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Insect Based Ingredients Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
What is the Market Size & CAGR of Insect Based Ingredients market in 2021?
The global insect-based ingredients market size in 2021 was estimated to be USD 423.6 million, with a Compound Annual Growth Rate (CAGR) of 8.7% from 2021 to 2028. This growth is primarily attributed to the increasing demand for sustainable and protein-rich food sources.
COVID-19 Impact on the Insect Based Ingredients Market
The COVID-19 pandemic significantly impacted the insect-based ingredients market in 2020 and 2021. The disruptions in the global supply chain, restrictions on movement, and changing consumer behavior led to fluctuations in demand and production of insect-based ingredients.
Insect Based Ingredients Dynamics
The insect-based ingredients market is driven by factors such as the growing interest in sustainable food sources, the rising awareness about the nutritional benefits of insects, and the increasing use of insects in animal feed and pet food industries.
Segments and Related analysis
The insect-based ingredients market can be segmented based on product type, application, and end-user industries. Product types include insect protein, insect fat, insect chitin, and others. Applications range from food and beverages to pharmaceuticals and cosmetics.
By Region Analysis
Regionally, North America dominated the global insect-based ingredients market in 2021, followed by Europe and Asia Pacific. The market is expected to witness significant growth in emerging economies due to changing dietary habits and increasing awareness about sustainable food sources.
Key Market Players and Competitive Landscape
Key players in the insect-based ingredients market include Eat Grub, Entomo Farms, Protifarm, Ÿnsect, Chapul, and Bugsolutely. These companies are engaged in product innovation, strategic partnerships, and market expansion to gain a competitive edge.
Recent happenings in the Insect Based Ingredients Market
Recent developments in the insect-based ingredients market include collaborations between insect-based ingredient suppliers and food manufacturers to develop new products, the launch of insect-based protein bars and snacks, and increasing investments in insect farming technologies.
