The global edible insects market size is expected to reach USD 1.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 19.7% over the forecast period. Growing consumer awareness regarding health due to unhealthy food consumption and shifting trend towards protein-rich diets with the convenience of ready-to-eat meals are expected to drive the market in the coming years. In addition, other major factors that influence the market growth are the increasing usage of the insects in the production of medicines in the countries such as South Africa to cure malnutrition, and rising farming of invertebrates due to the growing awareness of benefits associated with them in European countries. Furthermore, they also are very effective in lowering obesity and have high nutritional value. Benefits like these make them an asset and drive its popularity among the masses, leading to better growth.
Among all the edible insects, beetles are the most preferred insects for consumption and they accounted for more than 30% share of the overall revenue in 2018. Crickets are anticipated to expand at the fastest CAGR of 20.9% in the forecasted period. In addition to this, when it comes to region, North America is the leading contributor to the market growth and accounted for 20.0% share in 2018. Growing demand for high protein foods and reduction in the consumption of processed food are the key driving factors in the region. Europe is the fastest growing region and is anticipated to expand at a CAGR of 21.5% in the forecast period. Furthermore, insect powder is the most preferred application in demand for consumption and accounted for more than 40.0% share of the overall revenue in 2018. All these factors and market attributes point towards the higher growth in the edible insects market in the coming years.
Edible Insects Market Report Highlights
• Growing investments by the prominent players are providing the market with needed capital infusion to boost the growth. For instance, in January 2020, Germany based- SENS Foods and its Thailand based farm business, The Cricket Lab, have raised €1.9 million to develop new farm products
• By application, the powder segment accounted for more than 40.0% share of the overall revenue in 2018
• Protein bars accounted for the second largest share of the total revenue in 2018. Protein bars are generally preferred by athletes and sportspersons owing to its gluten-free nature and thus propelling the demand for the product
• By product, Beetles are the most preferred type of insects for consumption and they accounted for more than 30.0% share of the global edible insects market revenue in 2018
• The cricket product segment is anticipated to expand at the fastest CAGR of 20.9% due to its easy availability and high protein content.
• Bugsy Bros, Beetle Jelly, Bugs in Mugs, Haocheng, Crickester, Insecteo, Bug foundation, Eddiebug, Gran Mitla, and Insectables are some of the prominent players in the market
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Edible Insects Market Segmentation
Grand View Research has segmented the global edible insects market on the basis of product, application, and region:
Edible Insects Product Outlook (Revenue, USD Billion, 2015 – 2025)
Edible Insects Application Outlook (Revenue, USD Billion, 2015 – 2025)
• Protein Bars
Edible Insects Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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