In 2021, the global insect protein market was valued at USD 153.92 million. It is projected to increase to USD 189.32 million in 2022 and is expected to reach USD 856.08 million by 2029, exhibiting a compound annual growth rate (CAGR) of 24.1% during the forecast period. Europe held the largest share of the market in 2021, accounting for 33.67%.
Globally, over 2 billion individuals incorporate insects into their diets. Insects not only offer a rich source of protein but also supply vital fats, high-quality lipids, dietary fiber, and essential vitamins and minerals such as calcium and iron. Popular insects used for protein include mealworms, black soldier flies, crickets, and locusts. While lipids from insects can be used in biofuel production and by-products like chitin show promise in pharmaceuticals and bioplastics, the primary uses of insect protein remain in food, pet food, aquaculture, and livestock feed.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780
Impact of COVID-19
Supply Chain Interruptions Slow Market Progress Amid Pandemic
The COVID-19 pandemic led to significant disruptions in supply chains, which negatively impacted market development. Workforce shortages and temporary closures of production facilities were major challenges. Additionally, consumer hesitation toward insect-based proteins further slowed adoption. Nonetheless, the market is expected to rebound strongly and witness notable growth moving forward.
Market Segmentation
Based on product type, the market is segmented into orthoptera, hymenoptera, lepidoptera, coleoptera, and other categories. In terms of application, it is divided into pharmaceuticals & cosmetics, animal feed, and food & beverages. Geographically, the market includes regions such as South America, Europe, North America, Asia Pacific, and the Middle East & Africa.
Report Highlights
Market Drivers and Challenges
Growing Preference for Alternative Protein Sources Fuels Market Growth
Insects yield more protein compared to conventional animal or plant sources and are more economical to farm. Consequently, their use is growing in fields such as aquafeed, nutraceuticals, pet nutrition, pharmaceuticals, and beverages. The high nutritional value and adaptability of insect protein are major factors propelling market expansion.
Technological progress in food production, urbanization, and shifting consumer trends are also expected to support market growth. However, elevated production costs continue to pose a significant hurdle for broader adoption.