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Insect Protein Market Growth | Latest Trends, Demand and Advancement 2020 to 2023

iCrowdNewswire   Jan 11, 2021  9:38 AM ET

Market Insight

Global Insect Protein Market is Estimated to be Valued at USD 178,340.4 Thousand by 2023 and Expected to Grow at a CAGR of 23.00% During the Forecast Period. The increasing demand for food products with high protein content has resulted in increased demand for the various protein-rich foods and products. Insects are a rich source of protein and are considered more healthy than other animal-based products. Insect proteins have found its application in food & beverages, pharmaceuticals, nutraceuticals, cosmetics, and others.

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Key Players

Some of the players operating in the Global Insect Protein Market are CHAPUL LLC (US), ENVIROFLIGHT LCC (US) ENTOMO Farms (Canada) and Cricket Flours LLC (US)

Segment Analysis

Global insect protein market has been segmented based on insect type, application, and region. Based on insect type, the market has been divided into crickets, mealworms, grasshoppers, ants, bees, termites, black soldier fly, silkworm, houseflies, cicadas, and others.

Based on application, the global Insect Protein Market is segmented into human nutrition and animal nutrition. The human nutrition segment is further divided into food & beverages, pharmaceuticals, nutraceuticals, cosmetics, and others. Among both, the human nutrition segment is dominating the global insect protein market.

Regional Analysis

Geographically, the global insect protein market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis, Europe dominated the market, and accounted for the largest share of the market in 2016 and expected to grow at a CAGR of 21.10%.

Global Insect Protein Market is projected to reach over 1,78,340.4 thousand by 2023 with 23.00% CAGR during the review period of 2020–2023.

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