The Asia Pacific Insect Protein Market would witness market growth of 23.9% CAGR during the forecast period (2021-2027).
The potential for some insects to trigger allergic reactions in humans is predicted to hamper the growth of the overall insect protein market. In addition, severe environmental laws, as well as psychological and ethical obstacles to the consumption of insect-based protein, may limit the further development of the overall insect protein market over the forecasting period.
The wide range of applications for insect protein in animal feeding is increasing the demand for these products. Moreover, it is a food source for aquatic species, pets, and poultry animals. Insect protein's rapid adoption in other industries, such as food and beverage, is spurred by its widespread acceptance. Furthermore, food and beverage makers are looking for environmentally sustainable sources of protein as global concerns about the environmental impact of traditional animal agriculture grow.
Regional countries like Thailand and Indonesia have a long history of insect consumption and are among the top producers of insects as a source of raw material. In addition, Toasted crickets are the most popular item in Southeast Asia. In addition, Vietnamese start-ups are focusing on incorporating insect protein into everyday meals. Many companies in Southeast Asia are focusing on scaling up insect protein production units by developing food factories and other facilities across Asia to mass-produce insect protein powder.
Key trends of the regional market include a rapid increase in population in key Asian nations such as Japan and India are driving the need for a cheap and healthy diet. Increased insect farming in China, Thailand, and other Asian nations is expected to boost market expansion due to the ample availability of insects such as beetles, locusts, grasshoppers, and crickets.
The China market dominated the Asia Pacific Insect Protein Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $76.8 million by 2027. The Japan market is anticipated to grow at a CAGR of 23.1% during (2021 - 2027). Additionally, The India market would exhibit a CAGR of 24.6% during (2021 - 2027).
Based on Source, the market is segmented into Coleoptera, Hemiptera, Hymenoptera, Lepidoptera, Orthoptera, Diptera, and Others. Based on Application, the market is segmented into Animal Nutrition, Food & Beverages, Pharmaceutical & Supplements, and Personal Care & Cosmetics. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Insect Protein Market is Projected to reach USD 943.3 Million by 2027, at a CAGR of 23.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include InnovaFeed, Darling Ingredients, Inc., SAS Ynsect, Protix BV, NTG Holdings Pte. Ltd., Goterra, Entomo Farms, Chapul, Aspire Food Group, and Hexafly.
By Source
By Application
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