The global insect-based protein market is likely to gain impetus from a rise in demand from various industries, namely, pharmaceuticals, animal feed, cosmetics, food and beverages, and others. According to a report by Fortune Business Insights, titled “Insect-based Protein Market Size, Share and Global Trend by Insect Type (Caterpillars, Bees, Ants, Beetles, Grasshoppers, Wasps, Crickets, Scale Insects, Others), by End-use (Food Beverages, Animal Feed, Pet Food, Dietary Supplements, Cosmetics, Others), by Distribution Channel (Retail Stores, Supermarkets/Hypermarkets, Specialty Stores, Online Channels, Others), and Geography Forecast till 2029,” edible insects have the ability to be nurtured on organic waste. Hence, they produce very few greenhouse gases. This aids in producing conventional protein. It is one of the major factors that is anticipated to boost the global insect-based protein market growth.

Increasing Demand for Healthy and Affordable Diet to Favor Growth in Asia Pacific  

The global insect-based protein market is geographically segmented into Europe, Latin America, the Middle East and Africa, North America, and Asia Pacific. Fortune Business Insights predicts that North America will be witnessing notable insect-based protein market growth, followed by Europe during the forthcoming years. This is likely to occur because of a rise in the demand for protein-rich diet in both the regions. Moreover, the number of startup companies is also increasing. These companies produce insect-based food products. It is in turn, boosting the adoption of such products and increasing demand amongst the masses. These factors are expected to increase the insect-based protein market sales in these two regions during the forecast period.

Asia Pacific, on the other hand, is projected to lead the global insect-based protein market in the coming years. This will occur due to the increasing population in countries, such as India and Japan. This will be generating more and more demand for healthy and cost-effective diet. Also, insect farming in Asian countries, namely, Thailand, China, and other neighboring countries, is increasing because of the abundance availability of insects, such as grasshoppers, beetles, crickets, and locusts. This is projected to further increase the insect-based protein market revenue in this region.

Chirps Chips, Seek Food, and Other Key Market Players Aim at Competitive Advantage by Innovative Product Launch

Chirps Chips, a manufacturer of insect protein-based chips, headquartered in San Francisco, announced the launch of its brand new product called Chirp Cricket Protein Powder in December 2018. The product is made out of brown rice, insects, chia seeds, and peas. It offers 20 grams of protein per serving. Protein powders are usually made of soy or whey. Soy can lead to deforestation and whey often leads to gastrointestinal disorders. According to Chirps Chips, crickets are one of the most sustainable protein sources available on the planet because it requires only one gallon of water to produce one pound of crickets. However, soybeans require approximately 300 gallons of water and whey requires more than 1,000 gallons of water.

Sainsbury’s, the second largest chain of supermarkets, based in the U.K., announced about its strategic partnership with Eat Grub, a London-based snack startup company in November 2018. The partnership took place with the aim to stock Eat Grub’s BBQ flavored roasted crickets in almost 230 outlets of Sainsbury’s in the U.K. The companies have focused more on the impact of global warming in the planet. As cricket production doesn’t require too much of land, feed, and water, it is a sustainable and alternative source of food. Sainsbury’s became one of the first stores in the U.K. to store edible insects.

Seek Food, a renowned producer of snacks infused with cricket flour, launched its three new varieties of cricket flour in July 2018. The company had been gaining huge success by launching cricket-based snack bites and granola. Their three new cricket flour are gluten-free, paleo flour, and all-purpose. The company has also launched a cookbook that includes a collection of recipes given by professional chefs, using cricket flour.

Fortune Business Insights has profiled out some of the leading insect-based protein market, some of which are Kric8, Thailand Unique, Agriprotein Technologies, EnviroFlight LLC, Entomo Farms Ltd., Nordic Insect Economy Ltd., Kreca Ento-Food, CRIK Nutrition, Exo Protein, Deli Bugs Limited., Hopper Foods, Proti-Farm, and other key market players.

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https://www.fortunebusinessinsights.com/industry-reports/insect-based-protein-market-100780