Edible Insects Market Demand, Industry Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Market Overview:
Edible insects are edible rich source of proteins, vitamins, and amino acids and safe for human consumption. Human insect-eating is common and even popular in some cultures in Latin America, Oceania, Africa, Asia, Australia, and others with over 1,000 species of insects being eaten. The edible insects market is expected to generate a CAGR growth of ~ 5.3 % during the forecast period.

Market Dynamics:
The growing acceptance and availability of nutritional facts about insects, coupled with their lower cost per gram of protein nutrition is the prime driver of the market. Apart from being a rich source of protein, edible insects also provide fibers, minerals, vitamins, and fatty acids. The growing availability of insect nutrition data is represented by FAO estimates of 1900 edible insect species and approximate 2 billion insect consumers worldwide. Insect consumption has also been suggested as a solution to environmental degradation caused by livestock production especially the production of methane and ammonia. Insects have also been proposed as a means to reduce the consumption of fertilizers. The inclusion of insects in foods such as snacks, protein and energy bars and others such innovations will boost the market. The growing packaging industry has provided an impetus to the market in form of roasted and dried varieties of edible insect products. The potential applications in animal feeds is expected to generate fastest growth in the market.

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Major Key Players:
Some of the key players profiled in the global edible insects market:  Nutribug Ltd. (U.K), Haocheng Mealworms Inc. (China), Thailand Unique (Thiland), Chapul Inc. (U.S.), Nordic Insect Economy Ltd. (Finland), Bugsolutely Ltd. (Thiland), Eap Group, Sarl (France) and others.

Restraints:
Taboo on insect consumption by the mainstream society is the single most critical restraint on the market. Concerns about safety and toxicity profile of the insects is another restraint on the market.

Some of the edible insects used in food industry are caterpillars, bees, ants, and wasps, beetles, scale insects, grasshoppers, crickets and locusts, and mealworm.

Also, edible insects used in food and beverage products are relatively cheaper, which has uplifted the demand for edible insects in the food & beverage industry. Additionally, they are not only used in food and beverage industry but also has a potential application in animal feed owing to high amount of amino acids & minerals. However, the limited availability of edible insects and the absence of regulatory laws are likely to hamper the growth of the edible insects market over the review period.

Key Findings:
Crickets and mealworms are widely used edible insects in human food & pet food, this has a huge opportunity in the global food and feed market

Increasing bug farming has headed in employment in the rural and urban areas owing to growth in the income

Segments:
Type - caterpillars, bees, ants and wasps, beetles, scale insects, grasshoppers, crickets and locusts, mealworm, and others. Beetles make up 40% of all edible insect species followed by crickets.

Application - food & beverages, bakery products, savory snacks, animal feed, and others.

Distribution channel - store-based and non-store based distribution channel. The store-based distribution channel is dominating the market.

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Regional Analysis:
Asia Pacific is expected to dominate the edible insects market followed by rest of the world. Thailand is the largest market owing to traditional acceptance of insects as food. Thailand is followed by China, Japan, Korea, Cambodia and Vietnam.

The South American region is expected to be led by Brazil, Mexico, Honduras and Nicaragua. South Africa, Angola, and others are expected to generate the fastest growth in the Middle East and Africa regions.

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This release was published on openPR.