Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal), Insect Type (Crickets, Black Soldier Fly, Mealworms, Ants), Application (Animal Feed, Protein Bar & Shakes, Bakery, Confectionery), and Country - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the South East Asia edible insects market is projected to reach $1.58 billion by 2030, at a CAGR of 24.1% from 2023 to 2030. The growth of the South East Asia Edible Insects Market is mainly attributed to growing greenhouse gas emissions from the livestock and poultry industries, rising demand for insect protein in the animal feed industry, and growing population and awareness about the benefits of alternative protein. Furthermore, the rising demand for insect-infused food is expected to create market growth opportunities. However, the psychological and ethical barriers to consuming insects as food, the growing vegan population, and the risk of allergies due to insect consumption are expected to hinder the growth of this market to some extent.
The South East Asia edible insects market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the South East Asia edible insects market are Ÿnsect (SAS) (France), Protix B.V. (Netherlands), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), Enorm Biofactory A/S (Denmark), SFly Comgraf SAS (France) and Protenga Pte. Ltd. (Singapore).
The South East Asia edible insects market study presents historical market data regarding value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on product (whole insect, insect powder, insect meal, insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects), application (food & beverages and feed), end use (human consumption and animal nutrition), and country (Thailand, Vietnam, Malaysia, Indonesia, Singapore, and Rest of South East Asia). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the products studied in this report, the whole insects segment is expected to account for the largest share of the South East Asia edible insects market in 2023. The large market share of this segment is attributed to the easy availability of whole insects, the unavailability of insect processing techniques in some countries of South East Asia, the increase in the consumption of insect-based foods and the increasing popularity of insect food as an alternative protein source.
Among all the insect types studied in this report, the black soldier fly (BSF) segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising demand for alternative proteins from the animal feed industry due to the rising prices of soy meal, growing aquaculture industry and increasing demand due to high protein content.
Among all the applications studied in this report, the food & beverages segment is expected to account for the largest share of the South East Asia edible insects market in 2023. The large market share of this segment is attributed to factors such as the rising demand for high-quality alternative protein and amino acid sources among end users, growing food shortage in the region, rising demand for environment-friendly food, and increasing use of insect powder by the food & beverages industry.
Among all the end uses studied in this report, the human consumption segment is expected to account for the largest share of the South East Asia edible insects market in 2023. The large market share of this segment is attributed to factors such as the growing demand for environment-friendly, alternative sources of protein, rising demand for insect-based foods to feed the ever-growing population and the high nutritional value of insects in human nutrition. This segment is also expected to register the highest CAGR during the forecast period.
Among all the countries studied in this report, in 2023, Thailand is expected to account for the largest share of the South East Asia edible insects market. The large market share of this country is attributed to factors such as consumers’ acceptance of edible insects, numerous edible insect farms, increased use of BSF (Black Soldier Fly) in animal feed, growth of the livestock industry, and rising feed prices.
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