United States (New York) – New research study titled “Insect protein market” for the year 2023, covering various aspects such as industry size, market share, growth analysis, segmentation, top manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, methods distribution, opportunities, strategies, potential roadmap, and annual forecasts up to 2031. The main objective of this market research study is to take a deep look at the industry, thus allowing companies to obtain detailed information about the sector and its economic potential. By leveraging the accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves PESTLE & SWOT Analysis, Porter’s Five Forces Analysis, and provides crucial information including expenses, costs, revenues and end users. At more than 150 pages, the document offers a comprehensive table of contents, more than 180 figures, tables, graphs, and detailed analyses.
Key players. main players[Chapul Cricket Protein (US), Protifarm (Netherlands), Aspire Food Group (US), Swarm Nutrition GmbH (Germany), EntomoFarms (Canada), Jiminis (UK), Protix (Netherlands), Hexafly (Ireland),Ynsect (France), Innovafeed (France), EnviroFlight LLC (US), AgriProtein Holdings Ltd]
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Report Ocean, revealed that the global insect protein market was worth USD 201.4 million in the year 2022. It is estimated to grow at a CAGR of 23.1%, earning revenue of around USD 858.06 million for end of 2028.
The lucrative growth of the global insect protein market is attributed to urbanization, increasing consumer purchasing power, expansion of the food and beverage industry, the adoption of increased consumption of insect protein snacks, fast food and protein supplements around the world. In addition, Global Insects Protein is one of the most emerging and continuously growing markets due to its advantages such as high protein content, minerals such as iron, zinc, sodium, potassium and vitamins, lower gas and ammonia emissions, and being a sustainable product. food source that is good for humans and animal feed.
However, for some consumers, insect protein is considered harmful and allergic to human consumption, as it is a new concept for many consumers and due to general neophobic trends, which is the main restraining factor of the global insect protein market. insects. Some consumers are afraid to try new protein alternatives due to lack of awareness and their health concerns. According to the developments of Food and Research, the consumption of insects is very healthy, nutritious and safe for human consumption, as well as for animals. Many countries are already using insect protein in the food and beverage industry as an alternative to animal protein, and insect species are consumed in at least 113 countries. In western countries, insect-based protein bars, snack foods, fast food, and dairy products in general are gaining great popularity among consumers. Cricket bars, mealworms and grasshopper meal have already carved a niche for themselves in the market due to their high protein and amino acid content. With the increase in launches of other insect protein feeds, the global insect protein market is anticipated to boost during the forecast period (2023-2028).
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Based on the distribution channel, the global Insect Protein market is segmented into Online Retailer, Convenience Store, Supermarket/Hypermarket, and Other. The online retail segment accounts for the largest market share as the demand for Insect Protein increased tremendously from the snacking consumption of the young generation, increased use of mobile devices, and a variety of Insect Protein food products available on the Internet. online websites, thus accelerating the growth of Global Insect Protein Market. Based on the end user, the insect protein market is segmented into food and beverages, animal feed, pharmaceuticals, cosmetics, and protein supplements. The Food and Beverage segment dominates the market due to the growing need for protein in food and beverages, also the increase in consumption of animal protein such as meat, eggs and milk forces manufacturers to use insect protein as an alternative to meet the demand. Protein demand followed by new product launches such as mealworm biscuits, cricket paste, bars, mixed insect snacks, caterpillar honey croquettes, candies and other insect-based protein products.
geographically, the global insect protein market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA). The Europe segment has the largest market share due to the higher population rate, increasing demand for insect protein feed products in the major UK and German markets, and various growing research and development activities in this region are driving the market. growth. The sudden outbreak of COVID-19 adversely affected the growth of the global Insect Protein market. Initially, sales declined as many productions stopped during the lockdown and people’s concern about virus transmission via animals or insects is the main reason for rejection of insect-based protein foods, leading to The growth of the insect protein market globally decreases. .
Market segment:
By type (crickets, bees, ants, black soldier files, mealworms, wasps, and grasshoppers)
By end user (food and beverages, animal feed, pharmaceuticals, cosmetics, and protein supplements)
By region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA)
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These companies are constantly releasing a wide range of products with innovations to appeal to consumers and therefore invest significantly in research and development activities to further innovate their offerings. In addition, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Do not miss out on the business opportunity in the Global Insect Protein Market. Consult our analysts to obtain crucial information to facilitate the growth of your business.
In-depth analysis of the report provides insights regarding growth potential, upcoming trends, and statistics of the global Insect Protein Market. It also highlights the factors driving the total market size forecasts. The report promises to provide recent technological trends in the global Insect Protein market and industry information to assist decision-makers in making sound strategic choices. Furthermore, the report also discusses growth drivers, challenges, and competitive dynamics of the market.
Table of Contents:
- Report Overview
- Global growth trends
- Competitive landscape for key players
- data segments
- North America Market Analysis
- European market analysis
- Asia-Pacific Market Analysis
- Analysis of the Latin American market
- Middle East and Africa Market Analysis
- Market Analysis of Key Player Profiles
- Analyst Viewpoints/Conclusions
- Appendix
Porter’s Five Forces Analysis illustrates the power of buyers and suppliers.
Threat of new entrants:
- If the threat of new entrants is high, it indicates that buyers have more choice and can easily switch suppliers, increasing their bargaining power.
- Industry details: An industry with low barriers to entry and minimal regulatory restrictions can attract new entrants, which can give buyers more choice and bargaining power.
The power of provider’s negociation:
- If suppliers have strong bargaining power, they can dictate terms and prices, reducing buying power.
- Industry Details: Industries with few suppliers, unique resources or expertise, or limited alternative suppliers can give suppliers more power, affecting buyers’ ability to negotiate favorable terms.
The bargaining power of buyers:
- If buyers have strong bargaining power, they may demand lower prices, better quality, or additional services from suppliers.
- Industry Details: Industries with many buyers, low switching costs, or readily available alternatives can improve buying power and your ability to negotiate favorable deals.
Threat of substitute products or services:
- If there are many substitute products or services available, buyers can easily switch, giving them more power.
- Industry details: Industries with numerous substitutes or evolving technologies that provide alternative solutions can give buyers the upper hand in negotiations.
The intensity of competitive rivalry:
- High competition among existing industry players can give buyers more choice and bargaining power.
- Industry Details: Industries with many competitors, slow industry growth, or low product/service differentiation can lead to intense rivalry that benefits buyers.
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