Growing demand for nutritional products is supporting the growth of edible insects market at a global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Edible Insects Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR during the forecast period.
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.
Increasing preference for natural ingredients in food & beverage products has surged the demand for edible insects in the global market. Edible insects contains 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 by the use of 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 insects market over the review period.
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Latest Industry Updates:
Jan 2018 EU standardizes edible insect rules. European Food Safety Authority (EFSA) will approve applications for edible bugs that will then be legal to serve to Europeans throughout the EU.
Nov 2017 Coop Switzerland has followed up the launch of burgers and meatballs developed from insects with ‘Insect Bars’, a range of energy bars made from dried crickets, along with dates, apples, sultanas and cranberries.
Nov 2017 Finnish bakery and food service company, Fazer launched what it said was the world’s first insect-based bread to be offered to consumers in stores. The bread, made from flour ground from dried crickets as well as wheat flour and seeds, contains more protein than normal wheat bread.
With the entry of industry players in the Edible Insects segment, a trend of solid, volume-driven growth has been observed in the market with the development of different varieties of product types. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The key players profiled in Edible Insects market are Nordic Insect Economy Ltd. (Finland), Thailand Unique (Thiland), Haocheng Mealworms Inc. (China), Chapul Inc. (U.S.), Nutribug Ltd. (U.K), Bugsolutely Ltd. (Thiland), and Eap Group Sarl (France) among many others.
The Global Edible Insects Market has been divided into type, application, and region.
On The Basis Of Type: Caterpillars, Bees, Ants, Beetles, Grasshoppers, Crickets, Mealworm, and others
On The Basis Of Application: Food & Beverages, Bakery, Snacks, Feed, and others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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The global Edible Insects market is segmented into North America, Europe, APAC, 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 considered to be 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 insects 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.
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