Insect Protein Market To Grow USD 479.3 Million by 2028 with a CAGR of 24.3%| Valuates Reports

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BANGALORE, India , Oct. 31, 2022 /PRNewswire/ -- Insect Protein Market is estimated to be worth USD 130 million in 2022 and is forecast to a readjusted size of USD 479.3 million by 2028 with a CAGR of 24.3% during the review period.

Insect Protein Market Report is segmented By Type (Ants, Crickets, Silkworms, Cicadas, Mealworms, Grasshoppers, Black Soldier Flies, and Others), By Application(Human Consumption, Animal Nutrition, Cosmetics and Pharmaceutical, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Science Category.

Major factors driving the growth of the Insect Protein Market

Consideration is being given to using insect protein as a sustainable substitute for human and animal food. Compared to conventional livestock, insect protein requires less land, water, and feed. Emissions of greenhouse gasses are considerably reduced by insect farming and processing. Insects not only generate less trash, but their excrement, known as frass, is also a great fertilizer and soil improver. These factors are expected to drive the growth of the Insect Protein market.

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TRENDS INFLUENCING THE GROWTH OF THE INSECT PROTEIN MARKET

Numerous nations in Asia, Oceania, Africa, and Latin America rely heavily on insects as a source of protein. Insects may be used to address issues with the conventional food supply chain, such as the world's energy, water, and land shortages. Through the development of acceptable processing techniques, as well as by describing the health benefits and outlining the importance of lessening reliance on other food sources, academic, industrial, and government-led activities have tried to lessen negative opinions about insects. This factor is expected to drive the growth of the Insect Protein market.

Fishmeal's market price has increased due to the rising global demand for it as a result of the growth and expansion of the poultry industry. Due to the high proportion of protein and high-quality profile of amino acids that insects possess, they can be an excellent replacement for animal sources of protein in poultry diets. Insects also significantly lower production costs and enhance the quality of chicken meat. These factors are increasing the use of insects as animal feed, which in turn is expected to drive the Insect Protein market. Insects including mealworms , crickets, and black soldier fly larvae are a suitable addition to the feed sources since they can give animals' diets valuable, high-quality calories, protein, and fat.

Furthermore, insect farming could reduce the amount of land needed to produce animal feed, freeing up space for the cultivation of foods for human consumption. This is expected to further propel the growth of the Insect Protein market. Insects can also consume organic waste, which lowers greenhouse gas emissions from the cattle sector. Insect production on a large scale requires little land, water, or energy, and many species can be fed using organic food waste or byproducts from industrial processes. In addition to lowering manufacturing costs, this also addresses the issue of food waste, making insects even more sustainable.

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INSECT PROTEIN MARKET SHARE

Based on application, the Animal Nutrition segment is expected to be the most lucrative. Insect protein is used as a feed additive for animals in the form of liquid or powder to give animals the nourishment they need for general growth. It helps increase the pace of animal weight gain, guard against illnesses and vitamin deficiencies, and enhance feed digestion and conversion when added to feed combinations.

Due to its rapidly growing population, Asia Pacific now holds the majority of the market for insect protein. the expanding consumer markets in nations like Thailand, China, and India. In addition, nations like Thailand and Indonesia are among the major producers of insects used as raw materials and have a long history of insect consumption. Additionally, it is projected that throughout the forecast period, the presence of developing nations would fuel demand for nutrient-dense food items.

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Key Companies:

• Proti-Farm
• Entomo Farms
• JR Unique Foods
• Nordic Insect Economy
• Enviro Flight
• Aspire Food Group
• Crik Nutrition
• Agriprotein Technologies
• Bugsolutely
• Kric8
• Hargol Food Tech
• Griopro

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