Edible Insects Market Future Emerging Trends, Growth Opportunities 2024
Edible insects such as caterpillars, bees, ants and wasps, beetles, scale insects, grasshoppers, crickets, locusts, and mealworm are fit for human consumption and do not produce any toxic effect. Additionally, edible insects are considered as a rich source of protein, vitamins, and amino acids, which has a wide range of application in the food & beverage and animal feed industry. Also, they do not produce toxic gases such as ammonia, which is harmful to the environment.
The global edible insects market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the edible insects market followed by rest of the world. Thailand is a leading consumer of edible insects owing to increasing awareness about the benefits of consuming edible insect products. Also, mounting awareness towards insect farming is the key driving factor in this region.
Furthermore, increasing demand for natural ingredients in convenience food in Asia Pacific countries like China, India, and Japan are likely to boost the growth of the edible insect’s market during the review period. Additionally, Brazil and South Africa are experiencing higher consumption of edible cricket & beetle insects in food preparation, which is expected to drive the global edible insects’ market.
Increasing preference for natural ingredients in food & beverage products has surged the demand for edible insects in the global market. Edible insects contain high amount of protein, fibre, energy, minerals, vitamins, and fatty acids, which has shown a high inclination towards the edible insect’s products. Furthermore, growing environmental impact on the crop field using chemical fertilizers has surged the demand for sustainable food owing to low environmental impact, which is likely to increase the global edible insects’ market over the review period.
Also, edible insects are relatively cheaper, which has uplifted the demand for edible insects in the food & beverage industry. Furthermore, edible insects are not only used in the food and beverage industry but also has a potential application in the animal feed owing to high amount of amino acids & minerals. However, the limited availability of edible insects and absence of regulatory laws may hamper the growth of the edible insect’s market over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 7.2% of edible insects market during the forecast period 2017-2023.
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Edible insects are segmented based on type, which includes caterpillars, bees, ants, and wasps, beetles, scale insects, grasshoppers, crickets and locusts, mealworm, and others. Edible beetle holds the major market share followed by crickets owing to presence of high amount of protein that serves as a better alternative for chicken and beef.
Based on the application, the edible insect’s market is segmented into food & beverages, bakery products, savory snacks, animal feed, and others. Among all the applications, application in savory snacks is dominating in the global market owing to presence of high protein, vitamin, potassium, zinc, calcium, and amino acid content.
Based on the distribution channel, the market is segmented into the store-based and non-store-based distribution channel. However, the store-based distribution channel is dominating the market based on the one-stop shopping experience.
The major players in the edible insect’s market
- Nordic Insect Economy Ltd. (Finland)
- Thailand Unique (Thiland)
- Haocheng Mealworms Inc. (China)
- Chapul Inc. (U.S.)
- Nutribug Ltd. (U.K)
- Bugsolutely Ltd. (Thiland)
- Eap Group, Sarl (France)
Edible insects’ market is segmented based on type, application, distribution channel and region.