Insect Protein Market size to grow by USD 1.14 billion from 2022 to 2027, Increasing demand for sustainable protein sources to drive the market growth - Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The insect protein market size is expected to increase by USD 1.14 billion from 2022 to 2027. The market is estimated to register a CAGR of 31.84%, according to the latest research report from Technavio. Increasing demand for sustainable protein sources is a major factor that drives the growth of the global insect protein market. The demand for alternative protein sources, such as insect proteins, is increasing. In addition, the environmental awareness of the impacts of conventional animal husbandry is growing globally. Furthermore, along with deforestation, livestock farming is a major contributor to greenhouse gas emissions. This is because it consumes large amounts of land, water, feed, and other abundant resources.Cricket farming produces 2,000 times less water and emits 100 times less greenhouse gas emissions in comparison to beef production. Resultantly, insect farming tends to be more environmentally friendly. For instance, in comparison to conventional livestock like cows or pigs, insects such as crickets, which are frequently used to produce protein, require significantly less land, water, and feed. Hence, such factors drive the market growth of insect protein during the forecast period. Discover Packaged Foods & Meats industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
Insect Protein Market - Vendor Landscape
There are a large number of companies operating in the highly competitive global insect protein market, ranging from small startups to major corporations. Although the market is still in the developing stage, it is expanding quickly, providing opportunities for both new players and long-standing competitors. The insect protein market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Insect Protein Market - Regional Market Outlook
Insect Protein Market - Key Market Segmentation
This insect protein market report extensively covers market segmentation by product (coleoptera, lepidoptera, hymenoptera, orthoptera, and others), application (animal nutrition, food and beverages, and pharmaceutical and supplements), and geography (Europe, North America, APAC, Middle East and Africa, and South America).
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Insect Protein Market - Market Dynamics
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