Insect Protein Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Insect Protein Market Size - Analysis

The insect protein market is estimated to be valued at USD 1.418 Bn in 2024 and is expected to reach USD 10.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 33.1% from 2024 to 2031. The market has seen steady growth over the past few years and increased awareness about environmental and health benefits of insect-based proteins is driving more consumers to shift to alternative protein sources.

Insect Protein Market Trends

Insects such as crickets, grasshoppers, locusts, mealworms contain high quality protein and many essential amino acids. They can be bred much more sustainably than cattle or fish. Insects have very less land and water footprint and produce less greenhouse gases.

With the increasing popularity of the flexitarian and vegetarian diets worldwide, people are constantly looking for sustainable alternatives to meat protein that also provides similar nutritional benefits. Insects can effectively meet these demands as they are a rich source of easily digestible, high-quality protein.

As climate change and sustainability issues have come into mainstream discourse in last few decades, people are constantly looking to make greener choices in their diet and lifestyle. This shift in thinking is positively impacting the insect protein domain.

Additionally, the FAO and other UN groups have strongly endorsed insects as a more sustainable alternative protein source considering the climate challenges. This endorsement from reputed international agencies has lent credibility to this notion among general public. Rising coverage in mainstream media has also played a key role in amplifying these pro-environmental narratives around edible insects.

Overall, as climate change concerns dominate the global agenda, educating people about insects' sustainability benefits will continue driving greater acceptance of this novel protein source globally.

One of the major challenges currently facing the insect protein market is allergy concerns associated with insect proteins. As insects become a more prevalent ingredient in foods and feeds, some consumers may be hesitant due to potential allergies.

However, full characterization of allergenic proteins present across different edible insect types has not been completed. Addressing concerns around food allergies through rigorous research and developing processing methods to reduce allergenicity will be important for gaining wider public acceptance of insect protein.

Market Opportunity - Expansion of Food Products Using Insect Protein into New Consumer Markets

However, there is a large potential to broaden consumer appeal by developing innovative food and beverage products incorporating insect protein that will attract new mainstream markets. For example, developing snacks, baked goods or pasta products containing ground up cricket flour could introduce insect protein to families and children.

With more product development and marketing efforts, insect foods could be adopted globally and provide a sustainable alternative protein across diverse consumer segments.

Key winning strategies adopted by key players of Insect Protein Market

Product Innovation: One of the main strategies adopted by leading companies such as Protifarm and Enviroflight has been continuous product innovation. For example, in 2019 Protifarm launched new chocolate chip cookie dough flavor using cricket flour. Enviroflight launched innovative protein bars made from black soldier fly larvae in 2018 which received positive reviews for taste and texture. Their new product line helped increase sales by over 30% that year.

Marketing and Promotions: Aggressive marketing campaigns have been effective in raising awareness and changing consumer perceptions. For example, Nutrition Technologies promoted cricket flour as a sustainable source of protein through social media influencer campaigns in 2017.

Segmental Analysis of Insect Protein Market

In terms of insect, crickets contribute to the highest share of the global market. Crickets make up the largest portion of the insect protein market due to several key advantages they provide over other insects. As one of the most commonly found insects worldwide, crickets are plentiful and can be easily sourced in large quantities without straining natural populations. Their omnivorous diet also makes them low-maintenance and affordable to farm compared to insects with more specific dietary requirements.

Beyond their natural abundance and amenable nature to intensive farming, crickets are also very appealing from a product development perspective. Their neutral flavor profile allows for incorporation into a wide variety of food forms without noticeably altering taste. Textured cricket flour can substitute traditional flours in many baked and snack products.

Food applications have pioneered the insect protein market; thanks to the many possibilities for novel and upgraded formulations. Full insects, flours, and pastes deliver notable protein along with micronutrients to an array of savory and sweet baked goods, snacks, and other grocery products. The discretionary nature of these items allows bold packaging and marketing to stoke consumer interest.

As consumer focus on protein intake grows across demographics, food provides an approachable introduction to insects as an alternative source. Insect ingredients confer noticeable benefits without necessarily tasting unusual. They supplement existing foods with incremental wellness attributes rather than requiring an entirely new dietary behavior change.

Additional Insights of Insect Protein Market

• The EU's approval of house crickets for human consumption in 2023 significantly boosted insect protein demand in Europe, reflecting the region's regulatory leadership.
• Collaborations between companies, such as Global Bugs and Innovative Natural Solutions (April 2022), facilitate the distribution of insect-based food products to meet growing market demands.
• Insect farming requires fewer resources and emits lower levels of greenhouse gases compared to traditional livestock farming. Insects can also be farmed on organic waste, providing environmental and economic benefits.

Competitive overview of Insect Protein Market

The major players operating in the Insect Protein Market include Protix, Entomo Farms, Ynsect, Aspire Food Group, Chapul, Essento, Altimate Foods Pte. Ltd., Darling Ingredients, Flying Spark Ltd, LIVIN farms AgriFood GmbH, Armstrong Crickets Georgia, Global Bugs Asia, Hargol FoodTech, FarmInsect GmbH, and CricketOne Asia.

Recent Developments in Insect Protein Market

Insect Protein Market Segmentation

• By Insect
  • Crickets
  • Mealworms
  • Grasshoppers
  • Others
• By Application
  • Food
    • Protein Flour
    • Protein Bars
    • Snacks
  • Beverages
  • Cosmetics