Edible Insects Market is projected to register a CAGR of 28.36 % and reach a value of USD 9.68 billion by 2030
Edible insects market size is projected to be worth USD 9.68 billion by 2030, registering a CAGR of 28.36% during the forecast period (2022-2030).
The growth of the worldwide edible insects market has been tremendous in recent years, given the mounting concerns regarding the rise in greenhouse gas emissions from poultry and livestock. Edible insects’ significant nutritive value, their low environmental impact throughout their life cycle, and the lower chances of transmission of zoonotic diseases add to their appeal. With that said, the non-standardized strict regulatory framework, ethical and psychological barriers, and the allergies arising from insect consumption could deter business growth in the approaching years.
However, with the rise in health & wellness trends along with surging health awareness, the edible insects industry is bound to perform well in subsequent years. The increase in viral infections, liver diseases, cardiovascular diseases, calcium balance, and disorders of bone associated with the long-term intake of animal proteins has pushed the preference for sustainable protein sources such as edible insects. These are cost-effectively produced on just water and waste feed. To leverage the rising traction of edible insects, several vendors are trying to enhance their production capacities, end products, processes, and are working on generating funds from major investors.
Covid 19 Analysis of Edible Insects Market
The pandemic has brought along a hard time for the demand of edible insects market products and the market operations since its arrival. The market players have been witnessing a hard time in keeping up with the changing trends of the market and this is majorly impacting the ability of the market operations to produce and maintain a proper flow and supply chain mechanism during the forecast period. During the pandemic period, the negligible availability of raw materials and skilled labor has led to the production and manufacturing departments of the market players take a backseat has affected their ability to enhance their operations amid the outbreak of the pandemic. Change in the tastes, preferences in eating habits, and styles is leading the market and hence, most of businesses are looking for alternate means to produce and meet the demands of the target audience during the ongoing forecast period. The acceleration of new demand patterns and income strata should be considered while taking steps to revive the demand of the market post the pandemic and during the current forecast period.
The governments of various global locations are planning on the initiation of awareness programs regarding edible insects, the health benefits, and the tastes of the products. This is likely to help the market operations gain the expected momentum during the period and further, help the prominent market players opt for expansion by opting for opportunities like joint ventures, mergers, and acquisitions.
Taking the ingredients of the market products and services into a complete picture, the edible insects, as a whole, are expected to soar high on the increased consumption levels on the global scale during the edible insects market forecast period. The countries like India and Thailand, as a part of the APAC region, are witnessing a huge surge in the sales quantum of edible insects as a whole as the consumption scale is growing many folds with each passing day. Also, most of countries have edible insects as snacks and are available as part of the street food which gives a push to the market operations and demand of the products during the forecast period.
It has been witnessed that the target audience that is spread in various parts of the globe is increasing their preference for the consumption of edible insects as a whole. Also, the prominent players that are prevalent in these regions are investing in the research and development departments that are letting them develop and make the edible insects market available in packed and sealed forms. Also, the edible insect’s size is growing owing to their availability in dried form, raw form, and barbeque form.
The advent of increased investments available to the companies is helping the edible insects market operations propel towards the provision of food-grade certified insects that are fit for consumption and are based on the tastes and preferences of the target consumers. The harvesting activities of such consumable items do not require a high amount of investment and hence, is one of the best ways in which the poor sections of the society can be helped to earn better and improvise their living standards, especially during the ongoing forecast period.
The edible insects market trends are more prevalent as the edible insects market has been segmented based on the following:
Based on the type
The edible insects market has been segmented based on the type of segment that includes caterpillars, beetles, scale insects, grasshoppers, scale insects, mealworms, crickets, and locusts, amongst others. Beetles hold the largest market share, and the second-largest share is expected to be held by crickets. Beetles are considered to be a source of protein that is known to serve as a better alternative to non-vegetarian food items like beef and chicken.
Based on the application
Based on the distribution channel
The market players include various kinds of ways to make the products available to the target audience. They are both store-based and non-store-based distribution channels. The store-based distribution channels are expected to dominate the market operations as shopping through such portals helps in providing a one-stop shopping experience.
Globally, the market operations are available in 4 major regions namely the APAC region, Europe, North America, and the rest of the world (RoW). The APAC region is dominating the market as the awareness is increasing about the benefits of consuming these products. Also, insect farming is increasing high, and this is an important factor that will drive the market towards a dominant growth during the forecast period.
The report helps in studying the rising degree of competitive market players in the global regions. The market players are as follows:
The global report has been curated to help edible insects market investors and buyers have deep insights related to the market operations. The report highlights the market dynamics that will either enhance or decrease the market operations post the outbreak of the pandemic. The report helps in having an idea about the performance potential of the market developments and the revenue potential of the segments that are functional in 4 major mushrooming regions across the globe.
|Market Size||USD 9.68 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thailand Unique, Nordic Insect Economy Ltd., Entomo Farms Ltd., Kreca Ento-Food BV, ENTOTECH, Proti-Farm, Eat Grub Ltd., Exo Inc., Deli Bugs Ltd., Enviro Flight,LLC|
|Key Market Opportunities||The advent of increased investments available to the companies|
|Key Market Drivers||Increasing Demand For Edible Insects In Food & Beverages, Growing Awareness Regarding Nutritional Value In Edible Insects|
Growing realization of the high nutritional content of edible insects has been key in bringing the edible insects market to the fore.
Beetles are the majorly consumed type of edible insect, followed by crickets and mealworms.
Key players in the edible insects market include Thailand Unique, Nordic Insect Economy Ltd., Entomo Farms Ltd., Kreca Ento-Food BV, ENTOTECH, Proti-Farm, Eat Grub Ltd., Exo Inc., Deli Bugs Ltd., Enviro Flight,LLC.
Asia Pacific is the dominant force in the global edible insect market.
Growing awareness about the adverse environmental effects of conventional meat farming is the major driver for the edible insect market.