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Meticulous Research® – leading global market research company, published a research report titled “Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil) Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2027.”
According to this latest publication, in terms of value, the edible insects market is expected to grow at a CAGR of 26.5% from 2020 to 2027 to reach $4.63 billion by 2027. Moreover, in terms of volume, the edible insects market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach 1,398.90 KT by 2027. The key factors contributing to the growth of the edible insects market include growing greenhouse gas emissions from the livestock and poultry industries, high nutritional value of insects, low environmental impact of their entire life cycle, and low risk of transmitting zoonotic diseases. However, the non-standardized regulatory framework, psychological and ethical barriers to use insects as food, and allergies due to insect consumption are the factors expected to restrain the future growth of this market.
The edible insects market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027— by product (whole insects, insect powder, insect meal, and insect oil), insect type (crickets, mealworms, black soldier flies, buffalo’s, grasshoppers, ants, silkworms, cicadas, and other insect types), application (processed whole insects, animal & pet feed products, processed insect powder, insect protein bars and protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, other applications), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at country levels.
In terms of value, the whole insects segment is expected to dominate the edible insects market during the forecast period of 2020-2027. Factors such as the wide availability of raw insects, lower cost compared to processed forms, and unavailability of processing techniques in some regions are driving the growth of the whole edible insects market.
In 2020, the crickets segment is estimated to account for the largest share of the edible insects market. Easy farming and easy processing of crickets, high nutritional value, incorporation of crickets in various food recipes & products, and increasing demand for cricket-based products, such as protein powders, protein bars, and snacks, drive the growth of this segment.
Based on application, the processed whole insects segment is expected to command the largest share of the overall edible insects market in 2020. The huge availability of whole insects, growing consumption of insect-based foods, the high nutritional value of insects, and the growing demand for environment-friendly alternative sources of protein are some of the major factors driving the growth of this segment.
Based on end use, the human consumption segment commands the largest share of the overall edible insects market. Increasing demand for protein-rich food to feed the exponentially growing population is one of the key reasons for the increasing adoption of edible insects for human consumption. Further, the high nutritional value of insects in human nutrition and the growing demand for environment-friendly alternative sources of protein are some of the other factors supporting the growth of edible insects for human consumption.
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This research report analyzes major regions and countries and provides a comprehensive analysis for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific is estimated to hold the largest share of the edible insects market, followed by Europe and North America. A well-established commercial farming market for edible insects, especially in Thailand, the presence of insect diversity, huge availability, positive attitude towards the consumption of insects as food & feed, the absence of regulatory barriers on using insects as food & feed, and the presence of key market players in the region are the key factors contributing to the large share of the APAC market.
The edible insects market is very fragmented with the presence of many small manufacturers. The key players operating in the edible insects market are Protifarm Holding NV, EntomoFarms, Haocheng Mealworms Inc., Agriprotein (Insect Technology Group Holdings U.K. Ltd.), Ynsect SAS, Deli Bugs Ltd., Hargol FoodTech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Global Bugs Asia Co., Ltd., Beta Hatch Inc., EntoCube Ltd., Rocky Mountain Micro Ranch, Armstrong Cricket Farm Georgia, Cowboy Cricket Farms, ENTOBEL HOLDING PTE. LTD, Entofood Sdn Bhd, EnviroFlight Corporation, SFly Comgraf SAS, Hexafly, F4F SpA , Protix B.V., Enterra Corporation, InnovaFeed, Nutrition Technologies Group, Protenga Pte Ltd., and nextProtein S.A.S., among many other local and regional players.
Key Questions Answered in the Report-
- What is the current value of revenue generated by the edible insects market?
- At what rate is the demand for edible insects market is projected to grow over the next 5-7 years?
- What is the historical market size and growth rate for the edible insects market?
- What are the major factors impacting the growth of this market at the regional and country levels?
- What are the major opportunities for existing players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the edible insects market?
- Which segments in terms of the product, insect type, application, and end use create major traction for the vendors in this market?
- What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the vendors operating in the edible insects market?
- Who are the major players in the edible insects market? What are their specific product offerings in this market space?
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