Press release
Edible Insects Market Worth US$ 722.9 Mn by 2024
Affordability of Edible Insects to be Advantageous for Low-Income Population
Nutrients required by humans like minerals, vitamins, fiber, fats and proteins are present in insects making them highly nutritious. Some people are unable to devour soy, milk or egg derived protein owing to related allergic reactions, for example milk sugar causes severe allergic reactions such as bloating, diarrhea, bloating etc. Insects comprise of amino acids and high protein, owing to which few manufacturers add insect protein to several food products. No artificial colors, fillers or sweeteners are present in insect protein and it is organic. Insects reproduce rapidly and are found all around the world. Farmers are provided with entrepreneurship opportunities by harvesting and farming of edible insects. Since edible insects are affordable, low-income population would have an advantage over this food source.
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Tree Bugs and Orthoptera Insect Type Estimated to Witness Relatively High Growth During 2016 to 2024
Based on insect type, the global edible insects market is categorized into hymenoptera, beetles, tree bugs, caterpillar, orthoptera and others. Tree bugs and orthoptera are estimated to account for comparatively high CAGRs of 7.3% and 8.1% respectively during the forecast period. Based on product type, the market is categorized into product as an ingredient and product as a whole. Product as a whole is categorized further into raw, BBQ and steam or fried. While Product as an ingredient is categorized further into insect confectionery, snack & baked products, drinks and others.
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Europe Remains Lucrative in Global Edible Insects Market
Region-wise, the market is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). Europe and North America are estimated to witness highest CAGRs of 7.3% and 6.9% respectively during the forecast period. In 2015, Middle East & Africa held 28.4% market value share and is estimated to hold 28.9% by 2024 end. Europe, the fastest growing edible insects market, is estimated to witness 7.3% CAGR during 2016 to 2024. Among the European countries, EU5 is estimated to register highest growth of edible insects market during the forecast period.
Rapid global population growth, egg and diary protein alternatives, low capital investment, ease of harvesting & processing, food safety and low disease risk, less water consumption and compact space for farming are factors influencing the growth of global edible insects market. Key market players in the global market for edible insects include Thailand Unique, Nordic Insect Economy Ltd., Enviro Flight LLC, Entotech, Eat Grub Ltd., Kreca, Entomo Farms, Proti-Farm Exo Inc., and Deli Bugs Ltd.
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