Pune, India, July 23, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) has published a new report, which states that global insect protein market is likely to gain traction and expand at a CAGR of 23.00% across the assessment period. The global market is expected to reach USD 178,340 thousand by 2023
Market Analysis
Insects are the major source of protein in the food industry. It has slowly and gradually gained popularity as a viable food ingredient and is claimed to be a necessity for maintaining food security. In recent years, sustainable food production is increasing and is anticipated to continue growing in the future timeline. Increasing awareness about the benefits of the product is projected to lead the shift in consumer preferences towards insect protein in the years to come.
Insect proteins have high nutritional value and are considered as the best sources of protein as compared to other regular protein sources that humans consume. Therefore, the trend of intaking instant rich-protein diet and animal-based proteins, along with increasing health awareness, has boosted the growth trajectory of the insect protein market. It is prognosticated to exhibit similar pattern in the forthcoming years. Furthermore, the consumption of unhealthy food along with the increasing intake of convenience food is also expected to propel the industry growth. The product offers innumerable health benefits such as reducing obesity and calories, which is expected to increase the demand for insect protein products.
On other parameters, the global insect protein market is expected to have a notable growth graph as it is a feasible alternative to other animal and plant-based protein sources, hence, offer the equivalent of high protein content at a relatively lower cost. In addition, the factors such as high prices of fishmeal are also encouraging the feed manufacturers to shift their preferences toward insect protein and cater to the rising demand for aquaculture and poultry feed. These factors are projected to contribute largely to the global insect protein market growth.
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Key Players and Industry Buzz
Global Insect Protein Market share is highly fragmented with major industry players as EnviroFlight, LCC (US), nextProtein (France), Thailand Unique (Thailand), Proti-Farm Holding NV (Netherlands), Chapul, LLC (US), Cricket Flours LLC (US), Crik Nutrition (Canada), Seek Food LLC (US), Entomo Farms (Canada), and Haocheng Mealworms Inc. (China).
Market Segmentation
Market Research Future offers a comprehensive segmental analysis of the global insect protein market based on insect type and application type.
By the mode of insect type, the market has been segmented into crickets, mealworms, grasshoppers, ants, bees, termites, black soldier fly, silkworm, houseflies. Cicadas and others. Among these, cricket protein is reported to be the leading segment, striking a substantial CAGR to reach USD 33,068.9 thousand by the year 2023. The report also suggests that this segment is likely to attain high supremacy throughout the forecast period as they are rich in proteins as well as essential and non-essential amino acids.
On the other hand, Insect Protein Market is likely to witness the fastest CAGR of 24.00% over the forecast period. They product offers high protein and fat content which is poised to support market growth. Besides, the dried mealworm is measured to have around 53% protein, while live worms have approximately 20% of protein. By the mode of application type, this market is segmented into human nutrition, food & beverages, pharmaceuticals, nutraceuticals, cosmetics, animal nutrition, and others.
Regional Analysis
According to the report published by Market Research Future, the Insect Protein Market is spanning highly across North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Europe region with surging demand for insect protein from crickets, black soldier fly, and mealworms had covered the largest market share in 2016. With such a surge in demand, the market here is expected to expand at a CAGR of 21.10% through the forecast period. A handful of approvals have been already granted for the nurturing and consumption of insects.
Browse the market data and Information spread across 107 pages with 73 data tables and 22 figures of the report “Insect Protein Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/insect-protein-market-6094
North America is a lucrative regional segment, and it signifies developmental opportunities owing to the presence of active players in the insect protein market. Therefore, it holds the second largest market share, which is estimated to exceed a valuation of USD 73,297.9 thousand by 2023. In this region, the US accounted for the highest market share and is set to remain dominant throughout the forecast period.
Asia-Pacific is anticipated to lead the consumption of insect protein over the next few years. Several insects are being produced in various countries such as China, Korea, India, Thailand, Malaysia, Vietnam, etc. for direct consumption. Whereas, the Middle East & Africa is prognosticated to strike a moderate growth rate during the forecast period.
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https://www.marketresearchfuture.com/reports/edible-insects-market-4902
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