The insect protein market is projected to reach USD 3.3 billion by 2027, growing at a CAGR of 33.4% from 2022 to 2027. There are multiple advantages associated with insect protein. Not only in terms of nutrition, but also in terms of a sustainable environment. Certain insects are used as a substitute for various meat products to fulfil the growing demand of nutritious food. Insect protein-based food products are significantly paving their way towards becoming a sustainable source of protein, further propelling the market growth.
The key players in the insect protein market include EnviroFlight (US), Innovafeed (France), HEXAFLY (Ireland), Protix (Netherlands), and Global Bugs (Thailand) among others. The key strategies that the leading market players adopt include expansions and partnerships to maintain their top position in the market. For instance, in April 2022, Global Bugs partnered with Innovative Natural Solutions to promote, support, manufacture and distribute nutritious food items using a combination of plant-based components and crickets. In November 2020, InnovaFeed opened its new production site in Nesle (France). The company’s strategy is to increase the production capacity of high-quality insect protein to support animal agriculture.
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EnviroFlight is an insect-based technology company that offers products made from high-quality black soldier flies. The company is one of the innovators in the agriculture industry, developing high-quality, sustainable animal and plant nutrition products. The company upcycles regionally available by-products from food and feed industries to produce high-quality ingredients while minimizing animal protein productions environmental and financial impacts. The companys products comply with the US Food Safety Modernization Act (FSMA), and all the feed ingredients are developed to meet the Association of American Feed Control Officials (AAFCO) guidelines.
Innovafeed is a biotechnology company producing insect-based protein for feed, especially in the aquafeed application. The company also offer products for poultry, swine, pets, and plants. The company focuses on an innovative and sustainable agricultural value chain to implement zero-waste, as all parts of the insects is valorized. Insect oil for poultry and swine nutrition; insect protein for aquaculture nutrition; and frass as an organic fertilizer. It has been operating with the largest insect production site at Nesle (France). This enables InnovaFeed to obtain a decent supply of high-quality raw materials and localize the value of its by-products while minimizing the energy requirements for processing them. It has a pilot production site in Gouzeacourt (North France), that is designed to offer unique technology, refine company’s production process & tools to improve product quality and offer premium products to the customers.
Insect Protein Market by Insect Type (Cricket, Grasshoppers, Ants, Mealworms, Black Soldier Flies, and Others), Application (Food & Beverages, Animal Nutrition, Pharmaceutical & Cosmetics), Distribution Channel and Region - Global Forecast to 2027
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