Northbrook, IL 60062 -- (SBWIRE) -- 01/03/2023 -- Insect Protein Market was expected to generate a revenue of US$ 0.8 billion in 2022 and is projected to reach US$ 3.3 billion by 2027 at a CAGR of 33.4% from 2022 to 2027. North America is expected to dominate the market by 2027. The growing population and the pressure caused by it on food and feed demand has been a global concern since a decade. As the world population proliferates, the demand for food as well as feed will increase, thereby necessitating an increase in food production by 70%.

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North America dominated the insect protein market and is projected to grow with a CAGR of 33.45% during the forecast period (2022 - 2027)

North America is anticipated to hold the largest market share in the insect protein market in 2022, followed by Europe, Asia Pacific, and RoW. The presence of key insect protein manufacturing companies in developed regions such as North America and Europe contributes to these regions' high market share. Many start-ups have been established in the region that provide both edible insects and insect protein-based products for food and feed applications. Enterra Feed Corporation (Canada), Entomo Farms (Canada), EnviroFlight LLC (US), and Aspire Food Group (US) are some of the leading companies providing insect protein-based products. The market for insect protein-based food products is projected to record the fastest growth during the forecast period due to the increasing awareness among people.

Asia Pacific region is witnessing the highest growth rate in the insect protein market

Southeast Asian countries have a tradition of entomophagy but do not have regulations related to the breeding, sale, and export of insects. However, insect protein manufacturers have a high opportunity in the animal nutrition segment. Pharmaceutical and cosmetics are among the growing segments in the region, especially in China and Japan. The food consumption per capita is projected to increase in Australia, as the population is projected to reach 35.9 million by 2050, according to a report published by Australian Government.

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The key players in insect protein market include EnviroFlight (US), InnovaFeed (France), HEXAFLY (Ireland), Protix (Netherlands), Global Bugs (Thailand), Entomo Farms (Canada), and Ynsect (France) among others.

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