According to a new market research report titled, ‘Insect Protein Market by Product (Whole Insect, Insect Powder, Insect Meal), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages), and Geography—Forecast to 2030,’ in terms of value, the insect protein market is expected to record a CAGR of 28.4% from 2022–2030 to reach $9.46 billion by 2030. However, in terms of volume, the insect protein market is expected to record a CAGR of 31.5% from 2022–2030 to reach 3,028,468.3 tonnes by 2030.
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The current food production needs to be doubled to fulfill the growing population’s food requirements. This effort would require finding environment-friendly and sustainable food production methods and food sources with high nutritional content. Hence, insect proteins could be a great solution due to their high nutritional values.
Impact of COVID-19 on the Insect Protein Market
The COVID-19 pandemic created numerous challenges for the food sector, especially meat products manufacturers across the globe. The meat products manufacturing industry has faced major challenges, such as the risk of continuing production, distribution, transportation, and other supply chain activities, limited workforce, and delays in product development. The rescheduling of private investment financing and public funding initiatives further restricted the development of the food sector. These factors are expected to impact the meat products industry, driving the demand for alternative protein sources, such as insect proteins.
The U.S. Department of Agriculture announced that between March and April 2020, the volume of frozen pork in storage declined by 4%, and slaughter rates dropped by 25%. However, many news sources have commented that it is still too early to declare a food crisis. Some economists predict that consumers will have significantly fewer options for meat and protein. All these factors could create such a snowball effect around the globe. As insects contain high quantities of protein, vitamins, and minerals, they could fill the gap left by U.S. meat producers during the COVID-19 crisis.
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The insect protein market is segmented based on product (whole insect, insect powder, insect meal), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other insect proteins), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on the product, in 2022, the whole insects segment is expected to account for the largest share of the insect protein market. The easy availability and the lower cost of whole insects compared to processed insects is one of the major drivers fueling its demand in the market. Furthermore, the lack of insect processing facilities in some parts of the world and the growing demand for insects in the animal feed industry drives the growth of this segment. However, the insect powder segment is expected to grow at the highest CAGR during the forecast period of 2020–2030. Increasing health & wellness trends, the rising number of health clubs & fitness centers serving insect powder, the emergence of several start-ups producing insect protein bars & shakes, and busy lifestyles demanding highly nutritious & convenient foods, such as insect powder are some of the major drivers for the growth of this segment.
Based on insect type, in 2022, the crickets segment is estimated to account for the largest share of the insect protein market. The growth of the crickets segment is attributed to the higher incorporation of crickets into various food recipes and products, high nutritional value and ease of farming & processing of crickets, and the rising demand for cricket-based food products such as protein powders, protein bars, and snacks. However, the black soldier flies segment is estimated to witness significant growth during the forecast period of 2020–2030. The growth of this segment is attributed to the rising demand for alternative proteins from the animal feed industry due to the rising prices of fish and soy meal, the growing aquaculture industry, the rising number of government approvals for the use of insect meal in livestock feed, and the increasing number of investments by major players in the black soldier fly industry.
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