Chicago, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The Insect Protein Market will grow to USD 3.3 billion by 2027, growing at a CAGR of 33.4% from 2022 to 2027. The demand for animal protein is expanding quickly in emerging economies. The rising regulatory approvals from the developed regions for use of insect protein is propelling the growth of the insect protein market.

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Insects are high-quality proteins that can be easily reared in resource-limited facilities. They have been an integral part of traditional food across various countries, majorly concentrated in Southeast Asia. The acceptance of insect-based protein products from the developed regions such as Europe and North America is increasing coupled with the rising awareness regarding its nutritional benefits of insects.

Insect based products are rich in protein compared to meat protein. Over the past few years commercial insect production has become increasingly common for high quality feed application and is accelerating the growth of the insect protein market.

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Based on insect type, the growth potential of crickets has been projected to be high during the forecast period.

Based on insect type the market for insect protein is segmented as crickets, black soldier flies, mealworms, grasshoppers, ants, and other insects. It has been observed that black soldier fly larvae majorly find application in feed, while crickets are majorly applied in formulating food products. Since the acceptance of insects in the food industry has been growing, with its application directed toward sports nutrition, the growth potential of crickets has been projected to be high during the forecast period.

The food & beverage segment is the fastest growing among the various application of insect protein during the forecast period

The major buyers in this market are food and beverage companies, dairy-alternative manufacturers, and feed industries among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.

Asia Pacific region is witnessing the highest growth rate in the insect protein market

Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan. The food consumption per capita is projected to increase in Australia, as the population is projected to reach 35.9 million by 2050, according to a report published by the Australian Government.

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The major players include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada), and Ynsect (France) among others. Many companies are increasing their production capacity and have raised funds and are entering into a strategic partnership to increase their market share and cater to the rising demand for insect-based protein products.

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