Insect Protein Processing Equipment Market by Type (Dryers, Grinders, Centrifuges), Processing Method (Dry, Wet), Mode of Operation, Production Capacity (Small & Medium Scale, Large Scale), Application (Black Soldier Fly, Cricket) - Global Forecasts to 2029
Redding, California, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Insect Protein Processing Equipment Market by Type (Dryers, Grinders, Centrifuges), Processing Method (Dry, Wet), Mode of Operation, Production Capacity (Small & Medium Scale, Large Scale), Application (Black Soldier Fly, Cricket) – Global Forecasts to 2029,’ the insect protein processing equipment market is projected to reach $210.6 million by 2029, at a CAGR of 9.7% from 2022–2029.
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The current food production needs to be doubled to fulfill the growing population's food requirements. This effort would require finding environment-friendly and sustainable food production methods and food sources with high nutritional content. In this case, insect protein could be a great solution as it satisfies the human need for food and is highly nutritious. Additionally, using insects for food over conventional meats and other sources has ecological advantages. They can be a good source of protein for animals as they are not only rich in protein but can also extract it from waste material and facilitate significant reductions in the volume of waste.
The Impact of COVID-19 on the Insect Protein Processing Equipment Market
The COVID-19 pandemic created numerous global challenges for the food sector, especially meat product manufacturers. The meat products manufacturing industry faced major challenges, such as the risk of continuing production, distribution, transportation, and other supply chain activities; limited workforce; and delays in product development. The rescheduling of private investment financing and public funding initiatives further restricted the food sector's development. These factors are expected to impact the meat products industry, driving the demand for insect protein.
In 2021, the European Food Safety Authority approved the sale of insects, including migratory locusts (Locusta migratoria) and yellow mealworms, for human consumption (Source: IPIFF). Currently, only a few EU countries use insect-based products. A regionwide approval is projected to drive the demand and sale of insect proteins across Europe, creating immense opportunities for companies operating in the insect protein processing equipment market.
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The shutdown of major meatpacking plants due to the COVID-19 pandemic restricted meat production in the U.S., resulting in increased consumer demand. The U.S. Department of Agriculture announced that between March and April 2020, the volume of frozen pork in storage declined by 4%, and slaughter rates dropped by 25%. However, many news sources commented that it is too early to declare a food crisis. Some economists predict that consumers will have significantly fewer options for meat and protein. All these factors and Europe’s recent authorization could create a snowball effect around the globe. As insects contain high quantities of protein, vitamins, and minerals, they could fill the gap in U.S. meat production.
Moreover, the increasing health & wellness trends, the rising awareness among consumers regarding the risk of viral infections, cardiovascular disease, liver disease, bone disorders, and increased risk of certain cancers associated with the long-term use of animal-derived proteins have created traction for sustainable protein sources such as insect proteins that can be cost-effectively reared on waste feed and water. To leverage this traction, many insect protein industry vendors focus on enhancing their production capacities, processes, and end products and raising funds from investors. All these factors provide lucrative growth opportunities for insect protein processing equipment manufacturers.
The COVID-19 volatile environment impacted the supply chains of insect protein processing equipment due to increased costs and more complex and time-consuming routing of goods. Due to disrupted supply chain and logistic facilities, the global players operating in the insect protein processing market faced challenges in providing their services and products at their optimum capacity compared to pre-COVID-19. All these factors cumulatively restrained the market from growing. However, factors such as a limited workforce directed many companies to invest in automated insect protein processing equipment, which will boost the market at a relatively positive rate for companies offering automated insect protein processing equipment.
The insect protein processing equipment market is segmented by type (dryers, grinders, screw presses, separators, filtration systems, evaporators, centrifuges, other equipment), processing method (dry processing and wet processing), mode of operation (semi-automatic and automatic), production capacity (small & medium scale and large scale), application (black soldier fly, cricket, mealworms, other insect), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on type, in 2022, the dryers segment is expected to account for the largest share of the insect protein processing equipment market. The large market share of this segment is attributed to its ability to improve process hygiene. Additionally, the growing necessity for customization and replacement for traditional drying techniques are further expected to support the growth of this segment. However, the filtration systems segment is projected to register the highest CAGR during the forecast period due to its benefits over conventional separation methods, the rising awareness about filtration processes, and the increasing demand for better quality products.
Based on processing method, the insect protein processing equipment market is segmented into dry processing and wet processing. In 2022, the dry processing segment is expected to account for the largest share of the insect protein processing equipment market. The large market share of this segment is due to its capacity to obtain high yields, influence product quality, and reduce operational costs.
Based on mode of operation, the insect protein processing equipment market is segmented into semi-automatic and automatic. In 2022, the semi-automatic segment is expected to account for the largest share of the overall global insect protein processing equipment market. The large market share of this segment is attributed to its benefits, such as greatly improved labor productivity, flexibility in production processes, and technical & economic feasibility. However, the automatic segment is expected to register the highest CAGR during the forecast period.
Based on application, the cricket segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the higher incorporation of crickets in various recipes and products, high nutritional value and easy farming & processing of crickets, and the rising demand for cricket-based food products, such as protein powders, protein bars, and snacks.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the insect protein processing equipment market. The growth of this regional market is attributed to a well-established commercial farming market for edible insects, especially in Thailand, the presence of insect diversity & huge production, positive attitude towards the insect as food & feed, absence of regulatory barriers to insect processing, and the presence of key market players. However, North America is slated to register the fastest growth rate during the forecast period.
The insect protein processing equipment market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019–2022).
Some of the key players operating in the insect protein processing equipment market are Alfa Laval AB (Sweden), The Bühler Holding AG (Switzerland), GEA Group Aktiengesellschaft (Germany), Hosokawa Micron B.V. (Netherlands), ANDRITZ Group (Austria), Russell Finex Ltd. (U.K.), Maschinenfabrik Reinartz GmbH & Co. KG (Germany), and The Dupps Company (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/insect-protein-processing-equipment-market-5340
Insect Protein Processing Equipment Market, by Type
Insect Protein Processing Equipment Market, by Processing Method
Insect Protein Processing Equipment Market, by Mode of Operation
Insect Protein Processing Equipment Market, by Production Capacity
Insect Protein Processing Equipment Market, by Application
Insect Protein Processing Equipment Market, by Geography
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