Introduction
Insect protein refers to a protein that comes from insects, which are excellent providers of minerals, healthy fats, and vital amino acids. This quickly expanding sector of the global food industry provides a nutrient-dense, sustainable substitute for conventional protein sources. Insect protein offers a viable way to address food production's sustainability issues and satisfy the growing demand for protein due to its high conversion efficiency and small environmental impact.
“The insect protein market size was US$ 1 billion in 2023 and is likely to grow at an impressive CAGR of 24.1 % in the long run to reach US$ 4.5 billion in 2030.”
Recent Market JVs and Acquisitions:
Market players form strategic alliances and partnerships as well as perform mergers and acquisitions in the market. Some recent developments in the past few years:
- In October 2023, Tyson Foods Inc. acquired a minority stake in Insect Ingredients company Protix. The companies also announced a joint venture to build a U.S. insect ingredient plant.
- In April 2022, Global Bugs Asia and Innovative Natural Solutions signed a Memorandum of Cooperation with the purpose of collectively promoting, supporting, and developing EntoPowder supplements and producing and distributing healthy food products based on a mix of plant and EntoPowder cricket-based ingredients.
- In January 2020, Darling Ingredients Inc. increased its ownership interest in EnviroFlight to 100% by acquiring a 50% joint venture interest in the latter from its previous owner Intrexon Corp. The transaction has helped the former in accelerating its ability to create higher-value, sustainable specialty proteins for the agriculture and companion animal feed industries.
The insect protein market has emerged as a promising alternative to traditional protein sources, driven by growing concerns over sustainability, environmental impact, and food security. Insects, such as crickets, mealworms, and black soldier flies, are rich in protein, vitamins, and minerals, making them an excellent food source for both humans and animals.
One of the key drivers behind the growth of the insect protein market is the rising global population, which is expected to reach 9.7 billion by 2050. To meet the increasing demand for protein, conventional livestock farming will need to significantly expand, exacerbating land degradation, water scarcity, and greenhouse gas emissions. Insects, on the other hand, require minimal resources to farm, produce fewer emissions, and can be reared on organic waste, making them an environmentally friendly alternative.
The market is also benefiting from increasing consumer awareness of the health and environmental benefits of insect protein. The insect-based food sector is expanding with products such as protein bars, powders, and even insect-based pet food. Companies in this space are investing in research and development to improve the taste, texture, and scalability of insect protein products.
While still in its early stages, the insect protein market is set for rapid growth, supported by evolving regulatory frameworks and shifting consumer preferences towards sustainable and alternative protein sources. As the market matures, it is expected to play a significant role in addressing global food security challenges.
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