Investor Briefing · Vol. 06
Re-engineering the animal & human protein stack
01
of 05 Market Landscape
InsectBased Protein.
A USD 1.29 B niche matures into a 13.39 B mainstream ingredient category by 2035 — at a 26.4% CAGR.
Field signal · 2026
From commodity feed ingredient to retail-finished finished SKU. Forecast CAGR · 2026–2035
Absolute opportunity · 2026–2035
Industry coverage
26.4%
$11.76 B
20 · 33
Net pool of incremental revenue if executed through 2035.
Companies profiled across the value chain · chain · Countries analyzed.
Compounded across every segmentation segmentation axis through 2035.
01 · Upstream
02 · Midstream
03 · Downstream
Larvae cultivation, protein extraction, automated farms.
Meal, defatted meal, concentrate, hydrolysate.
Aquafeed · pet food · F&B · nutraceutical · retail.
Source · Next Move Strategy Consulting, Insect -Based Protein Market (RC5489)
© 2026 Next Move Strategy Consulting · All rights reserved.
02 · Growth Drivers & Opportunities
What pushes the next decade — and what's left to unlock.
Six structural tailwinds carry the headline 26.4% CAGR. Three headwinds steady the curve. Three curve. Three whitespaces hold the highest-margin upside through 2035. Tailwinds
·
Six
structural
drivers
+3.8%
01
+3.4%
02
+2.9%
EU novel food authorizations
Aquafeed feed qualification
Pet food manufacturer adoption
Europe · 2026–2035
Europe · LATAM · 2026–2035
North America · Europe · 2026–2035
+2.1%
04
+1.9%
05
+1.6%
03
06
Industrial-scale automated production
Asia-Pacific feed demand
Government sustainability funding
Global · 2026–2033
Asia-Pacific · 2027–2035
Europe · 2026–2035
−2.1%
−1.3%
−0.9%
Consumer acceptance barriers
Industrial capex burden
Regulatory fragmentation
North America · Europe · 2026–2035
Global · 2026–2032
Asia-Pacific · MEA · 2026–2035
Opportunity 01
Opportunity 02
Opportunity 03
Aquafeed offtake agreements
Premium pet food formulation
Multi-year recurring volume contracts with shrimp and salmon formulators beat spot exposure — Protix and Innovafeed are already locking these in.
Allergy-conscious, sustainability-led owners carry novel-protein price premiums — a defensible margin pocket as direct human food matures.
Food-grade processing processing capacity
Headwinds
Whitespace
·
Three
·
Three
forces
plays
to
underwrite
worth
underwriting
Source · Next Move Strategy Consulting
Dedicated cricket and mealworm lines for F&B unlock unlock bakery, snack, and beverage SKUs as EU EU authorizations broaden ingredient access.
© 2026 Next Move Strategy Consulting · 02 / 05
03 · Competitive Scenario
Two archetypes. Twenty names. One race to scale. The competitive field splits into industrial-scale vertically-integrated BSF producers and species- or geography-focused specialists. Activity is investment-driven scaling — not yet consolidation.
Archetype A
Archetype B
Vertically-integrated BSF producers
Specialists — species & region focused
Industrial breeding, processing, multi-application ingredient portfolios. Wins on cost parity, offtake-locked volume, and regulatory breadth.
Cricket, mealworm, grasshopper pioneers; regional winners; human -food human-food and premium pet-food qualities. Wins on differentiation, differentiation, sensory, and category authorship.
SCALE-LED
The
roster
·
MULTI-APP
20
companies
C A P E X- H E A V Y
profiled
DIFFERENTIATED
across
33
SPECIES-FIRST
HUMAN-FOOD LED
countries
T1 Industrial-scale producers Innovafeed
Protix
EnviroFlight
Enterra Feed
Hexafly
FRANCE · BSF
NETHERLANDS · BSF
U.S. · BSF
CANADA / U.S.
IRELAND · BSF
BioflyTech SPAIN · BSF
T2 Specialists Entomo Farms
Entobel
nextProtein
EntoGreen
Inseco
Essento
CANADA · CRICKET
VIETNAM · BSF
FR / TN · BSF
PORTUGAL · BSF
SOUTH AFRICA
SWITZERLAND · FOOD
Hargol FoodTech ISRAEL · GRASSHOPPER
T3 Regional & emerging players Protenga
Ento Proteins
All Things Bugs
Grinsect
Flying Spark
Nutrinsect
SINGAPORE
SOUTH AFRICA
U.S.
U.K.
ISRAEL · CRICKET
SWITZERLAND
SWARMProtein GERMANY
Source · Next Move Strategy Consulting
© 2026 Next Move Strategy Consulting · 03 / 05
04 · Strategic Outlook & Investment Implications
Where the next $11.76 B actually pools — and who captures it. 10.4×
Headline
opportunity
·
2 0 26– 2 03 5
$1.29 B → $13.39 B
$11.76B
Absolute market size, 2025 baseline.
Fastest
Incremental revenue pool between 2026–2035 if executed against the 26.4% CAGR baseline.
Regional
outlook
·
Five
scaling · 2025 → 2035
regions,
ten
years
U.S.
India
$0.27 B
35.0% CAGR
·
CAGR
out
Europe
$4.28 B
Novel food authorizations
24.0% CAGR
Asia-Pacific
country
$3.75 B
FASTEST
30.0% CAGR
Aquaculture & livestock feed
North America
$3.21 B
Pet food & industrial scale
25.0% CAGR
Latin America
$1.21 B
Aquafeed & exports
28.5% CAGR
$0.94 B
Middle East & Africa Food security & feed How to position
Play
·
Three
28.1% CAGR plays
for
the
01
next
24
months
Play
Lock in aquafeed offtakes. Convert pilot relationships into multi-year contracts with shrimp and salmon formulators. Recurring revenue beats spot exposure at every scale tier.
02
Play
03
Build foodgrade capacity.
Own premium pet-food branding.
Dedicate cricket and mealworm lines distinct from feed-grade. EU authorizations open bakery, snack, and beverage SKUs at higher unit economics.
Anchor novel-protein positioning with named petpet-food brands. Carries price premium and protects protects margin as direct human food matures. matures.
→
Source · Next Move Strategy Consulting
© 2026 Next Move Strategy Consulting · 04 / 05
05 · Thank You & Connect
In-depth
strategic
guidance
awaits
Let's connect. For the complete dataset, segmentation cuts by country, species and end-user, and tailored and tailored advisory — our analysts are one call away.
Call
us
+1 857758-5017
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info@nextmsc.com
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