According to a market report by Lucintel, the future of the insect protein market looks promising with opportunities in the food and beverage, animal nutrition, and pharmaceutical and cosmetic applications. The global insect protein market is expected to grow with a CAGR of 24% to 26% from 2023 to 2028. The major drivers for this market are the rising need for insect protein in animal feed and as alternative protein sources, growing awareness about high protein content and higher acceptance rate, and increasing investment in new start-ups.
In this market, offline and online are the major segments by distribution channel. Lucintel forecasts that offline will remain the largest segment over the forecast period due to the ease of accessibility and availability of insect protein at supermarkets, hypermarkets, convenience stores, and retailers.
Within this market, animal feed is expected to remain the largest segment due to the growing demand for insect protein as a source of essential nutrition to animals for their growth. The insect protein is generally utilized in the form of powder or liquid in animal feed additives.
North America will remain the largest region due to the presence of key insect protein manufacturers and growing demand among the consumers for insect-based protein products in the region. Large number of start-ups that provide edible insects and insect-based protein products in NA region contributes in the growth of insect protein in this region.
InnovaFeed, EnviroFlight, Ynsect, Hexafly, Protix, Aspire Food Group, and Chapul are the major suppliers in the global insect protein market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global insect protein market by insect type, application, distribution channel, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Insect Protein Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global insect protein market by insect type, application, distribution channel, and region, as follows:
Insect Protein Market by Insect Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Crickets
· Black Soldier Flies
· Mealworms
· Grasshoppers
· Ants
· Other Insects
Insect Protein Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Food and Beverages
· Animal Nutrition
· Pharmaceutical and Cosmetic
Insect Protein Market by Distribution Channel [Value ($B) Shipment Analysis from 2017 to 2028]:
· Offline
· Online
Insect Protein Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Insect Protein Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the insect protein market by insect type (crickets, black soldier flies, mealworms, grasshoppers, ants, and other insects), application (food and beverages, animal nutrition, and pharmaceutical and cosmetic), distribution channel (offline and online), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?