Market Insights

The insect protein market was estimated at USD 1 billion in 2023 and is likely to grow at a CAGR of 24.1 % during 2024-2030 to reach USD 4.5 billion in 2030.

Market Dynamics

Introduction

Insect protein refers to a protein that comes from insects, which are excellent providers of minerals, healthy fats, and vital amino acids.  This quickly expanding sector of the global food industry provides a nutrient-dense, sustainable substitute for conventional protein sources. Insect protein offers a viable way to address food production's sustainability issues and satisfy the growing demand for protein due to its high conversion efficiency and small environmental impact.

Recent Market JVs and Acquisitions:

Market players form strategic alliances and partnerships as well as perform mergers and acquisitions in the market. Some recent developments in the past few years:

• In October 2023, Tyson Foods Inc. acquired a minority stake in Insect Ingredients company Protix. The companies also announced a joint venture to build a U.S. insect ingredient plant.
• In April 2022, Global Bugs Asia and Innovative Natural Solutions signed a Memorandum of Cooperation with the purpose of collectively promoting, supporting, and developing EntoPowder supplements and producing and distributing healthy food products based on a mix of plant and EntoPowder cricket-based ingredients.
• In January 2020, Darling Ingredients Inc. increased its ownership interest in EnviroFlight to 100% by acquiring a 50% joint venture interest in the latter from its previous owner Intrexon Corp. The transaction has helped the former in accelerating its ability to create higher-value, sustainable specialty proteins for the agriculture and companion animal feed industries.

Segment Analysis

By Application Type

“Animal nutrition is expected to remain the dominant application type in the market during the forecast period.”

• The insect protein market is segmented into food & beverages, animal nutrition, and pharmaceutical & cosmetics.
• Animal nutrition is expected to remain the dominant application type in the market during the forecast period.
• Insect protein is increasingly being used in animal nutrition due to its high nutritional value, sustainable production methods, and low cost.

By Distribution Channel Type

“Offline distribution channel is projected to be the largest segment during the forecast period.”

• The market is segmented into offline and online distribution channel.
• Offline distribution channel is projected to be the largest segment during the forecast period.
• The dominance of offline channels is primarily driven by developing countries that do not have well-established online distribution channels.

Regional Analysis

“North America is estimated to remain the largest market for insect protein during the forecast period.”

• In terms of region, North America is expected to remain the largest market for insect protein during the forecast period.
• The region’s growth is well supported by the presence of key insect protein manufacturing companies in the region.

Key Players

All of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the insect protein market:

• EnviroFlight, LLC
• InnovaFeed SAS
• Hexafly
• Protix
• Global Bugs Asia Co., Ltd.
• Entomo Farms
• Ynsect
• Beta Bugs
• Aspire Food Group
• Chapul Farms

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The insect protein market is segmented into the following categories. 

By Application Type

• Food & Beverages 
• Animal Nutrition 
• Pharmaceutical & Cosmetics 

By Insect Type

• Cricket 
• Grasshoppers 
• Ants 
• Mealworms 
• Black Soldier Flies 
• Others 

By Distribution Channel Type

• Offline 
• Online 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s insect protein market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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