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Buzzing Trends: The Rise of Insect Protein in Nutrition
From 2023 to 2033, the insect protein market is projected to accelerate at a CAGR of 17.7% from its 2023 value of US$ 602.3 million. By 2033, there is going to be US$ 3.1 billion global market.
Over the course of the projected period, it is expected that consumer desire for a healthy lifestyle and increased consumer awareness of the benefits of consuming nutrient-dense foods will lead to an increase in demand for insect protein.
Thriving Applications and High Protein Content in Insects Insect Protein Need is Increasing
There is an increased demand for nutrient-dense food items as a result of rising health concerns among consumers worldwide. As a result, producers in numerous other sectors now have access to the market for these food items.
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Consumers of today love natural products and are interested about the components, production methods, and geographic origins of the food they eat. Some of the key factors anticipated to propel the insect protein market’s growth over the course of the forecast year include consumers looking for wholesome and environmentally friendly food options, rising spending on functional food products, an increase in athletes and gym goers, and consumers.
High Costs Limit Market Expansion
Because of its usefulness, benefits to the environment, and nutritional value, insect protein is one of the distinctive and inventive animal feed proteins. High prices, regulations, and a lack of production capacity continue to be the key barriers to the growth of the insect protein business.
Regional Outlook
The European continent provided the majority of the income. In the European insect protein market, consumer acceptance of insect protein is higher for applications in the food and beverage industry, animal nutrition, and personal care.
The recent licencing of insect protein for feed, particularly that for pigs and poultry, is expected to enhance demand in the European market. Because industrialised countries like France, Germany, and the United Kingdom have a strong demand for insect protein, it is projected that the market would expand significantly throughout the projection period.
Key Takeaways
With a CAGR of 20.6% and an expected market size of US$ 1.1 billion in 2033, the insect protein market in the United States is expected to grow rapidly over the projected period.
With a strong CAGR of 11.9% and an expected market size of US$ 129 million in 2033, the Chinese market is expected to grow throughout the course of the estimated period.
In 2033, it is expected that the Japan market would generate US$ 61.7 million and grow at a 9.5% CAGR.
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Competitive Landscape
With numerous large- and small-scale manufacturers present, the market is competitive and concentrated. The leading market participants include Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, Jimini’s, Swarm Nutrition GmbH, EnviroFlight LLC, AgriProtein Holdings Ltd. nsect, Hexafly, Innovafeed, and Protix. To meet the demand on a global scale, these major firms are concentrating on increasing their manufacturing capacity.
Recent Development
Archer Daniels Midland Company and Innova Feed announced a partnership in November 2020. The partnership was formed in order to grow its insect protein business by developing a new facility in Illinois, the U.S., with a target capacity of 60,000 tonnes of insect protein annually.
Key Segments
Insect Type:
Beetles
Caterpillars
Bees, Wasps, and Ants
Grasshoppers, Locusts, and Crickets
Others
Form:
Whole Insect
Powder
Application:
Food & Beverages
Animal Nutrition
Aquafeed
Pet Food
Poultry Feed
Pharmaceuticals & Cosmetics
Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa (MEA)
The Cultured Craze: Exploring Fermented Dairy Delights
The global fermented dairy products market is expected to accumulate US$ 4,920.5 Million in value by 2022-end. During the forecast period ranging from 2022 to 2032, a CAGR worth 8.5% has been projected for the market, with an expected closing value worth US$ 11,125.2 Million. During the 2016-2021 historical period, the industry grew at a value CAGR worth 8.1%.
Manufacturers of dairy products are now adding additional value to their goods using fermented dairy components as a result of the rising use of milk and milk products.
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Demand for nutritional products has soared in recent years, especially in developing countries where malnourishment remains a major concern. Fermented dairy products being a major source of nutrition are gaining traction in both developed and emerging countries. Food and Agriculture Organization (FAO), revealed that approximately 150 million households are currently engaged in milk production across the globe. Over the last three decades, the global milk production has increased by over 50%, from 500 million tonnes in 1983 to 769 million tonnes in 2013.
Among regions, the market in Western Europe accounted for the largest revenue share in 2016, reaching a valuation of US$ 1,366 Mn. Towards the end of forecast period, the region’s market is expected to stand at US$ 3,575.7 Mn, expanding at a CAGR of 9.2%. The abolition of milk quota system and increasing demand for frozen and freeze-dried starter dairy cultures is driving the market for fermented dairy ingredients in Western Europe. Asia Pacific (APEC) and North America are the two other lucrative markets for fermented dairy ingredients. Between 2017 and 2027, the market in APEJ is set to witness a robust CAGR of 10.5%, which is credited to the rising popularity of flavoured milk among consumers across China and Australia.
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Key Segments Covered in the Fermented Dairy Products Industry Report
Fermented Dairy Yogurt
Fermented Dairy Kefir
Fermented Dairy Cheese
Fermented Dairy Sour Cream
Fermented Dairy Buttermilk
Fermented Dairy Products Market by Ingredients:
Culture-Fermented Dairy Products
Enzymes Fermented Dairy Products