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Global Edible Insects Market Worth to Rise from US$ 423.8 Mn in 2016 to US$ 722.9 Mn by 2024
On the basis of product type, the market is segmented into a product as a whole and product as an ingredient. Product as a whole segment is further sub-segmented into steam or fried, raw and BBQ. As an ingredient segment is sub-segmented into drinks, insect confectionery, snack and baked products, and others. The global market is driven by low capital investment, rapid growth in global population, alternatives for egg and dairy proteins, ease of harvesting and processing, low disease risk and food safety, less land for farming, and lower water consumption.
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On the basis of insect type, the market is segmented into beetles, caterpillar, hymenoptera, orthoptera, tree bugs, and others. Orthoptera and tree bugs segments are expected to account for relatively high CAGRs of 8.1% and 7.3% respectively during the forecast period.
Insect rearing involves low capital investment as compared to that needed for another conventional livestock rearing such as cattle, swine, and chicken. Substantial increase in global population and decreasing resources are other factors expected to drive demand for alternative food sources. According to United Nations, global population in 2050 is expected to reach 9 billion, significantly outgrowing existing food resources. Insects contain high protein and amino acids and can be a sustainable food source in future.
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