Global insect protein market spreads its wings by 2027
Thanks in part to a sports nutrition craze, the global insect protein market may reach 3.3 billion dollars by 2027. A new report projects growth of 32.7% over the next five years.
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You can divide the insect protein market into three main categories: animal nutrition, pharmaceuticals and cosmetic products and food and beverages. Currently, animal nutrition is in first place, followed by pharmaceuticals and cosmetics, with food and beverages coming in third.
Related: Mealworms can serve as protein source, research says
Due to the high nutrition found in bugs, Spot and his human owner may soon be eating more of them. Perhaps your dog has already tried cricket snacks or a can of wet food made from grubs.
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“The growing concerns about pet health and willingness to spend more on pet food products and medicines among pet owners are further projected to drive the insect protein market growth,” according to a statement about the report offered by Research and Markets. “Among the animal nutrition segment, aquafeed is anticipated to account for the majority share in the insect protein market.”
Humans are likeliest to consume bugs in cricket flour. Manufacturers are using this high-protein powder in pasta, bread, cookies, chips, chocolate bars and a lot of other places you wouldn’t expect to find bugs put there on purpose. Mealworms, grasshoppers, ants and black soldier flies are also good eating, according to the report.
The Asia Pacific region is especially hot in the bug market, with a growth rate of 33.21%. This region is already one of the leading producers and consumers of edible insects. The hot, humid climate in many parts of Asia is good for bug breeding, attracting multinational companies in the insect sector. Some of the key players have descriptive names like Bioflytech, Beta Bugs and All Things Bugs.
According to the report, government support is growing the insect protein market and increasing investment in startups, research and development. People are looking for alternative protein sources to promote sustainability and food security. Stumbling blocks include some consumers’ reluctance to eat bugs, the high cost of developing this food source and risks of allergic reactions and bad microbes. And, of course, vegans.