The Europe Insect Protein Market would witness market growth of 23.4% CAGR during the forecast period (2021-2027).
Insect-based protein is made by digesting insects like caterpillars, locusts, crickets, and other insects that contain a lot of protein and other essential elements. The high food conversion rate of most edible insects is a significant feature that can be considered when producing an abundance of insect-based protein to feed the world's rising population.
Insect-based protein consumption is expected to rise in the next years, owing to a growing global population and a significant decrease in arable land. The global population was 7.6 billion in 2017, according to the United Nations Population Division, and is expected to reach 9.8 billion by 2050. Because plant-based and animal protein are both expensive, insect-based protein is predicted to rise in popularity as a result. Moreover, many people are shifting to the consumption of these products as they contain health advantages linked with consuming insect-based protein.
Many start-ups have primarily sold these items through online channels. Many companies have begun cooperating with retail chains and other convenience stores in order to raise knowledge of the benefits of insect protein and to boost the exposure of insect protein-based goods. Eat Grub, a UK-based insect protein-based product company, teamed up with SOK, one of Finland's major retail groups, for example. Eat Grub's products will be sold in 400 SOK locations. In another case, Jimini's, a French start-up that makes insect-based sweets, has landed a deal with Carrefour, a worldwide retailer, to supply items to 300 of its locations. By selling insect-based products in retail stores, Jimini's aimed to educate and raise awareness about insect protein as a potential sustainable source of protein.
Mealworms, smaller mealworms, locusts, crickets, and grasshoppers are now approved to be sold as food by the European Food Safety Authority. Protein diets are currently trending, and Europeans adore insect-based cuisine.
The Germany market dominated the Europe Insect Protein Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $74.7 million by 2027. The UK market is exhibiting CAGR of 22.4% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 24.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Insect Protein Market Size will Hit $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.
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