According to the recent study the insect protein market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 24% to 26% from 2023 to 2028. Growth in this market is primarily driven by insect protein in animal feed and as alternative protein sources, growing awareness about high protein content and higher acceptance rate, and increasing investment in new start-ups.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in insect protein market by insect type (crickets, black soldier flies, mealworms, grasshoppers, ants, and other insects), application (food and beverages, animal nutrition, and pharmaceutical and cosmetic), distribution channel (offline and online), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Offline market is expected to remain the largest segment during the forecast period.”
Based on distribution channel, the insect protein market is segmented into offline and online. Lucintel forecasts that the Offline market is expected to remain the largest segment due to the ease of accessibility and availability of insect protein at supermarkets, hypermarkets, convenience stores, and retailers.
“Within the insect protein market, the animal feed segment is expected to remain the largest insect type”
Based on insect type the animal feed segment is expected to witness the highest growth over the forecast period due to the growing demand for insect protein as a source of essential nutrition to animals for their growth. The insect protein is generally utilized in the form of powder or liquid in animal feed additives.
“North America will dominate the insect protein market in near future”
North America will remain the largest region due to the presence of key insect protein manufacturers and growing demand among the consumers for insect-based protein products in the region. Large number of start-ups that provide edible insects and insect-based protein products in NA region contributes in the growth of insect protein in this region.
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Major players of insect protein market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. InnovaFeed, EnviroFlight, Ynsect, Hexafly, Protix, Aspire Food Group, and Chapul are among the major insect protein providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/insect-protein-market.aspx or [email protected]