Global Insect Protein Market: Introduction
With the preference of consumers shifting from animal proteins to alternatives, the demand for insect protein is rising continuously. Driven by the increasing government support for insect protein research, in terms of initiative and funding, the insect protein market is registering a significant rise in its global valuation.
This research report on the worldwide insect protein market evaluates market trends and prospects in details to offer a comprehensive study. It also discusses the performance of key market segments and their impacts on the overall growth of this market.
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Global Insect Protein Market: Competitive Analysis & Notable Developments
The food and the feed industries are the two main verticals, wherein insect protein finds prominent usage. Both industries have their separate insect protein producers. Some of the leading producers of insect protein used for food products are:
- Aspire Food Group
- Swarm Nutrition GmbH
- Chapul Cricket Protein
The key producers of insect protein used in feed include:
- AgriProtein Holdings Ltd.
- EnviroFlight LLC
New product launches, development of distribution channels, and strategic alliances are the prominent strategies among players looking to create a niche into the worldwide insect protein market. Some notable developments by insect protein producers in recent times are:
- Recently, InnovaFeed partnered with Cargill, a leading distributor of agricultural products, to offer sustainable feed options to the animal feed industry. According to the agreement, both the companies will market fish feed with insect proteins, together. The companies have declared this step as their support for the development of sustainable aquaculture.
- AgriProtein, a leader in nutrient recycling, entered into an acquisition agreement with Millibeter, a Flanders-based start-up, in December 2018. With this acquisition, AgriProtein has taken the initiative to dominate the Europe insect protein market.
Global Insect Protein Market Dynamics
With the global population rising at a high pace, the need for protein has increased manifold. Since consumers, globally, meet most of their protein needs with animal-derived food products, such as meat, milk, and eggs, their consumption has also surged drastically. In turn, this development is threatening the environmental sustainability. People and food product manufacturers are equally concerned about it and are using all kinds of control measures. The fact that nearly 2,000 species of insects are already eaten by humans and animals for their protein content, many producers regarded it as a lucrative opportunity to foray into the insect protein market. Various products, such as mixed insect snacks, whey protein, cricket pasta, mealworm cookies, honey caterpillar croquettes, and insect protein candies, have been introduced in the global market since then. Researchers expect this scenario to continue in the future, adding to the growth of the global insect protein market.
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Europe and North America to Present Lucrative Growth Opportunities
On a regional basis, the global insect protein market is distributed across Europe, Asia Pacific, Latin America, the Middle East and Africa, and North America. North America and Europe aren’t traditionally insect-eating regions. However, increasing concerns regarding the environmental impact of over-consumption of animal-based food products have shifted North American and European consumers towards insects for proteins and nutrients. Since consumers in these regions aren’t still comfortable with the idea of eating insects, producers here have introduced insect protein in powder form. Protein powders and bars, pasta, and several insect protein-based bakery products are in high demand among consumers in both regions. Going forward, this trend is likely to continue over the next few years and, consequently, support the insect protein markets in North America and Europe significantly.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.