The global Insect Protein Market size is projected to reach a CAGR of 33.4% from 2023-2030.
Insects are an essential part of the everyday food intake for over 2 billion people worldwide. Apart from the high protein content, insects are a source of essential fats, high-quality lipids, fiber, vitamins, and minerals such as iron and calcium. The most used insect protein production is mealworms, black soldier flies, locusts, and crickets. While lipids can be used in biofuels and by-products such as chitin exhibit great potential in the pharmaceutical and bioplastic industries, insect-based proteins can be majorly used in food, pet food, fish, and animal feed.
The key factors positively impacting the growth of the insect protein market are the rising awareness about the high nutritional value of insects, growing preference for innovative protein sources considering the rising greenhouse gas emissions from the animal industries, the environmental benefits of insect proteins, the increasing demand for insect proteins in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of insect proteins.
Insect protein is one of the unique, promising animal feed proteins, owing to its functional, environmental, and nutritional benefits. However, high costs, legislation, and limited production capacity remain the main restraining factors for growth. Insect-based proteins are still expensive to produce; the equipment and procedures required to make them need optimization for large-scale production. Few consumers are inclined to pay higher prices for the health and environmental benefits of protein derived from insects, but numerous are priced out of this market.
The impact of COVID-19 has affected most countries across the world. Lockdowns, owing to COVID-19 adversely affected the global insect protein market growth. The pandemic led to several challenges to the food sector; the meat market has been poorly hit globally. The risk of continuous production, supply, distribution, lack of workforce, and lesser development activities have concerned the insect feed market. On 11 March 2020, WHO characterized the COVID-19 outbreak as a pandemic after spreading to 114 countries. As a result, a potential shift in consumers' food choices might occur, particularly concerning food of animal origin. Therefore, it is projected that there will be a higher rejection to consume unusual foods of animal origin like insects.
As the world population continues to grow, the demand for protein is expected to increase significantly. However, traditional sources of protein such as meat and fish may not be able to meet this demand due to limited resources and environmental concerns. Insect protein, on the other hand, is a promising alternative that has been gaining traction in recent years. The insect protein market has been expanding rapidly, driven by factors such as increasing awareness about the environmental impact of traditional protein sources, growing demand for sustainable and nutritious food, and technological advancements in insect farming and processing. Insects are highly nutritious and can be produced with significantly lower environmental impact compared to conventional livestock. Several companies are investing in insect protein production and introducing innovative products such as cricket flour, insect-based snacks, and pet food. However, there are still challenges that need to be addressed, including regulatory frameworks, consumer acceptance, and scaling up production to meet the demand.
North America to Dominate the Market
