Edible insects market

Edible Insects Market, By Product Type (As a Whole (Steam or Fried, Raw, BBQ), As an Ingredient (Drinks, Insect Confectionery, Snack and Backed Products, Others)), By Insect Type (Beetles, Caterpillars, Hymenoptera, Orthoptera, True Bugs, Others), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Apr 2020
CMI3802
120 Pages
Excel & Pdf
Food and Beverages

Summary

Edible insects are consumed across various regions as they are rich in various nutrients such as amino acids and essential minerals. Wasps, ants, bees, beetles, scale insects, cockroaches, flies, termites, crickets, and grasshoppers are some edible insects. They are also used across the aquaculture and poultry industries. Edible insects are roasted and dried to produced various low-calorie and nutritious food and beverage products.

The global edible insects market is projected to surpass US$ 850 million by the end of 2027, in terms of revenue, growing at CAGR of 6.7% during the forecast period (2020 to 2027).

Drivers

The advantage such as low cost of investment as compared to other conventional livestock such as pork, beef, and chicken is expected to augment the market growth of edible insects. Rising demand for protein-rich food products such as protein bars and snacks due to rising health consciousness among consumers is also expected to accelerate the market growth of edible insects over the forecast period.

Easy availability coupled with the increasing production of edible insects is expected to accelerate the market growth over the forecast period. Farming and harvesting of edible have significantly increased in the last few years due to rising awareness regarding the health benefits of the edible insects. This is projected to impact market growth positively over the forecast period.

Regionally, Asia-pacific dominated the global edible insects market in 2019, reporting 33% market share in terms of revenue, followed by Middle East & Africa and Latin America, respectively.

Figure 1. Global Edible Insects Market, Revenue Share (%), By Region, 2019

Market Restraints

Human consumption of edible insects is limited to certain regions since it is considered as a taboo. This is expected to hinder the market growth of the edible insects.

Lack of a legal blueprint for the consumption of edible insects coupled with the lack of distribution channel is some of the factors expected to restrict the market growth of edible insects.

Market Opportunities

Increasing demand for mixed insect’s packs that entails various edible insects is expected to augment the market growth of the edible insects. The mixed insect's packs usually contain mealworms, crickets, and cockroaches that are packed in deli cups and this is considered under ready-to-eat food products. Thus, the rising demand for mixed insect packs will favor market growth.

The growing use of edible insects as a coloring agent across various food products is projected to foster the market growth of the edible insects over the forecast period. For example, cochineal is an insect used to color strawberry and other food products such as donuts, cakes, and pies. Cochineal extract is a natural ingredient and is FDA approved for use across various food products.

Figure 2. Global Edible Insects Market – Opportunity Analysis

Market Trends

Growing cases of livestock disease are creating demand for edible insects which is further expected to fuel the market growth over the forecast period. The growing demand for cricket flour which is gluten-free which can be used for producing various food products is further expected to propel the market growth over the forecast period.

Increasing demand for invertebrates for treating malnutrition since edible insects are easy to digest is expected to foster market growth. The rising trend of consuming powder form of edible insects in pizza and other food products for enhancing the taste is estimated to accelerate the market growth.

Figure 3. Global Edible Insects Market, Revenue Share (%), By Insect Type, In 2019

On the basis of insect type, beetles dominated the global edible insects market in 2019 with around 30% of market share in terms of revenue, followed by caterpillar and hymenoptera, respectively.

Competitive Section

Key players are operating in the global edible insects market are Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms, Enviro Flight,LLC, Proti-Farm, Exo Inc., Entotech, Deli Bugs Ltd., and Eat Grub Ltd.

Few Recent Developments

Entomo Farms

In October 2018, Entomo Farms that turns crickets into snacks has announced that it is planning to expand its business. The company is planning to increase its insects-based food catches business worldwide.

Table of Content

Table of Contents

* Browse 45 market data tables* and 30 figures* on "Global Edible Insects Market” – global forecast to 2027

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- Frequently Asked Questions -

What will the market size be in 2027 and at what rate will it grow?

The market for global edible insects is forecast to surpass US$ 8.5 Million by 2027 witnessing a CAGR of 6.7% between 2020 and 2027.

What are the Major growth driving factors for the global edible insects market during the forecast period?

Low cost of investment as compared to other conventional livestock and easy availability coupled with the increasing production of edible insects is fuelling the growth of the 3D printing materials market in the region.

What are the trends in the Global Edible Insects market?

Growing cases of livestock disease are creating demand for edible insects and increasing demand for invertebrates for treating malnutrition are expected to favour market growth over the forecast period.

What are the key factors hampering the growth of the global edible insects market?

Lack of a legal blueprint for the consumption of edible insects coupled with the lack of distribution channel and human consumption of edible insects is still considered as a taboo is expected to hamper the growth the market during the forecast period.

Which are the key players forming the competitive landscape?

Major players operating in the global edible insects market include BASF SA, DANONE, Kellogg’s, Arla Foods, Nestle SA, General Mills, and AMWAY Malaysia Holdings Bhd.

What is the current market size?

The global edible insects market was estimated to be valued around US$ 5.0 million in terms of revenue in 2019.