Edible Insects Market Size And Forecast
Edible InsectsMarket was valued at USD 482.73 Million in 2019 and is projected to reach USD 1,799.21 Million by2027, growing at a CAGR of 17.9% from 2020 to 2027.
Increasinghealth care among the youth, awareness about nutritional benefits, andwillingness to explore new options are expected to drive the Edible InsectsMarket within the forecast period. As insects are rich in protein, their demandis increasing among the young consumers who work out and are open to newoptions. The Global Edible Insects Market report provides a holistic evaluationof the market. The report offers a comprehensive analysis of key segments,trends, drivers, restraints, competitive landscape, and factors that areplaying a substantial role in the market.
GlobalEdible Insects Market Definition
Insects as foodor edible insects are insect species used for human consumption, e.g., whole oras an ingredient in processed food products like burger patties, pasta, orsnacks. Edible insects are raised as livestock in specialized insect farms. InNorth American also as in European countries like Netherlands or Belgium,insects are produced under strict food law and hygiene standards for humanconsumption.
Severalvariables apply, like temperature, humidity, feed, water sources, housing,counting on the insect species. The insects are raised from eggs to larvaestatus (mealworms, lesser mealworms) or to their mature form (crickets,locusts), then killed, in industrialized insect farms by lowering thetemperature. Then the insects are freeze-dried and packed whole, or pulverizedto insect powder (insect flour), to be processed in other food products likebakery products, or snacks.
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GlobalEdible Insects Market Overview
Increasingfarming of insects because of minimum investment, alongside a decrease inseafood because of restrictions imposed by many countries on fishing, ispredicted to propel the demand for the merchandise. Demand for theseinvertebrates is increasing because of their low cost, high nutritionalbenefits, and requirement of minimal cost for farming, thus impacting themarket growth positively.
The governmentsare taking initiatives to teach consumers in developing countries like Indiaand China, which can propel the market demand. These insects require less landfor production, less food as compared to other animals, and are 12 times richin protein than other sources. These prominent factors are expected to spice upmarket demand within the forecast period.
However, incountries like India, cultural beliefs and negative perceptions of consumerscan hinder the market growth. Scarce distribution channels and therefore theabsence of a legal blueprint with reference to the consumption of insects arethe factors anticipated to restrain the market growth within the forecastperiod. Moreover, in many countries, insects are considered to be the simplestfood for malnutrition as they’re easy to digest. The insects are immune todisease transfer as compared to the opposite animals, thereby driving theirdemand.
Additionally,the presence of micronutrients like zinc, fatty acid, iron, and magnesium ispredicted to fuel the expansion of the market.
Beetles are the foremost consumed invertebrates because of their highnutritional content. A beetle supplies 20gms of protein per 3.5 ounces, while aJune beetle supplies 13gms. The beetles are rich in iron, calcium, and zinc,thus are highly preferred by both young also as aging consumers. Crickets arerich in protein, serve more proteins per 100gm as compared to beef, and are lowin cost, which makes them preferable to other sources of proteins.
GlobalEdible Insects Market Segmentation Analysis
The GlobalEdible Insects Market is segmented based on Product, Application, andGeography.
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EdibleInsects Market, By Product
• Caterpillar
• Beetles
• Cricket
• Others
On the basis ofProduct, the Edible Insects Market is further segmented into a caterpillar,beetles, cricket, and others. Beetles are the most consumed invertebrates basedon global revenue in 2018. Factors such as different tastes as compared toother products and increasing awareness about its nutritional content aredriving the segment.
Cricket isanticipated to expand at the fastest CAGR in the forecast period. This growthis attributed to its easy availability, low cost, and high protein content andthus, can be used as an alternative to different protein supplements. Cricketrequires low production cost, low emission during the production process, andless water, which acts as a sustainable source. This, in turn, is propellingthe demand for the product.
EdibleInsects Market, By Application
• Powder
• Protein Bars
• Others
Based onApplication the market is bifurcated into Powder, Protein Bars, and 0thers. Thepowder segment accounted for the largest share in 2018 and is expected towitness the fastest growth in the forecast period. The vast application andeasy availability of the powder form are driving the segment. It can be used asflour and can be consumed in any form. In European countries, they are consumedby mixing it with pizza, cheese, and various other food items to enhance itstaste. Cricket flour, which is gluten-free, is used in producing many foodproducts, thus propelling the demand for the segment.
Protein barsaccounted for the second-largest share of the total revenue in 2018. Proteinbars are generally preferred by athletes and sportspersons owing to theirgluten-free nature and thus propelling the demand for the product. Moreover,the protein bars come with immediate consumption or expiry date of 2-3 monthsbut powder form of invertebrates can be stored for a longer period of time.Powder forms are easy to store and can be stored at room temperature but thebars need to be kept at a certain temperature.
EdibleInsects Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis ofGeography, the Global Edible Insects Market is classified into North America,Europe, Asia Pacific, and the Rest of the world. North America accounted forthe largest share in 2018. In North America, the U.S accounted for a huge sharein 2018. Increasing awareness among the consumers about the nutritionalbenefits of the invertebrates IS expected to propel the product demand in theforecasted period.
The Middle Eastand Africa is the second-largest contributor to the market growth in 2018. Highconsumption in Africa and increasing consumption in countries like UAE arefueling the growth of the market in the region. Europe is the fastest-growingregion in the forecast period. The usage of invertebrates for curingmalnutrition as they are easy to digest is a prominent factor for marketgrowth.
KeyPlayers In Edible Insects Market
The “GlobalEdible Insects Market” study report will provide valuable insight with anemphasis on the global market. The major players in the market are Bugsy Bros, Beetle Jelly, Bugs in Mugs,Haocheng, Cricketer, Insecteo, Bug foundation, Eddiebug, Gran Mitla, andInjectables.
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