Insect Protein Market Report and Forecast 2024-2032

According to this report, the global insect protein market size reached a value of USD 1.01 billion in 2023. Aided by the growing demand for sustainable and protein-rich food alternatives and the increasing awareness of environmental concerns, the market is projected to further grow at a CAGR of 16% between 2024 and 2032 to reach a value of USD 4.09 billion by 2032.

Insect protein is derived from a variety of insects such as crickets, mealworms, and black soldier fly larvae. As a rich source of protein, essential amino acids, and healthy fats, insect protein is gaining widespread recognition for its nutritional benefits. In addition to being used in food products, insect protein is also becoming popular in animal feed, cosmetics, and pharmaceuticals, which is further shaping the insect protein market dynamics.

The global shift towards sustainable food sources is one of the key factors propelling the growth of the market. With the increasing demand for alternative proteins due to concerns about the environmental impact of traditional animal farming, insect protein has emerged as an eco-friendly solution. Insects require significantly less water, land, and feed to produce the same amount of protein as traditional livestock, making them a more sustainable option. Furthermore, the low greenhouse gas emissions associated with insect farming compared to cattle farming also contribute to the growing popularity of insect protein. This is favouring the insect protein market growth.

The rising global population and the associated need for increased food production have further boosted the demand for insect protein. As conventional protein sources like meat and fish face production challenges, insect protein offers a viable solution to meet the global demand for high-quality protein. This is especially significant in regions where food security is a concern, as insect farming can be carried out on a smaller scale with fewer resources.

Additionally, the growing trend towards health and wellness is contributing to the increasing consumption of insect protein in human diets. With an increasing number of consumers seeking high-protein, low-fat food options, insect protein is gaining traction as a nutritional powerhouse. Its high protein content, coupled with its rich supply of vitamins and minerals, makes it an attractive choice for health-conscious individuals. This is fuelling the insect protein market demand.

The market is also benefiting from its expanding applications across various industries. In the animal feed sector, insect protein is being increasingly used as a sustainable and nutritious feed option for livestock, poultry, and aquaculture. This is especially critical in aquaculture, where the demand for alternative feed sources is growing rapidly. Insect protein is a natural fit for fish feed, as it mimics the natural diet of many fish species, leading to improved growth rates and overall health.

In the food and beverage industry, insect protein is being incorporated into various products, including protein bars, snacks, and powders. As consumers become more open to the idea of eating insects, food manufacturers are increasingly experimenting with insect-based products, further driving market expansion.

In the cosmetics and pharmaceutical industries, insect protein is also gaining traction. As per the insect protein market analysis, its high collagen content makes it a valuable ingredient in skincare products, while its bioactive properties are being explored for use in pharmaceuticals and nutraceuticals.

Despite its promising growth prospects, the market players face several challenges, primarily related to consumer perception. The idea of consuming insects is still unfamiliar and even unappealing to many consumers, particularly in Western markets. However, as awareness of the environmental and nutritional benefits of insect protein continues to grow, this challenge is expected to diminish over time.

The global insect protein market expansion is driven by the rising demand for sustainable protein sources, expanding applications across multiple industries, and growing consumer interest in health and wellness. As the market continues to mature and consumer acceptance increases, insect protein is poised to play a key role in addressing the global protein demand while contributing to a more sustainable and environmentally friendly food system.

Market Segmentation

The market can be divided based on insect type, application, distribution channel, and region.

Market Breakup by Insect Type

• Crickets
• Black Soldier Flies
• Mealworms
• Grasshoppers
• Ants
• Others

Market Breakup by Application

• Food and Beverages
• Animal Nutrition
• Pharmaceutical and Supplements
• Personal Care and Cosmetics

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global insect protein market. Some of the major players explored in the report are as follows:

• Innovafeed SAS
• Darling Ingredients Inc.
• Hexafly
• Protix B.V.
• Aspire Food Group
• Chapul, LLC
• NTG Holdings Pte. Ltd.
• Entomo Farms
• Goterra
• NEXT Proteins, Inc.
• Others