Market Definition
The practice of eating insects is known as Entomophagy. For thousands of years, insects have been part of human diets. Earlier, it was considered brutal, and there was rigorous resistance among people to consuming insects. However, as this practice is now gaining significant traction worldwide, insects could become the new food we consume in the future.
Market Insights
The Global Edible Insects Market is expected to witness a significant growth rate during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the burgeoning requirements for high protein & low-fat food worldwide. Besides, the easy availability, high nutritional value, and low-cost production methods associated with edible insects are further driving the global market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, France, Russia | |
| Asia-Pacific: China, India, Japan, South Korea | |
| South America: Brazil, Argentina | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | AgriProtein Technologies, Aspire Food Group, All Things Bugs, Beta Hatch, Bioflytech, DeliBugs Ltd., Eat Grub Ltd., Thailand Unique, Nordic Insect Economy Ltd., Kreca Ento - Food BV, Entomo Farms Ltd., Protifarm NV, EnviroFlight LLC, EntoCube, Ltd., Entomo Farms, Haocheng Mealworm Inc., Hargol FoodTech, Ÿnsect SAS |
| Unit Denominations | USD Million/Billion |
Additionally, the increasing number of insect farming practices due to low costs and the rising instances of livestock diseases are other crucial aspects leading to the mounting adoption of insect-based food products globally. Furthermore, massive R&D investments by the leading players in the industry in coming up with innovative products also project profitable opportunities for the global market over the coming years.
Nevertheless, the growing health consciousness among people & their flourishing awareness about the significance & nutritional benefits of insect-based food, especially after the advent of Covid-19, are also promoting the growth of the global market. Moreover, since insects are richer in protein than other well-known sources, their demand is surging rapidly among the young generation who work out, which, as a result, would drive the global edible insects market through 2027.
Impact of Covid-19 on the Global Edible Insects Market
The advent of Covid-19 severely impacted the food & beverage sector globally and presented several unprecedented challenges to meat producers, such as unavailability of the workforce and disruptions in production, distribution, & transport.
Amidst the pandemic, many countries imposed restrictions on meat production and banned breeding, hunting, & consumption of wild animals, which resulted in the shutdown of meat processing units. Besides, increased health awareness and an upsurge in soybean prices made people look for & adopt better nutritional supplements to maintain their overall well-being. It, in turn, propagated the demand for protein substitutes like insect-based meals, owing to their higher nutritional value & affordability.
Moreover, the active efforts of governments of different countries worldwide toward encouraging the use of insect-based food in livestock feed, coupled with massive investments by the leading players in the industry, project lucrative growth prospects for the global edible insects market in the coming years.
