Consistently increasing global population is enticing the need for new food sources. In the present-day scenario, insect protein has become one among the prospering novel foods. In a comparison with beef, crickets, for instance, contain 69% protein while beef is only 29%. They are also a natural food source for poultry, and the exoskeleton of insects contains a substance known as chitin, which is a polysaccharide. Chitin naturally boosts the immune system of poultry, thus eliminating the need for antibiotics, which go up the food chain into humans. Therefore, the insect protein market had an evaluation of $62.55 million as of 2018 by IndustryARC. Furthermore, the demand for insect protein is poised to escalate with a profitable CAGR of 20.96% during the forecast period 2019-2025. A 150 tons of insect protein is possible produce using a single hectare of ground, on a yearly basis. In addition to this, crickets reduce the methane gas production which is nearly 80% lesser than cows. This factor will replicate an enormous positive impact on global warming & greenhouse gases and contributing for an increment in the insect protein market size.
Insect Protein Market: Leading Segments
The food and beverages end-user industry of the Insect Protein Market is set to grow with a CAGR of 33.97% over the aforesaid forecast period. It is mainly due to the wide range acceptance of edible insects particularly by the weight lifters and nutrition conscious people. Crickets, meal-worms, black soldier fly larvae, buffalo worms, grasshoppers, ants, silkworms, and cicadas are the most frequently consumed insects in the insect protein market. Insect protein powder is highly accepted in the bakery sector of FNB industry, owing to its greater nutritional benefits. It is majorly used in the preparation of baked-goods recipes such as cookies, pancakes and biscuits. Increase in the consumption of fish has been resulted in fish farming, in this case insect protein act as a natural food source for fish as it offers a great fish-meal. In addition to this, insect protein is used as a natural food source for poultry as well. Chitin is a polysaccharide, which is available in the exoskeleton of insects. It boosts up the immune system of poultry and eliminates the necessity of antibiotics, which impact the human food chain. Thus, these factors are representing the rise in the adoption of insect protein particularly in the food and beverage industry.
APAC occupied a domineering regional share of 60% among other regions in the global insect protein market. Globally, China and India are noted as the most populous countries, with a population of more than 1.4 billion and 1 billion as of 2019 respectively. China's largest share in the worldwide population, and low arable land is representing the difficulty associated to fulfill the rising food demand. It ultimately leads to a deficit in case of dietary requirements, and also affects the ecological and health benefits of an individual. Therefore, the emerging Asian venture capitalists are exploring varied insects which fulfill the growing craving for food in this region.
Insect Protein Market: Disruptive Trends
Edible insects are broadly used as high-quality protein sources. They are well known for providing insect nutrition due to their high feed conversion efficiency compared to conventional livestock such as cattle, pig, and sheep. In terms of high-quality protein, crickets occupy 69% whereas beef holds 29% as the crickets comprises of nine essential acids together with magnesium, potassium, B12, calcium, iron, sodium and zinc. Furthermore, calcium content in the cricket flour dominates to milk, and same in case of iron than spinach. Additionally, it is also well-known as ecologically viable food source.
Precise nutrition offered by the insects is highly consumed by the athletes and health conscious people. Insect protein is greatly consumed through various forms such as protein bars, powders, and mixes. Majorly these people dump the insect protein powder into shakes. These factors altogether driving the insect protein market demand.
Analytical methods play a crucial role in encouraging insect protein manufacturers. Acquisitions and mergers business strategies are widely adopted by the manufacturers in the insect protein market, as they are providing notable benefits.
Insect Protein Market: Competitive Landscape
Some of the key insect protein market share players operating in the global insect protein market are Next Protein Inc., Thailand Unique, Entomo Farms, Kreca Ento-Food, EnviroFlight, LLC, Nordic Insect Economy Ltd, EXO, Crik Nutrition, Agriprotein Technologies and Proti-Farm.
In insect protein sector, AgriProtein’s $105 m investment is identified as the largest one compared to other investments, as of 2018. Thus, this company represented its appetite for a notable share in the global insect protein market. AgriProtein deals with a fly farmer and waste-to-nutrient production. It is mainly involved in the production of a sustainable protein, which is highly used in animal diets. For instance, it is highly concentrated in providing disruptive protein sources that satisfy the growing consumer’s appetite for farmed fish along with the increasing demand for aquafeed as well. Therefore, the fund raised by AgriProtein Holdings UK in company with local project funding for a number of factories in Africa, the Middle East and Asia are encouraging the AgriProtein to deliver its targeted insect protein products.
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