the dog treat brand Bernie's in the United States market. Hence, the increasing demand for insect protein ingredients by various end-user industries, coupled with an increased market penetration of insect protein offerings in the market, is anticipated to drive the market studied over the forecast period.
