Insect Protein Market by Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), Distribution Channel and Region - Global Forecast to 2027

Northbrook, IL 60062 -- (SBWire) -- 10/12/2023 --According to a research report titled "Global Insect Protein Market Forecast 2027" by MarketsandMarkets, the global insect protein market is expected to reach USD 3.3 billion by 2027, with a remarkable compound annual growth rate (CAGR) of 33.4% during the forecast period. This growth is primarily attributed to the rapidly expanding demand for animal protein in emerging economies. Additionally, increasing regulatory approvals for the use of insect protein in developed regions are driving the market's growth.

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The insect protein market is characterized by a variety of insect types, including crickets, grasshoppers, ants, mealworms, black soldier flies, and others. These insects find applications in diverse sectors such as food and beverages, animal nutrition, pharmaceuticals, and cosmetics. The distribution channels and regional variations also play significant roles in shaping this market.

Notably, the food and beverage segment is experiencing the fastest growth among the various applications of insect protein during the forecast period. Major purchasers in this market include food and beverage companies, dairy-alternative manufacturers, and feed industries, among others. The availability of insect protein has a direct impact on the production of insect-based food and beverages, making it a viable alternative source of protein.

The Asia Pacific region is witnessing the highest growth rate in the insect protein market. Southeast Asian countries have a tradition of entomophagy (the practice of eating insects), but there is a lack of regulations related to the breeding, sale, and export of insects in these countries. This presents significant opportunities for insect protein manufacturers, particularly in the animal nutrition segment. Moreover, the pharmaceutical and cosmetics industries are among the growing segments in the region, with notable growth in China and Japan. Furthermore, Australia's increasing population, projected to reach 35.9 million by 2050, is expected to drive higher food consumption per capita, according to a report published by the Australian Government.

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Key players in the global insect protein market include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada), and Ynsect (France), among others. These companies are actively contributing to the growth and development of the insect protein market worldwide.

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