Insect Protein Market and Competition Forecast 2024-2032: Innovafeed, Darling Ingredients, Hexafly, Protix, and Aspire Food Group Dominate

Market Overview - The global insect protein market size reached USD 1.01 billion in 2023 and is projected to grow at a CAGR of 16% from 2024 to 2032, reaching USD 4.09 billion by 2032 [2][3] - The market is driven by the global shift towards sustainable food sources, rising demand for alternative proteins, and increasing awareness of environmental concerns [4][5] Key Drivers - Insect protein is an eco-friendly solution requiring significantly less water, land, and feed compared to traditional livestock, with low greenhouse gas emissions [4] - The rising global population and challenges in conventional protein production boost the demand for insect protein, especially in regions with food security concerns [5] - Growing health and wellness trends contribute to the increasing consumption of insect protein due to its high protein content, low-fat, and rich supply of vitamins and minerals [6] Applications and Industries - Insect protein is increasingly used in animal feed, particularly in aquaculture, as a sustainable and nutritious option that mimics the natural diet of many fish species [7] - In the food and beverage industry, insect protein is incorporated into products like protein bars, snacks, and powders, driven by consumer openness to insect-based products [8] - The cosmetics and pharmaceutical industries are exploring insect protein for its high collagen content in skincare products and bioactive properties in pharmaceuticals and nutraceuticals [9] Market Segmentation - The market is segmented by insect type, including crickets, black soldier flies, mealworms, grasshoppers, ants, and others [13] - Applications include food and beverages, animal nutrition, pharmaceutical and supplements, and personal care and cosmetics [13] Competitive Landscape - The report covers market shares, plant turnarounds, capacities, investments, and mergers and acquisitions of leading companies in the global insect protein market [14] - Major players include Innovafeed SAS, Darling Ingredients Inc, Hexafly, Protix BV, Aspire Food Group, Chapul LLC, NTG Holdings Pte Ltd, Entomo Farms, Goterra, and NEXT Proteins Inc [16] Market Forecast - The estimated market value in 2024 is USD 1.25 billion, with a forecasted value of USD 4.09 billion by 2032, representing a CAGR of 16% [14]