In 2021, the global insect protein market was valued at USD 153.92 million. Projections indicate it will rise to USD 189.32 million in 2022 and reach USD 856.08 million by 2029, reflecting a compound annual growth rate (CAGR) of 24.1% over the forecast period. Europe led the market with a 33.67% share in 2021.

More than 2 billion people worldwide regularly consume insects as part of their diet. In addition to being rich in protein, insects provide essential fats, high-quality lipids, dietary fiber, vitamins, and minerals like calcium and iron. Among the commonly used insects for protein production are mealworms, black soldier flies, crickets, and locusts. While insect-derived lipids can be utilized in biofuel production, and by-products like chitin show strong potential in pharmaceutical and bioplastic applications, insect protein is mainly used in food, pet food, aquaculture, and animal feed.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780 

Impact of COVID-19

Supply Chain Disruptions Hamper Market Progress During the Pandemic

The COVID-19 outbreak caused major supply chain challenges, adversely affecting market growth. Labor shortages and temporary shutdowns at production sites were among the key obstacles. Additionally, consumer skepticism toward insect-based proteins further hindered adoption. However, the market is poised for strong recovery and substantial growth in the coming years.

Market Segmentation

By product type, the market is categorized into orthoptera, hymenoptera, lepidoptera, coleoptera, and others. Based on application, it is segmented into pharmaceuticals & cosmetics, animal feed, and food & beverages. Regionally, the market spans South America, Europe, North America, Asia Pacific, and the Middle East & Africa.

Report Highlights

• Provides insights into key industry trends and segment performance
• Analyzes the effects of the COVID-19 pandemic on the market
• Utilizes Porter’s Five Forces Analysis for strategic insights
• Covers key growth drivers and restraints
• Includes competitive positioning and profiles of major players

Market Drivers and Challenges

Surging Interest in Alternative Protein Sources Boosts Demand

Insects offer a superior protein yield compared to traditional animal and plant sources, while being more cost-efficient to rear. As a result, their use is expanding across diverse sectors such as aquafeed, nutraceuticals, pet food, pharmaceuticals, and beverages. The high protein content and versatility of insect-based proteins are expected to drive robust market growth.

Moreover, technological advancements in food processing, increased urbanization, and evolving consumer preferences are likely to further support expansion. Despite this, the high cost of production remains a key barrier to widespread adoption.

Regional Outlook

Europe Leads, Asia Pacific to Show Accelerated Growth

Europe is projected to remain the largest market, driven by growing consumer interest in fiber-rich foods, especially among middle-aged and elderly populations in countries like Germany and the U.K. The use of insect protein in various food applications also contributes to regional growth.

Asia Pacific is expected to experience significant growth due to rising domestic consumption. China is likely to dominate the regional market owing to the ready availability of raw materials. Furthermore, rapid expansion in the food, beverage, and pharmaceutical sectors in nations such as South Korea, India, Indonesia, and Malaysia is expected to boost demand.

Tariff Impact Analysis for Insect-based Protein Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/insect-based-protein-market-100780 

Notable Market Players

• Aspire Food Group (Canada)
• Ynsect NL Nutrition & Health B.V. (Netherlands)
• EntomoFarms (Canada)
• Chapul Cricket Protein (U.S.)
• Jimini’s (France)
• EnviroFlight LLC (U.S.)
• Swarm Nutrition GmbH (Germany)
• AgriProtein Holdings Ltd (England)
• Next Protein Inc. (France)
• Innovafeed (France)

Competitive Landscape

Leading Companies Pursue Innovation and Expansion Strategies

The insect protein industry includes both emerging startups and established manufacturers. Key players include EntomoFarms, Jimini’s, EnviroFlight LLC, Aspire Food Group, Protix, Innovafeed, Hexafly, and Swarm Nutrition GmbH. These companies are focusing on increasing production capacity to meet rising demand and are leveraging mergers, acquisitions, and partnerships for growth. For example, in April 2021, Ÿnsect acquired Protifarm to expand its global footprint.