Market Research Future published a research report on Global Insect Protein Market and predicts that Global Insect Protein Market is expected to grow at a healthy CAGR of 8.5% during the forecasted period and report include market Analysis, Scope, Stake, Progress, Trends and forecast till 2023.
The Global Insect Protein Market is expected to reach an approximate CAGR of 16.5% during the forecast period. The ever-rising population eventually leading to decrease in agricultural lands is likely to drive the market. According to the United Nations in 2017, the world population was 7.6 billion and is expected to reach 9.8 billion by 2050. Moreover, in 2015, the U.S. Census Bureau projected that the U.S. population would reach 417 million by 2060 that is a 38% increase as compared to 2007. The trend of protein-rich diet, the high cost of animal and plant-based proteins, and health awareness are other important factors influencing the growth of the market. For instance, house crickets contain 205 g/kg of protein on an average, whereas beef contains 256 g/kg. Similarly, mealworms contain unsaturated omega-3 and six fatty acids as much as fish and pork. With these benefits of insect proteins, the market is projected to grow rapidly.
However, factors such as stringent environmental regulations, risks associated (allergies) with insect consumption, psychological barriers, religious and cultural believes, and ethical issues are expected to hinder the market growth during the forecast period.
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Key Players for Global Insect Protein Market
Some of the key players for the Global Insect Protein Market are Thailand Unique, Kreca Ento-Food, Kreca Ento-Food , Nordic Insect Economy Ltd., Entomo Farms Ltd., Enviro Flight, Proti-Farm, Exo Inc., Crik Nutrition, Deli Bugs Ltd., Agriprotein Technologies, Bugsolutely, Hopper Foods, Hargol Food Tech, Griopro, Kric8, and others.
Regional Analysis of Global Immunoassay Market
The insect protein market is dominated by Asia Pacific owing to the huge increasing population.
Asia is the most populous of all the continents and has two most populous countries, China and India. According to World Population Review in 2017, China has the largest population in the world which is estimated to be 1,377,124,512, which is 31.69% of Asia’s total population and 18% of the world’s population. China is followed by India with an estimated population of 1,285,800,000 and accounts for 29.36% of the continent’s population. This drives the growth of the market in this region.
Europe is expected to be the second largest region in the global insect protein market. The EU regulation 2017, granted permission to use insect proteins as fish feed, thus offering a milestone for the European insect production sector. The increased production of insect feed in Europe for the aquaculture sector drives the growth of the market in Europe. The aquaculture sector has grown tremendously and is an important contributor to the region’s food production sector. According to Eurostat in 2017, aquaculture accounted for 19.7% of the total fisheries production and the amounted for EUR 4 billion. Thus, rapidly growing aquaculture sector provides favorable backgrounds for the market to grow in Europe.
The Americas will witness growth for the insect protein market owing to growing awareness and increasing nutrition demand. The increase in the per capita meat consumption and fears of protein shortage fuel the market within the region.
The Middle East holds the least share in the global insect protein market due to the presence of stringent government policies. On the other hand, Africa holds a large share in the Middle Eastern and African region for the insect protein market, as the tradition of insect consumption is more than hundreds of years old. The rising price of beef and meat and the tropical climate for insect growth in this region also pose a huge opportunity for the market to grow in this region.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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