Recent trends in the North America insect protein industry for athletes application are driven by investments by key insect protein companies towards product development.
The trend reportedly follows similar initiatives from other parts of the world. To support the same with an instance from 2018, Isaac Nutrition, a German startup, had initiated talks with NutraIngredients for examining the potential market for insect blends in bulk powders following its appearance at the Trailblazers session of the Sports Nutrition Congress 2018.
The Cologne-based startup had already obtained funding from the European Union and the German Federal Ministry for Economic Affairs and Energy, as the move appeared to shake up the sports nutrition market by presenting insect protein to the forefront. Similar initiatives are expected to drive the augmentation of the insect protein market for athletes application in North America through the ensuing years.
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As per the latest research by Global Market Insights, Inc., North America Insect Protein Market for Athletes Application size exceeded USD 8.5 million in 2019 and is estimated to register over 12.3% CAGR between 2020 and 2026.
Given that the market is in its earlier stages of expansion, key insect protein companies are focusing on the augmentation of existing production facilities for meeting the increasing demands of consumers for various insect protein products. Citing an instance, in July 2020, Aspire Food Group bought 12 acres of land in Ontario, Canada, for the development of the largest automated, food cricket processing facility at the global level.
Prominent insect protein companies include Proti-Farm Holding N.V., Thailand Unique, Yes Crickets, Landish, Jurassic Snacks, All Things Bugs, Entomo Farms, Proti-Farm Holding N.V., Coast Protein, Inc., Bitty Foods, Inc., Aspire Food Group, and others.
Nutritional supplement manufacturers are also making huge investments in novel product developments comprising high protein content nutritional bars. Insect protein bars are likely to witness increasing preference by sports persons and athletes in North America as they are very handy and nutritious after a sports practice or workout.
The protein bar segment in the North America insect protein industry held a commendable share amounting to USD 2.49 million in 2019 and is estimated to escalate at the highest CAGR of 12.5 per cent through 2026. This surge is primarily attributed to the ease of handling and convenience of carrying these protein bars.
Further, the Mexico insect protein market for athletes application held a commendable revenue of USD 1.40 million in 2019 and is anticipated to expand at a CAGR of 12.4 per cent through 2026. The escalating consumption of nutritious and healthy food is one of the prominent factors leading to the augmentation of insect protein industry in Mexico.
A rise in the number of entrepreneurs showing keen interest in the investigation of insect farming production and manufacturing may push insect protein market growth through the estimated period.
In a nutshell, a surge in insect farming in the light of minimum investment and the soaring demand from end-users is set to spur North America insect protein industry demand over the forthcoming years.
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