Global Insect Protein Market Overview:
Insects as food refer to the practice of using insects as a source of nutrition and sustenance for human consumption. It involves intentionally rearing, harvesting, and preparing insects for consumption as a regular part of the diet. In many cultures around the world, insects have been consumed as a traditional food source for centuries. They provide a valuable protein and nutrient source, particularly in regions where other protein options may be scarce or expensive. The practice of consuming insects as food can involve various species, including but not limited to crickets, mealworms, grasshoppers, beetles, silkworms, and ants. These insects are reared in controlled environments or collected from their natural habitats, then processed and prepared for consumption. In recent years, there has been a growing interest in promoting insects as a sustainable and alternative protein source to address global food security challenges.
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Chefs Increases the Use of Insects Creatively In Their Menus to Craft Gourmet Dishes
Market Growth Drivers:
Growing Awareness of Insect Protein and its Health Benefits, People Become More Health-Conscious and Seek Diverse and Nutritious Food Options and Increasing Incorporation for Insect Protein in Pet Food
Increasing Incidence of Insect Allergy in Consumers
Lack of Cultural Acceptance of Insects as Food across Different Regions and Populations
Rising R&D Activity Drive Innovation, Enhance Product Quality, And Broaden The Range of Insect Protein Applications.
The competitive landscape of the insect protein industry is characterized by a growing number of players and increasing market interest. Several companies have emerged as significant players in the insect protein market, each with its unique offerings and market positioning. This includes established companies like čnsect, Protix, AgriProtein, and Entomo Farms, as well as smaller startups and regional players. The competition among these players revolves around factors such as product quality, innovation, pricing, distribution networks, and brand recognition. As the insect protein market continues to grow and mature, competition is expected to intensify. Key success factors include product quality, scalability, cost-efficiency, branding, consumer acceptance, and strategic partnerships. Companies that can effectively address these factors and adapt to changing market dynamics are likely to thrive in the competitive landscape of the insect protein industry.
Some of the key players profiled in the report are Ynsect (France), Protix (The Netherlands), Enviroflight (United States), Beta Hatch (United States), Hexafly (Ireland), Aspire Food Group (United States), Innovafeed (France), Entomo Farms (Canada), Livin Farms AgriFood GmbH (Austria) and Protenga (Singapore). Additionally, following companies can also be profiled that are part of our coverage like Bugsolutely Ltd (Thailand), Flying Spark (Israel) and CricketOne Asia. (Vietnam). Analyst at AMA Research see European Vendors to retain maximum share of Global Insect Protein market by 2028. Considering Market by Insect Type, the sub-segment i.e. Crickets will boost the Insect Protein market. Considering Market by Distribution Channel, the sub-segment i.e. Online will boost the Insect Protein market.
Latest Market Insights:
In April 2022, čnsect, a prominent global insect producer, acquired Jord Producers, based in Nebraska. This strategic move signifies čnsect entered into North American mealworm production and marks its expansion into the backyard chicken feed market.
In September 2022, LOTTE Confectionary Co. Ltd and Aspire Food Group Ltd. entered into a Memorandum of Understanding (MOU) to establish a collaborative partnership for the distribution and promotion of cricket-based food products. The agreement focuses on key markets in Asia and Europe, highlighting their mutual interest in expanding their presence in these regions.
What Can be Explored with the Insect Protein Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Insect Protein Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Insect Protein
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Insect Protein market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Insect Protein market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Market Research Organizations, Potential Investors, Customers, End User and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.