Edible Insects Market Overview, Growth, Competitor Analysis, and Forecast 2032
Edible Insects Market Overview
The Global Edible Insects Market 2022 is poised to witness substantial growth over the review period. Edible Insects Market is projected to register a CAGR of 28.36 % and reach a value of USD 10.40 billion by 2032
Market Highlights
In the food and feed industry, increased market interest in edible insects is increasing due to amino acids and essential minerals, which have many health benefits associated with intake. Edible insects are rich in calories, fiber, energy, minerals, vitamins, and fatty acids, which have demonstrated a limitless tendency for the products of edible insects. In addition, the increased preference for natural ingredients in food & beverage products has fuelled the global consumer demand for edible insects.
In addition, the increasing effect of the use of chemical fertilisers and other harmful substances in the crop sector on the environment has raised demand for organic food due to the low environmental impact on nutrition and safe living, which is expected to expand the global edible insects market size over the review period. Edible insects used in food and beverage items are also comparatively cheaper, which has boosted the food & beverage industry's appetite for edible insects.
In addition, they are used in the food and beverage industry and, owing to large concentrations of amino acids & minerals, have a possible use in animal feed. The restricted supply of edible insects and the lack of regulatory regulation, however, are likely to hamper the development of the edible insect market over the review period.
Competitive Dashboard
Some of the major players profiled in the global edible insects market are Thailand Unique (Thiland), Nordic Insect Economy Ltd. (Finland), Haocheng Mealworms Inc. (China), Chapul Inc. (U.S.), Nutribug Ltd. (U.K), Bugsolutely Ltd. (Thiland), Eap Group, and Sarl (France).
Segmental Analysis
The demand for edible insects is segmented by form, including caterpillars, bees, ants, and wasps; beetles; scale insects; grasshoppers; crickets; and mealworm locusts, among others. Beetles, led by crickets, have the highest market share of both. A rich source of protein, and a healthier alternative to chicken and beef. In addition, widespread use of edible cricket and mealworm in snack bars, protein bars, and energy bar preparation is driving the development of this segment's edible insects.
The demand for edible insects is segmented, on the basis of the use, into food & drinks, bakery products, savoury treats, animal feed, and others. Due to the high protein, vitamin, potassium, zinc, calcium, and amino acid content, the increased use of edible insects in savoury snacks dominates this category. In addition, the increased demand for convenience foods and savoury snacks is adding steam to the development of the global edible insects market overview over the review period.
On the basis of the distribution channel, the industry is segmented into store-based and non-store-based sales systems. However, based on the one-stop shopping experience, the store-based sales channel dominates the market.
Regional Overview
The global demand for edible insects is divided into North America, Europe, Asia Pacific, and the rest of the globe (RoW).
Asia-Pacific leads the demand for edible insects, followed by the rest of the world. Thailand is the leading user of edible insects due to growing knowledge about the benefits of eating edible insect items. Furthermore, rising knowledge of insect farming is seen as the main driving force in this field.
In addition, rising demand for natural ingredients in convenient food items is expected to fuel the growth of the edible insects market size during the evaluation timeframe in Asia-Pacific countries such as China, India, and Japan.
In addition, in food preparation, Brazil and South Africa are witnessing higher consumption of edible cricket & beetle insects, which is projected to fuel the global demand for edible insects. High consumption in Africa and increased usage in countries such as the UAE are driving the growth of the market in the region.
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