The insect protein market is projected to reach USD 1,336 million by 2025, from USD 144 million in 2019, at a CAGR of 45.0 % during the forecast period. Factors driving the market include the shift in preferences from animal protein to alternative proteins such as insect protein due to the increased concerns over future sustainability, and increased public and private support for new insect protein research projects in both developed and developing economies.Collaborations between insect protein-based product manufacturers and retailers to increase visibility and awarenessHigher costs and visibility of insect protein-based products have been some of the major problems for the companies.
Many start-ups have been selling these products majorly through online channels. However, due to the increasing awareness regarding the benefits of insect protein and to increase the visibility of insect protein-based products, many companies have started collaborating with retail chains and other convenience stores. For instance, Eat Grub, a UK-based insect protein-based product manufacturer, collaborated with SOK—one of Finland's largest supermarket groups. SOK would be selling Eat Grub’s products in 400 of its stores. In another instance, insect-based snacks French start-up, Jimini’s, secured a listing with Carrefour, a multinational retailer, to supply items to 300 of its stores.
Jimini’s intends to educate and increase awareness regarding insect protein as a future sustainable source for proteins by selling insect-based products in retail stores. Thus, to increase visibility, awareness, and the sales of insect protein-based products, start-ups such as Eat Grub (UK) and Aspire Food Group (US) are collaborating with retail stores, which can be a strategic step to develop the insect protein industry.
Request Sample of this Report:Key Market Players:Insect protein finds major applications in the food and feed industries, and hence, profiling of major manufacturers of insect protein products for both food and feed applications has been covered in this report. The key companies in the insect protein market for the food application include Aspire Food Group (US), EntomoFarms (Canada), Protifarm (Netherlands), Jimini’s (UK), Chapul Cricket Protein (US), and Swarm Nutrition GmbH (Germany), while key companies in the feed application include AgriProtein Holdings Ltd. (South Africa), EnviroFlight LLC (US), Innovafeed (France), Ÿnsect (France), Hexafly (Ireland), and Protix (Netherlands).
These players are undertaking strategies such as new product developments and launches and divestments to improve their market positions and extend their competitive advantage.EntomoFarms (Canada) is one of the leading insect technology companies operating in both the food and feed industries. Along with edible insects, the company develops and markets protein products in the Canadian market. It produces approximately 2,500 tons of protein powder for use in both food and feed applications, annually. The company believes in a zero-waste approach and produces frass for fertilizer application. For food application, it develops protein powder from crickets, while for application in the feed industry, the company provides customized solutions.Ÿnsect (France) is an emerging biotechnology company involved in the manufacturing of specialty products for feed and plant nutrition. The company engages in the bioconversion of organic resources by insects and their processing into nutrients for feed and fertilizer applications.
Some of these organic resources include polysaccharides and derivatives, organic fertilizers, and bioenergy. The company has vertically integrated operations. The company also engages in breeding insects; sorting their byproducts; processing valuable products such as protein, oil, chitosan, and frass for multiple industrial applications; as well as packaging and distributing products.The company launched its lab-scale production of insect protein in 2013, in partnership with multiple research centers, after which the construction of its first commercial plant started in 2017 through multiple funds raised by the company. Ÿnsect owns Ÿnstitute, the world’s leading insect private R&D center dedicated to driving innovative new technologies, products, applications, and know-how.
Protix (Netherlands) is one of the leading insect ingredient companies, with a broad range of offerings based on black soldier flies. The company initiated and founded the International Producers of Insects for Feed and Food (IPIFF), one of the leading associations for insect protein. Protix has been actively tapping the European market for insect protein through both organic and inorganic strategies. The company, recently, in 2017, expanded its portfolio to include other insects such as crickets and mealworms, by acquiring Fair Insects (Netherlands). The company has been entering into partnerships with the leading players in the technology industry intending to enhancing its portfolio and regional presence in Europe. The company not only markets edible insects for animal nutrition but also processes byproducts from insects to provide premium protein-rich products in the market.
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