North America Insect Protein Market Size, Share & Industry Trends Analysis Report By Source, By Application (Animal Nutrition, Food & Beverages, Pharmaceutical & Others), By Country and Growth Forecast, 2021 - 2027
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Market Report Description
The North America Insect Protein Market would witness market growth of 23.6% CAGR during the forecast period (2021-2027).
Consumers are concerned about food ingredients as well as how and where their food is produced and supplied, and are prepared to pay a premium for natural items. Additionally, increased expenditure on functional food products, an increase in the number of sports and gym enthusiasts, and consumers seeking healthy and sustainable food options are all likely to drive the growth of the insect protein market throughout the forecast period.
Moreover, the demand for such products is likely to increase significantly due to growing demand from a variety of industries, including animal feed, food and beverages, pharmaceuticals, cosmetics, and others. Edible insects, which may be raised on organic waste, generate very low greenhouse emissions and hence have the potential to replace conventional protein production.
The region is witnessing an increased demand for nutritional food items and consumer knowledge about the use of insect-based goods. In addition, Mexico and Canada have a lot of room for new companies and product launches. With the growing population growing and the demand for traditional hog, cattle, and chicken meat increasing, insects are being seriously explored as a source of animal protein. As a result, manufacturers have begun launching insect protein powder-based products in the form of protein bars, protein powder, pasta, and bakery products in these locations, where edible insect acceptance is low. Because the insects are not visible to the public, these items are widely accepted. As a result, many companies producing insect protein powders have emerged in North America and Europe, and they are growing their production capacity.
Insect protein is primarily utilized in animal feed; however, due to rising consumer health awareness, demand for insect protein for human consumption is expected to develop at a rapid rate. Some of the key trends of the regional market are an increase in the number of start-ups producing insect-based food products, as well as higher adoption of the goods in the region.
The US market dominated the North America Insect Protein Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $202.9 million by 2027. The Canada market is poised to grow at a CAGR of 26.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 25.3% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
- Animal Nutrition
- Food & Beverages
- Pharmaceutical & Supplements
- Personal Care & Cosmetics
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Darling Ingredients, Inc.
- SAS Ynsect
- Protix BV
- NTG Holdings Pte. Ltd.
- Entomo Farms
- Aspire Food Group
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