In 2021, the global insect protein market was valued at USD 153.92 million. Projections indicate it will rise to USD 189.32 million in 2022 and reach USD 856.08 million by 2029, reflecting a compound annual growth rate (CAGR) of 24.1% over the forecast period. Europe led the market with a 33.67% share in 2021.
More than 2 billion people worldwide regularly consume insects as part of their diet. In addition to being rich in protein, insects provide essential fats, high-quality lipids, dietary fiber, vitamins, and minerals like calcium and iron. Among the commonly used insects for protein production are mealworms, black soldier flies, crickets, and locusts. While insect-derived lipids can be utilized in biofuel production, and by-products like chitin show strong potential in pharmaceutical and bioplastic applications, insect protein is mainly used in food, pet food, aquaculture, and animal feed.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780
Impact of COVID-19
Supply Chain Disruptions Hamper Market Progress During the Pandemic
The COVID-19 outbreak caused major supply chain challenges, adversely affecting market growth. Labor shortages and temporary shutdowns at production sites were among the key obstacles. Additionally, consumer skepticism toward insect-based proteins further hindered adoption. However, the market is poised for strong recovery and substantial growth in the coming years.
Market Segmentation
By product type, the market is categorized into orthoptera, hymenoptera, lepidoptera, coleoptera, and others. Based on application, it is segmented into pharmaceuticals & cosmetics, animal feed, and food & beverages. Regionally, the market spans South America, Europe, North America, Asia Pacific, and the Middle East & Africa.
Report Highlights
Market Drivers and Challenges
Surging Interest in Alternative Protein Sources Boosts Demand
Insects offer a superior protein yield compared to traditional animal and plant sources, while being more cost-efficient to rear. As a result, their use is expanding across diverse sectors such as aquafeed, nutraceuticals, pet food, pharmaceuticals, and beverages. The high protein content and versatility of insect-based proteins are expected to drive robust market growth.
Moreover, technological advancements in food processing, increased urbanization, and evolving consumer preferences are likely to further support expansion. Despite this, the high cost of production remains a key barrier to widespread adoption.