Edible Insect Market Growth Outlook And Opportunity Analysis- Industry Trends, Developments, Companies, And Market Size Forecast To 2029
Global Edible Insect Market was valued at USD 191.87 Million in 2021 and is expected to reach USD 789.72 Million by the year 2028, at a CAGR of 22.4%.
An edible insect is an insect that is safe and suitable to be consumed by humans. Today, more than 2300 species of 18 orders have been reported to be edible insects, of which 5 orders are with at least 100 records. These insects inhabit both aquatic and terrestrial environments and the majority of them are harvested from nature though some species are farmed on a large scale. Edible insects are rich in protein, healthy fats, fiber, and essential nutrients such as iron, calcium, and vitamins. They are also more sustainable to produce than traditional livestock, requiring fewer resources such as land, water, and feed.
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Increasing Consumer preference towards healthy food options is the primary factor driving the growth of the market as edible insects are the essential source of protein, vitamins, and minerals and are highly nutritious to be consumed whole. Also, as the global population continues to grow, there is a need for more sustainable food sources, and edible insects require fewer resources and produce fewer greenhouse gases compared to traditional livestock, making them a more sustainable food source.
Growing awareness regarding the sustainability and health benefits of edible insects, Innovation, increasing investments, and growing cultural acceptance are expected to highly boost the market demand for edible insects. Also, as more research and regulation are conducted around edible insects, they may become a more common and accepted part of diets around the world.
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Asia Pacific dominates the global edible insect market owing to availability of animal-based food products as low prizing, different preservative techniques, high populated nations, and an increasing demand for edible insect-based food as source of protein.
In North America and Europe, Channing lifestyle and peoples are shifted towards protein-based products have increased demand for edible insect market. Furthermore, rising demand for insect in cosmetics and pharmaceutical sector which helps to growth of market in these regions in projected period.
In Latin America, Middle East Africa region, edible insect market is slightly affected by the lack of awareness of their benefits and absence of key players. In addition, low penetration of cosmetics and pharmaceutical industries in theses region has affected on insect market, and is expected to growth of edible insect market in upcoming years.
•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)
Key Players For The Global Edible Insect Market
•Ynsect and other major players.
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Key Industry Developments In The Global Edible Insect Market
In December 2019, Agriprotein opens new R&D center and global project management office at Singapore. Singapore R&D office will lead global research into anti-microbial pesticides, chitin and chitin derived products with respect to serving global analytical chemistry reference lab.
In February 2021, Hexafly launched their new product Hexafrass, an organic insect derived fertilizer including chitin, which is sustainable option for commercial fertilizer.
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