The global insect protein market is anticipated to grow at a CAGR of 45% during the forecast period, 2020–2029.
The Food and Agriculture Organization, a specialized agency of the United Nations, estimates insects form a part of the traditional diet of around two billion people around the world. Insects are a rich source of protein and have higher protein content compared to most other animals and plants. They have gained popularity as a viable food ingredient not only in animal feed but also processed and reconstituted foods. They are a great alternative for animal protein, such as beef and chicken.
Insect protein is cheap and contains high-quality protein. Insect farming is becoming a new income source for many poor in the West as it requires less money, water, feed, and space, which provides a great opportunity for new manufacturers. But, only a small share of the population consumes insects, while the majority considers it culturally inappropriate. Thus, awareness regarding the benefits of consuming insect protein will be key in meeting the protein demand of the future.
Impact of COVID-19
As per the WHO, COVID-19 might have originated in bats, while others say the virus was transmitted to humans in Wuhan, China, at a wet market, where animals, such as bats, snakes, rabbits, and birds, are illegally sold. Thus, the fear of COVID-19 transmission from animals and the use of animal-based products has hit the consumption of animal protein hard in recent days. Global export has reduced due to emerging threats from the COVID-19 pandemic. This trend is expected to slow down the demand for animal-based products, subsequently hindering the growth of the insect protein market.
The insect protein market is experiencing a lull mainly due to decreasing international seafood trade, as restrictions on the fishing industry have minimized yield and production. Also, the global demand for seafood from restaurants and the hospitality industry has dropped dramatically. For instance, as per seafood industry experts, shipments to the U.S., India's largest market for marine food, are down by over 50% since the COVID-19 outbreak and the subsequent lockdown.
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Insect Protein Market: Segmentation
By Insect Type
By Protein Extraction
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