Edible Insects Market | 2020 Global Industry Growth, Trends, Share and Forecast 2028 | Key Player – Thailand Unique, Aspire Food Group USA Inc., Proti-farm NV, Six Foods LLC, Ynsect, All Things Bugs LLC, Bitty Foods LLC

Edible Insects Market Outlook – 2028

Edible insects are the insect species used as a food source either whole or as an ingredient in processed food. The practice of eating insects is known as entomophagy, which has been practiced from earlier times by numerous ethnic groups. Insects are invertebrates belonging to phylum Arthropoda. They are one of the most diverse groups of animals on earth and numerous species are present in various parts of the world. According to FAO, more than 1,900 species have been recognized as edible species consumed by at least 2 billion people in the form of a traditional diet. Edible insects consumed worldwide commonly are beetles, moths, caterpillars, bees, wasp, ants, grasshoppers, locusts, crickets, cockroaches, cicadas, leafhoppers, plant hoppers, scale insects, true bugs, termites, dragonflies, and flies. Insects are considered as a highly nutritious food source for the fulfillment of protein, fat, vitamins, fiber, and mineral content. Entomophagy is practiced in various parts of the world and is highly based on cultural and regional practices. Insects are highly consumed in countries such as Thailand, Ghana, Mexico, China, Brazil, Australia, Japan, and the Netherland, whereas it is considered taboo in some of the western countries.

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COVID-19 Scenario Analysis

The edible insect market has initially faced uncertainty due to the food-borne disease, coronavirus, which has caused a change in eating habits and less preference for insect food source. The post-COVID scenario is anticipated to cause loss in sales and revenue due to the unprecedented spread of coronavirus throughout the world. Meanwhile, government organizations are inclined toward regulating the safety and quality of the edible insect market.
The global supply chain of the edible insect market has been disrupted due to the export and import bans implemented in various countries leading to changing market dynamics.
The industries utilizing the edible insects for the processing of various food products have faced a decline in sales and revenue as well as disruption of the domestic supply chain affecting the production of edible insect-based products.
The initial lockdown scenario caused the temporary shutdown of manufacturing plants and loss of manpower, which impacted the utilization of edible insects. The difficulty in the procurement of edible insects from the farming units has impacted the numerous insect farming systems.

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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Edible insects have provided human food security from earlier times and excellent alternative of fulfilling nutritional requirements preventing malnutrition in various countries. The first publication on edible insects as an alternative to global food shortage issues was given by Meyer Rochow in 1975 since then various developments have occurred in the edible insect market. Increasing commercial farming of various species of insects, investment in R&D, increase in trade, increasing malnutrition conditions, alternative protein sources, rising demand of nutritive food products, high dependence on plant sources leading to its depletion, low cost of production, employment generation by insect farming and indigenous cultivation, surge in modern insect rearing techniques, use of edible insects as an ingredient in numerous food products, increasing health & fitness consciousness, high nutritional value of edible insects, easy availability of various species, surge in rearing of new species, increasing food security, application in therapeutic food, surge in food processing & technology, increasing automation, environmental benefits, economic benefits, decreasing dependence on traditional livestock for fulfilling nutritional requirements, use in pet food, efficient food source in wars and natural calamities, extensive culinary use, increased large-scale production of edible Insects, utilization as snack food, fortification requirements, increased distribution channel, government initiatives, and disposable income are the key driving factors for the growth of edible insects market. However, increased competition, lack of hygiene in processing, availability of substitute products such as traditional meat, edible insect taboo, traditional beliefs and practices, food neophobia, rising food-borne diseases, government restrictions, spoilage of insect protein, allergic reactions, toxicity from various species, overexploitation of insects, and organizations for animal rights hinder the growth of edible insects market.

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The global edible insect market trends are as follows:

Surge in demand for insect food and ingredients

Insect food has high nutritional value due to the presence of a high amount of protein utilized for preventing malnutrition and shortage of food for the ever-growing population. Various species of insects contain a high amount of dietary fiber, high energy value, unsaturated fats, amino acids, vitamin B12, riboflavin, vitamin A, and minerals. They are extensively used for processed food formulations, supplementary diets, therapeutic food, pharmaceuticals, pet food, and animal feed. Edible insects are either consumed raw or in the form of flour, powder, and roasted product. They are used as ingredients in processed foods such as bread, fitness bars, pasta, patties, burger, smoothies, beverages, pancakes, energy drinks, cookies, cakes, and desserts. Recently, launch of edible insect products has increased such as cricket flour, organic cricket flour powder, chocolate cricket protein powder, cricket chips, roasted whole cricket, insect burger, cricket granola, cricket energy bars, cricket cocktail bitters, insect salt, cricket pasta, and cricket juice.

FAO has presented edible insects as prospects for food and feed security in the year 2003. The inclination of key manufactures and government organizations is toward maintaining sustainability and quality of the edible insect processing to present hygienic and safe food products. The other technological developments such as collaboration of diet and fitness app lifesum with Entomo Farms for consumers to keep a track of consumption of insects have presented new pathways of development in the edible insect market.

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Key Benefits of the Report

This study presents the analytical depiction of the global edible insect industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global edible insect market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global edible insect market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides detailed global edible insect market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Edible Insects Market Research Report:

Which are the leading players active in the edible insect market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What future projections would help in taking further strategic steps?

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