Edible Insects Market to be Worth $16.39 Billion by 2032

Meticulous Research®-a leading global market research company published a research report titled, 'Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages), and Geography - Global Forecast to 2032.'

According to this latest publication from Meticulous Research®, the edible insects market is expected to record a CAGR of 29% from 2023 to 2032 to reach $16.39 billion by 2032. The growth of the edible insects market is driven by the growing greenhouse gas emissions from the livestock and poultry industries, the high nutritional value of insects, the environmental benefits of edible insects consumption, rising demand for insect protein in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of edible insects.

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However, factors such as the lack of a standardized regulatory framework, psychological & ethical barriers to consuming insects as food, and the risk of allergies due to insect consumption are expected to restrain the growth of the edible insects market.

Furthermore, emerging economies are expected to provide significant growth opportunities for the players operating in the edible insects market. However, a lack of awareness regarding the benefits of insect consumption is expected to remain a major challenge for the growth of this market.

Key Players

The key players operating in the edible insects market include Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Innovafeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), BIOFLYTECH S.L. (Spain), TEBRIO (Spain), nextProtein SA (France), Enorm Biofactory A/S (Denmark), Hexafly (Ireland), HiProMine S.A. (Poland), SFly Comgraf SAS (France), and Protenga Pte. Ltd. (Singapore).

The edible insects market is segmented based on product (whole insect, insect powder, insect meal, and insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on product, the edible insects market is segmented into whole insects, insect powder, insect meal, and insect oil. In 2023, the whole insects segment is expected to account for the largest share of the edible insects market. The easy availability of whole insects, their lower cost compared to processed insects, the lack of insect processing facilities in some parts of the world, and the growing demand for insects in the animal feed industry are the key factors driving the growth of this segment.

Based on insect type, the edible insects market is segmented into crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects. The black soldier flies segment is expected to register the highest growth rate in the edible insects market during the forecast period of 2023 to 2032. The rapid growth of this segment is attributed to the growing aquaculture industry, rising demand for alternative proteins from the animal feed industry due to the rising prices of soy meal, increasing government support for the use of insect meal in livestock feed, and the increasing number of investments by key players in the black soldier fly industry.

Based on application, the edible insects market is segmented into food & beverages and feed. In 2023, the food & beverages segment is expected to account for the larger share of the global edible insects market. Moreover, this segment is further slated to register the highest CAGR during the forecast period of 2023-2032. This segment's large market share and rapid growth are driven by the growing food shortage worldwide, increasing consumption of processed whole insects as food, and the rising demand for high-quality alternative protein and amino acid sources among end users.

Based on end use, the edible insects market is segmented into human consumption and animal nutrition. The human consumption segment is projected to register the highest growth rate in the edible insects market during the forecast period from 2023 to 2032. The rapid growth of this segment is attributed to the rising demand for insect-based foods to feed the growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.

Geographic Review

This research report also analyzes major geographies and provides a comprehensive analysis of North America, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global edible insects market. Asia-Pacific's major market share is attributed to factors such as the well-established commercial farming markets for edible insects in the region, especially in Thailand, the wide availability of various insects coupled with huge production, the positive attitude towards insects as food & feed, absence of regulatory barriers for using insects as food & feed, and the presence of key market players in the region.

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Key Questions Answered in the Report-

Which are the high-growth market segments in terms of product, insect type, application, end use, and region/country?
What was the historical market size for edible insects across the globe?
What are the market forecasts and estimates for 2023-2032?
What are the major drivers, restraints, opportunities, and challenges for the global edible insects market?
Who are the major players in the global edible insects market?
How is the competitive landscape, and who are the market leaders in the global edible insects market?
What are the recent developments in the global edible insects market?
What are the geographical trends and high-growth regions/countries?
Who are the local emerging players in the global edible insects market, and how do they compete with the global players?

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