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Edible Insects Market to Value at a CAGR of 6.1% by 2024
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According to a report by Persistence Market Research, “Global Market Study on Edible Insects: Industry Analysis and Forecast, 2016-2024”, the global edible insects market is estimated to expand at a healthy CAGR of 6.1% for the forecast period. The factors for the projected market trend are substantial increase in global population and declining resources owing to which alternative food sources are being seek.
In terms of product type, the global edible insects market is segmented into consumed as a whole and consumed as an ingredient. As a whole is further sub-segmented into steam or fried, raw, and BBQ. As an ingredient is further sub-segmented into drinks, insect confectionery, snack and baked products, and others. As a whole is the leading segment estimated to account for the maximum market share in terms of revenue at the end of 2016 owing to ease of harvesting and processing.
In terms of insects type, the global market is segmented into beetles, caterpillars, hymenoptera (includes wasps, bees, and ants), orthoptera (cricket, grasshopper, and locusts), tree bugs, and others (termites, dragonflies, flies, and etc.) The orthoptera segment is expected to expand at a CAGR of 8.1% through the forecast period owing to rising demand for cricket based granola bars, crackers, cookies, and chocolates. The beetles segment is projected to account for 30.8% market share whereas the caterpillars segment is projected to account for 17.9% market share at the end of 2016. The tree bugs segment is projected to surge at a rate of 7.3% through the forecast period.
The global edible insects market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa on the basis of region. Asia Pacific is the largest market with the highest revenue generation owing to popularity of edible insects, especially in the South East Asia and China. MEA is estimated to account for 28.9% share in the global market in terms of revenue, growing over the 28.4% market share in 2015 owing to the increased awareness in regards to the benefits of consumption of edible insects. Europe and North America are projected to register high CAGR of 7.3% and 6.9% respectively through the forecast period of 2016-2024.
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Major players in the global edible insects market include Exo Inc., Entomo Farms Ltd., Nordic Insect Economy Ltd., ENTOTECH, Kreca Ento-Food BV, Thailand Unique, Enviro Flight,LLC., Eat Grub Ltd., Deli Bugs Ltd., and Proti-Farm.
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