Originally published on Technavio. The Global Insect Protein Market is poised to expand by USD 1,147.96 million, with a projected CAGR of 31.84% between 2022 and 2027, primarily fueled by the surging demand for sustainable protein sources as an environmentally friendly alternative to conventional livestock farming, notably insect farming like cricket farming, owing to its lower land, water, and feed requirements.

Latest Trends:
A key trend in the market is product diversification and innovation, with manufacturers expanding their product range to cater to diverse niche markets and consumer preferences. Companies such as Exo and Chapul are introducing protein bars and chips made from crickets, targeting environmentally and health-conscious consumers, while players like EntoBreed and Ynsect are developing insect-based protein sources for aquaculture and livestock sectors, further driving innovation and market diversification in the industry worldwide.

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Major Challenge:
The market faces a significant challenge due to inconsistency in government regulations pertaining to insect protein, with varying regulatory environments across different countries and regions imposing restrictions or prohibitions on harvesting and processing insects for human consumption or animal feed. This inconsistency, exemplified by Europe's Novel Food Regulation and the limited guidance from the FDA in the United States, hampers market growth and innovation, hindering the industry's expansion potential.

Market Overview:
The insect protein market, a burgeoning segment within the alternative protein market, is driven by factors such as urbanization, investment in food technology, and diverse insect types utilized for various purposes, including pharmaceuticals, nutraceuticals, and meat substitutes. With the coleoptera segment expected to witness significant growth during the forecast period, fueled by rising consumer awareness, expanding food and feed sectors, and the health benefits and sustainability of coleoptera, the market demonstrates promising growth prospects amidst evolving consumer preferences and industry innovation.

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