Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global insect protein market. In addition, complete analysis of changes on the global insect protein market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global insect protein market was more or less affected due to supply chain distribution, declining demand for insect protein from various application like food & beverages, animal nutrition which has certainly affected the market growth to major extend. However, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
The key factor driving the market growth are increasing demand for alternate protein due to various benefits and advantages has certainly contributed in the market growth. For instance adult cricket provides 13.2-20.3 grams of protein per 100 gram serving which further increases the demand for insect protein across various applications like food & beverages, animal nutrition, pharmaceutical & cosmetics. Furthermore, rising food security & sustainability and surging adoption of sustainable industrial farming are some of the major factor propelling the demand for market.
The global insect protein market is expected to witness increasing new growth opportunities for market with growing collaborations of insect protein based product manufacturer with retailers to increase the visibility and awareness has specifically accelerated the demand for the global market across the globe. Furthermore, increasing opportunities with emerging start up in market for insect protein products production is expected to be observed as the major growth opportunities for market. Likewise, increasing health consciousness for various application consumer and expenditure is expected to drive the market.
The major restraining factor for the global insect protein market is high cost, consumer acceptance, microbial risks and allergic reactions. The different advantages of insect protein are mostly observed in various industry however number of application consumer often have various allergic reactions due to insect protein. Besides, the microbial risks is one major concern of application which has certainly created hurdle for the market growth. Furthermore, consumer acceptance for insect protein is expected to hamper the market growth. This factors are expected to restrain the market growth over the forecast period (2021-2028).
The major growth challenge for the market is vegan trends. With the changing dynamic, increasing preference for vegan diet, food and beverages and among others has specifically hampered the market growth. Besides, availability of different protein offering in vegan form has further created hurdle for the market growth.
The report provides in-depth analysis of global insect protein market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various insect protein in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The global insect protein market comprises of different market segment like insect type, application and geography.
The insect type studied in the global insect protein market are crickets, black soldier flies, mealworms, ants, grasshoppers, others. Different insect type often have use of their protein in different applications. For example, Cricket are a complete protein source, containing all the essential amino acids. Also, the cricket power also contain over twice as much iron as the spinach. Besides, cricket insect protein studies has shown that cricket protein powder contains about 65.5% protein. Furthermore, cricket are compete protein sources, meaning they contain all nine essential amino acids in ideal properties. Similarly, black soldier flies, mealworms, ants, grasshoppers, others (silkworms, bees) are likely to contribute healthy growth I the market during the estimated time period.
The global insect protein market finds its major application in food & beverages, animal nutrition, pharmaceutical & cosmetics and other. Animal nutrition is further bifurcated into aquafeed, poultry feed, pet food and others. Food & beverages is likely to gain major market share during the estimated time period. The insect protein are mostly used in food & beverages as the market have gain significant attention as an alternative sources of dietary protein. Besides, the insect protein have same performance on digestion, absorption, and on the ability to stimulate muscle production. The power products can be further used to create recognizable dishes such as burgers, pasta and pasta sauces. In addition, animal nutrition followed pharmaceutical & cosmetics are likely to witness increasing opportunities in upcoming years.
The global insect protein market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to witness rising demand for insect protein market. The major factor propelling the market growth are expanding market growth in countries like United States, Canada and Mexico. Besides, the increasing demand for various food and beverages has certainly propelled the growth of market in the region. Likewise, increasing demand for alternate protein, food security & sustainability and surging adoption of sustainable industrial farming are some of the key factor propelling the growth of global insect protein market. Furthermore, food regulations in the region is expected to contribute healthy growth for the market. On the other hand, Europe, is expected to witness the growth at specific growth rate. For instance the EU regulatory framework has supported the European insect sector to become a leader in terms of innovation with numerous startup initiatives. For example, EU authorization of insect derived protein in aquaculture feed- which can be incorporated in such products since July 2017. Thereby, region is anticipated to have rising demand over the estimated time period.
The competitive landscape analysis of insect protein market is certainly based range of market players operating in the food & beverage market with increasing demand for production of insect protein. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are Seek Food LLC, Agriprotein Holdings Ltd., EnviroFight LLc, Innovafeed, Ynsect, Hexafly, Protix, Jimini’s, Entomo Farms, Aspire Food Group, Protifarm, Chapul Cricket Protein, Next Protein Inc, Thailand Unique, Haocheng Mealworms Inc., Crik Nutrition among others.
December 2021: Neo Bites had launched the first line of functional dog food toppers made from the insect protein. The neo bites dog food toppers and treats are powered by insect protein which is only animal protein with a natural prebiotic and contain more omega- 3s than salmon. Neo Bites products are hypoallergenic and made from whole super foods.
December 2021: Percuro Pet Food had launched the new insect protein dog treat. The treats, Snappies are disc shaped and designed to snap easily allowing the pet owners to feed the whole biscuit at once or in portions during the training.
November 2021: Purina had launched pet food with plant and insect proteins. Nestles Purina is launching pet food that builds on alternative proteins to make better use of the planet’s resources. The new lines includes insects as well as plant protein from fava beans and millet. Nestle Purina had launched pet food that builds on alternative proteins to make better use of the planet’s resources. The new lines includes insect as well as plant protein from fava beans and millet. The new pet food was developed taking into consideration the different nutritional requirements of cats and dogs, as well as their different taste profile. The protein sources were blended to deliver all essential amino acids dogs as well as their different taste profiles.
August 2020: Protein Rebel had launched the cricket and plant based high protein powders with a focus on all natural ingredients. Three protein rebel powder: reload – a cricket and plant based high protein powder that is great for building and repairing the muscle mass.
Insect protein which are present in edible insect are generally rich in protein, fat and energy. The insect protein is ideally a significant source of vitamin and minerals. Besides, the worldwide, the demand for insect protein is rising at specific pace as the insect protein are mostly consider as alternative protein source in food and feeds. This can further contribute to food and feed security. Alternatively, surging adoption of sustainable industrial farming is the major factor propelling the demand for market. Likewise, global insect protein market comprises of different market segment like insect type, application and geography. The insect type studied in the global insect protein market are crickets, black soldier flies, mealworms, ants, grasshoppers, others. Different insect type often have use of their protein in different applications. For example, Cricket are a complete protein source, containing all the essential amino acids. The global insect protein market finds its major application in food & beverages, animal nutrition, pharmaceutical & cosmetics and other. Animal nutrition is further bifurcated into aquafeed, poultry feed, pet food and others. Food & beverages is likely to gain major market share during the estimated time period. The global insect protein market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to witness rising demand for insect protein market.
1) What are the drivers for insect protein market?
The key driving factors of the market are increasing demand for alternate protein, food security & sustainability and surging adoption of sustainable industrial farming
2) Which is the leading application segment for insect protein market?
Food & beverages has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).
