Market Research Future (MRFR) asserts that the global edible insects’ market is estimated to project a healthy CAGR during the forecast period (2017-2023) owing to the increasing consumer interest towards edible insects. Edible insects are referred to as insects which are safe for human consumption and are not harmful. They are rich in vitamin protein, and amino acid content and do not produce toxic gases like ammonia which is harmful to the environment. Insects such as edible bees, caterpillars, wasps, ants, scale insects, beetles, crickets and locusts, grasshoppers, and mealworm are used in the food industry.
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Market Potential and Pitfalls
With the augmenting interest of the consumers towards edible insects in the food and feed sector due to the presence of essential minerals and amino acids, the market for edible insects is estimated to flourish during the appraisal period. Edible insects are rich in fiber, protein, vitamins, minerals, energy, and fatty acids, which offer a number of health benefits. As the use of toxic substances and chemical fertilizers on crop yield have increased, affecting the environment to a great extent, the inclination towards sustainable food has increased due to low environmental impact. It also offers a healthy life which is predicted to contribute to the market growth across the globe. Also, with the rising preferences for natural ingredients in the F&B sector, the demand for edible insects have increased.
Edible insects used in F&B products are cheaper which has further uplifted its demand in the industry. Due to the high amount of amino acids and minerals present in edible insects, they are also used in animal feed besides the F&B industry. This has led the market to boost across the globe. Consumers are becoming health conscious due to extensive consumption of unhealthy foods which is expected to propel the market growth. A shifting trend towards the consumption of protein-rich food items coupled with ready-to-eat meals and convenience food will foster the market growth. Several health benefits offered by edible insects such as lowering calories and obesity are some of the other factors resulting in the market to expand. Moreover, manufacturing companies like Bitty Foods, EnviroFlight, Grilo, and Bugsolutely are highly focusing on R&D activities in order to serve consumers with better and suitable solutions. This is predicted to positively impact the market growth in the coming years. Extensive insect farming including honeybees, silkworms, cochineal, lac insects, waxworms, crickets, and cockroaches are benefiting the overall market growth.
On the contrary, the absence of regulatory laws and the limited availability of edible insects are some of the top barriers likely to vitiate the market growth during the assessment period.
Global Edible Insects Market: Segmental Analysis
The global edible insects market has been segmented on the basis of type, application, and distribution channel.
By mode of type, the global edible insects market has been segmented into bees, caterpillars, beetles, ants, crickets, grasshoppers, and mealworm. Among these, the beetle’s type is predicted to occupy the major share as edible beetles are rich in protein and serve as a better alternative for beef and chicken.
By mode of application, the global edible insects market has been segmented into bakery, food & beverages, snacks, and feed. Edible insects are extensively used in savory snacks due to the presence of vitamins, high protein, zinc, potassium, calcium, and amino acid content.
By mode of distribution channel, the global edible insects market has been segmented into store-based and non-store based. Among these, the store-based distribution channel is predicted to dominate the global market due to its one-stop shopping convenience.
Geographically, the edible insects market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is presumed to dominate the global edible insects market. Led by China and Thailand, edible insects are highly consumed due to its rising awareness associated with its consumption among the consumers of this region. With the augmenting awareness associated with insect farming in this region, the market is estimated to flourish. Also, the rising demand for natural ingredients in convenience food items in economies such as India, Japan, and China, the market is predicted to foster in the coming years.
The North American region is likely to experience a significant CAGR during the forecast period and is likely to retain its growth in the coming years. The market’s growth is chiefly directed by the increasing demand for high protein diet. Among all the edible insects, crickets are extensively consumed in this region owing to the advanced farming technique and its ability to break down the organic matter.
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February 27, 2019: Gyeongsangnam-do Agricultural Research and Extension Services has recently announced that they have developed a low-cost food source in order to minimize the production cost of larvae of Protaetia brevitarsis seulensis. The company has started to enhance the competitiveness of farming the larvae by supplying low-cost food to the farmers.
The prominent players operating the global edible insects market are Nutribug Ltd. (U.K), Nordic Insect Economy Ltd. (Finland), Bugsolutely Ltd. (Thailand), Sarl (France), Thailand Unique (Thailand), Haocheng Mealworms Inc. (China), Chapul Inc. (U.S.), and Eap Group.