Various companies in the insect protein market are undertaking strategies to expand their business and gain market share. Some of the key strategies adopted by the industry participants are new product launches, partnerships and acquisitions. For instance, in March 2022, Global Bugs entered in partnership with Smart Vet Group to focus on formulating and production of pet food and supplemental products for pets that contain whole roasted crickets and cricket powder. In November 2021, Ÿnsect, an insect protein company launched the Bernie’s, an ultra-premium and luxury brand for dog feed in the U.S. market in collaboration with Pure Simple True LLC.

Consumption of insect protein is highly prone to various allergic risks both for human and animal consumption. Use of insect protein is still in the early phase of research for use in various applications and thus have high risk of various unknown allergic and associated diseases, that cannot be treated on an immediate basis. Risks associated with eating insects could be caused by probable chemicals (e.g., heavy metal accumulation) and microbiological contaminations. Additionally, several insects have been known to trigger allergic reactions by eating, inhalation, direct contact, stings and bites. Cross-reactivity with other taxonomically related food allergens, such as crustaceans, as well as inhalant allergens, such as home dust mites, can contribute to the adverse reactions recorded after ingesting insects.

The major buyers in this market are food and beverage companies, dairy-alternative manufacturers and feed industrials among others. The supply of insect protein affects the production of insect-based food and beverages production. Insect-based protein is considered a viable alternative source for protein, majorly in food and feed applications. Though whole insects are also available in the market as a rich source of protein, the scope of this report has been limited to only the processed products available as insect protein.

Europe has emerged as a major market for insect protein products, driven in part by the region's strong sustainability and environmental consciousness. Insect-based food products like cricket flour and insect-based snacks have become increasingly popular in countries like the Netherlands and Belgium, while insect-based pet food is gaining traction in markets like the UK and Germany.

In North America, the insect protein market is being driven largely by the growing interest in alternative protein sources among health-conscious consumers. Insect protein supplements like cricket protein powder and meal replacement bars are becoming more widely available in health food stores and online, and some companies are also exploring the use of insect protein as a sustainable ingredient in pet food.

The Asia Pacific region is home to a long tradition of entomophagy, or the consumption of insects as food. As such, the insect protein market in this region is being driven primarily by the demand for insect-based food products like roasted crickets and fried mealworms. Insect protein supplements are also gaining popularity in some parts of the region, particularly in Japan and South Korea.

In Latin America, the insect protein market is still in its early stages of development, but there is growing interest in the potential of insect protein as a sustainable food source. Some companies are exploring the use of insects as a protein source in animal feed, while others are developing insect-based food products for human consumption.

List of Key Players Mentioned in the Report:

• EnviroFlight (U.S.)
• InnovaFeed (France)
• Protix (Netherlands)
• Global Bugs (Thailand)
• Entomo Farms (Canada)
• Ynsect (France)