Covid-19 Impact on Insect Protein Market | Industry Share and Forecast to 2023
Market Insight
Global Covid-19 Impact on Insect Protein Market is Estimated to be Valued at USD 178,340.4 Thousand by 2023 and Expected to Grow at a CAGR of 23.00% During the Forecast Period. The increasing demand for food products with high protein content has resulted in increased demand for the various protein-rich foods and products. Insects are a rich source of protein and are considered more healthy than other animal-based products. Insect proteins have found its application in food & beverages, pharmaceuticals, nutraceuticals, cosmetics, and others.
The growth in the cosmetic and dermatology industries has resulted in increased demand for high-value medicines. The high nutritional and curative properties have resulted in increased demand for insect proteins in cosmetics. The growing demand for supplements owing to increased health awareness among consumers has increased the demand for high protein nutraceuticals. The insect proteins due to its medicinal properties along with high nutritional value have increased its application in nutraceuticals. Various insect proteins have found their application in pharmaceuticals. The use of insect protein has found its application in pharmaceutical from ancient times. For instance, red ants are used for the treatment of joint pain.
Along with the increasing demand for Covid-19 Impact on Insect Protein Market in several applications, the demand for its by-products is increasing. Insect growers are feeding organic feed to insects to obtain organic end product and by-products, such as insect protein and organic insect waste & oil, respectively. These organic end and by-products are used to cater to the rising demand for organic products in various application industries, including food & beverages, agriculture, feed, personal care, nutraceuticals, and pharmaceuticals. Thus, the growing demand for insect protein, insect waste, and insect-based oil is anticipated to render lucrative opportunities to the market players during the forecast period.
Key Players
Some of the players operating in the Global Covid-19 Impact on Insect Protein Market are CHAPUL LLC (US), ENVIROFLIGHT LCC (US), ENTOMO Farms (Canada) and Cricket Flours LLC (US)
Segment Analysis
Global insect protein industry has been segmented based on insect type, application, and region. Based on insect type, Covid-19 Impact on Insect Protein Market has been divided into crickets, mealworms, grasshoppers, ants, bees, termites, black soldier fly, silkworm, houseflies, cicadas, and others. The crickets protein segment is expected to be larger during the forecast period. Crickets are rich in protein content, thus making it the most popular source of protein. Along with proteins, crickets are also a good source of chitin and other fibres that may influence gut health. However, the demand for mealworms protein is growing as they can be reared in both the temperate and tropical regions. The mealworms protein segment is growing at a higher CAGR of 24.00% during the forecast period.
Based on application, the global insect protein industry is segmented into human nutrition and animal nutrition. The human nutrition segment is further divided into food & beverages, pharmaceuticals, nutraceuticals, cosmetics, and others. Among both, the human nutrition segment is dominating the global insect protein market. The food & beverages segment under the human nutrition segment account for the largest Covid-19 Impact on Insect Protein Market share owing to demand high protein foods and increasing health consciousness has resulted in increased demand for the insect protein. The protein has found its application in convenience foods such as snacks, bars, and an ingredient in various cuisines. During the forecast period, food & beverage segment is estimated to grow at a significant CAGR as to reach USD 59,748.7 thousand by the end of 2023. Nutraceuticals is the second major segment. However, animal nutrition is another major application for insect protein. The high nutritional properties of insects, especially protein content, have resulted in high demand for the insect proteins in the animal feed. The trend has increased in the last few years. The high focus on precision nutrition and increased need for high growth and performance among the animals have resulted in increased demand for insect proteins in the feed.
Regional Analysis
Geographically, the global Covid-19 Impact on Insect Protein Market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis, Europe dominated the market, and accounted for the largest share of the market in 2016 and expected to grow at a CAGR of 21.10%. Europe market is followed by North America, which is accounted for the second largest number of shares in the global insect protein market, as of 2016. North America market is estimated to reach USD 73,297.9 thousand by the end of 2023. Asia-Pacific is a substantial region in the market, which accounts for 13.43% share of the market as of 2016. Country wise, Germany is the leading market, in terms of value, followed by the US.
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Key Findings of the Study
Global Insect Protein Market is projected to reach over 1,78,340.4 thousand by 2023 with 23.00% CAGR during the review period of 2018–2023.
Europe accounted for the highest market share among all the regions. The growing animal feed industry in the region is expected to render profitable growth opportunities to the suppliers of insect protein owing to the surging demand for insect protein in the feed industry.
Human nutrition segment is the dominant category for global insect protein market across all regional segments during the forecast period.
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