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., 2023-28. 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.
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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, The Netherlands, Italy, Spain, Russia, Poland, Rest of Europe | |
| Asia-Pacific: China, Japan, South Korea, Thailand, Vietnam, Rest of Asia Pacific | |
| South America: Brazil, Rest of South America | |
| Middle East & Africa: Saudi Arabia, Egypt, South Africa, Rest of Middle East & 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, Other |
| Unit Denominations | USD Million/Billion |
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 edible insects market globally through 2028.
Market Dynamics
Key Driver: Rising awareness about the Various Health Benefits of Edible Insects
The world is witnessing burgeoning requirements for natural ingredients in food products, coupled with the growing awareness among consumers of the various benefits of insect protein on human health. In addition, there’s ever-increasing inclination of people toward consuming low calorie & high nutritional meals. These aspects are expected to drive the Global Edible Insects Market during 2023-2028.
Growth Challenge: Stringent Food Regulations and Improper Distribution Network of Insect-based Food
The most prominent growth challenge for the Global Edible Insects Market during 2023-28 is the stringent regulations in several countries worldwide for food manufacturers toward using insects in bakery, cheese, & other food preparations to protect consumer interest. Moreover, inadequate distribution channels and negative perceptions among people about consuming insect-based food might also hamper the growth of the global market in the coming years.
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 edible insects industry in the coming years.
Market Segmentation
Based on Insect Type:
Amongst all insect types, Crickets are projected to contribute significantly to the growth of the Global Edible Insects Market during 2023-28. They are easily available at low costs and have superior protein content & higher sources of minerals like copper, zinc, magnesium, & iron than beef, which makes them a much better alternative to different protein supplements.
Besides, there is less water consumed & low emissions during their production process, which signifies sustainability. Hence, owing to benefits like eco-friendliness, non-toxic nature, & cost-efficiency, they are also beneficial in farming techniques.
Moreover, they also contain amino acids that break down easily in our bodies, and their nutty & crunchy flavor makes them a highly preferred snack for many people. In addition, since they don't leave a foul aftertaste, they are accepted widely as an excellent substrate for added flavors like curry, lime, & spice, among others. Hence, all these aspects contribute to their burgeoning consumption worldwide and project remunerative prospects for the overall market growth through 2028.
Based on Product Type:
Here, insect powder & protein bars altogether accounted for the largest market share in the previous few years, owing prominently to their hassle-free transportation, storage, handling, & application. Insects in powdered form are convenient to consume, easily available worldwide, and can be stored at room temperature. In many countries, people usually consume insect powder by mixing it with various other food items for enhanced taste.
Moreover, increasing number of health clubs & gyms serving insect powder, the increasing consumer inclination towards fitness & wellness, and growing requirements of people for highly nutritious & convenient foods owing to busy lifestyles are other crucial aspects projecting an accelerating demand for insect powder globally in the coming years.
On the other hand, the gluten-free 'Protein Bars,' mainly preferred by athletes & sports enthusiasts, are expecting a notable growth rate in the global market over the coming years. It owes to the burgeoning awareness among people regarding healthy lifestyles and the growing inclination of many toward ready-to-eat food products owing to changing living standards.
Regional Landscape
Geographically, the Global Edible Insects Market expands across:
Of all regions globally, Asia-Pacific is expecting consequential growth in the Edible Insects Market during 2023-28. It owes prominently to the favorable norms for using insects as food & feed, low production & transportation costs, and the surging requirements for natural ingredients in food products. In the region, Thailand is home to well-established commercial cricket farming, with the widespread availability of diverse insect species & massive production.
Besides, mounting concerns over unethical practices on factory farms, a rise in the number of individuals with lactose & gluten intolerance, and the rapidly growing interest of people in consuming edible insects owing to their high nutritional value are other crucial aspects driving the market across Asia-Pacific. Crickets, bamboo worms, bagworms, flies, earthworms, beetles, ants, & wasps are a few widely available edible insects in the region.
With the high consumption of insect-based cookies, snacks, pasta, etc., and the growing utilization of insect protein in aquaculture feed, China holds the highest share in the regional market, followed by Vietnam, where people have been consuming insect-based food products since the ancient time. Moreover, with the rapidly expanding animal feed sector in the country, these consumption levels are projected to rise further in the coming years. Hence, all the aspects cited above indicate a pool of profitable prospects for the edible insects market across Asia-Pacific during 2023-28.
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Frequently Asked Questions
A. The Edible Insects Market is expected to witness a significant growth rate during 2023-28.
A. The increasing health consciousness of consumers, i.e., making them explore new & alternative protein supplements, coupled with the mounting concerns over food security & sustainability worldwide, are the key factors projected to drive the Edible Insects market during 2023-28. However, inadequate distribution channels and stringent food regulations with respect to insect consumption that manufacturers need to abide by might restrain the growth of the market in the years to come.
A. 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, and Ÿnsect SAS are the key companies operating in the Edible Insects Market.
A. Insect powder is anticipated to emerge as an area of remunerative opportunities for the leading players in the Edible Insects Market over the forecast years.
A. Globally, Asia-Pacific would generate remunerative prospects for the Edible Insects Market during 2023-28.
