The global insect protein market is set to grow at a stellar growth rate over the next few years. Reasons that are supporting growth in this market, keeping it at an impressive trajectory are many and varied. One of the top ones includes need for alternative proteins, which is growing rapidly owing to a large and ever increasing population of vegans and vegetarians. The demand is also a product of need for sustainability and growing support in this direction from both private and public stakeholders.
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Thus, it does not comes as a surprise that number of research projects in this domain is increasing and is set to create growth opportunities for market players that they will not be able to ignore. A lot of the opportunities will be tapped into by diversifying in the B2B business channels. Additionally, defined regulations are also set to contribute to the growth of global insect protein market. Extensive use in animal feed is also a significant factor of growth in the market.
Region-wise, Asia Pacific will be seen as a lucrative market as it promises to grow at a notable CAGR, while North America and Europe will grow owing to demand for alternative protein and extensive use in animal feed and pharmaceuticals.
The global insect protein market is marked by a fragmented vendor landscape. The top players in the market are 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), among others.
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It is also quite significant to note here that a variety of strategies make the mix of overall growth scheme for most top players. Prominent among them are new product development and launch and forging key alliances.