(MENAFN- PR Newswire) DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The 'edible insects market - forecasts from 2022 to 2027' report has been added to
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The edible insects market was valued at US$0.822 billion in 2020 and is expected to grow at a CAGR of 23.51% over the forecast period to reach a market size of US$3.606 billion in 2027.
Insects are often considered a nuisance for human beings, but their benefits are largely unknown to people. Insects provide food at a low environmental cost, play a fundamental role in nature, and contribute positively to livelihood. There was a time when the insect was treated as famine food, but now the trend has shifted.
Now, insects are not just used in the scarcity of food, but it has become a food culture of many countries. Its amino acid content and essential vitamin content have made it be even used as dog food. The edible insect market is growing owing to the growing population and decreasing food resources, which opens up the need for finding sustainable and environment-friendly food production methods with high nutrition.
The increasing acceptance of insects as food, decreasing fear of trying new foods, and the growing demand for an alternative source of animal protein have also propelled the market growth. Furthermore, the development of new technologies for the harvesting of insects and the minimal risk of disease transfer as compared to animal food is also boosting the market growth. However, the lack of distribution and networking channels, negative perceptions about insect consumption, lack of awareness, and various legislative requirements act as a concern for the market.
Easy Availability and nutritional value to boost the growth of the Market
The accessibility, as well as the affordability of edible insects, is extremely high. They can be cultivated and procured very conveniently and can be integrated into the daily diet as additives in several forms or as a whole, thereby improving the overall nutritional value of the food. Adding to that, edible insects call for very minimal processing post their harvestation, thus providing an extremely economical alternative to animal products which are coupled with a rising number of diseases. Among these edible insects, beetles are estimated to amount to the largest volume share. Further, insects are sustainable sources of amino acids, and proteins, along with being rich in minerals like Omega-3, minerals, and iron. They make for the perfect supplements for athletes. Thus, this rapid breakthrough of insects in the food & beverage industry, with the shifting trend towards sustainable practices is likely to accelerate the market significantly.
Geographical Insights
On the basis of geography, the edible insect market can be segmented into Asia Pacific, North America, South America, Europe and the Middle East and Africa. Asia Pacific is projected to be the biggest and the leading region in the consumption of edible insects. Within this region, countries like China, Thailand, and Japan account for the majority share of edible insect consumption. High protein content, low cost of farming, increasing population, and rise in health and fitness-conscious population are the key factors that are expected to drive this market. Additionally, in many developing nations in the region, edible insects serve as an excellent food source for malnourished kids.
Furthermore, Europe is estimated to hold a substantial market share of the edible insects market in the forecast period. Well-established production capabilities for edible insect processing and ingredient manufacturers in the region, the presence of a diverse set of insects, abundant availability, and positive outlook towards the consumption of insects as food and feed, along with the presence of key market players in the region like Protix BV and InnovaFeed are the key factors that are expected to propel substantial growth in this region.
Market Segmentation:
By Product Type
Whole Insect Insect Powder
By Application
By Insect Type
Crickets Black Soldier Fly Mealworms Grasshoppers Others
By Geography
North America United States Canada Mexico South America Brazil Argentina Others Europe UK Germany France Italy Spain Others Middle East and Africa (MEA) Saudi Arabia UAE Israel Others Asia Pacific China Japan South Korea India Indonesia Thailand Taiwan Others
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. Edible Insects Market By Product Type
6. Edible Insects Market By Application
7. Edible Insects Market By Insect Type
8. Edible Insects Market BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
HaoCheng Mealworms Inc. Thailand Unique KrecaEnto Food BV Entomo Farms Ltd. Nordic Insect Economy Ltd. Aspire Food Group Inc. Bugsolutely Ltd. Nutribug Ltd. Chapul Cricket Protein Ynsect
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