London, June 05, 2020 (GLOBE NEWSWIRE) -- The COVID-19 disease caused by the novel coronavirus SARS-nCoV-2 has created a severe public health emergency globally, with its quick spread in more than 215 countries. According to the World Health Organization, the number of cases of COVID-19 continues to climb, with more than 6,515,796 confirmed cases and 387,298 deaths worldwide as of June 5, 2020. To combat & control the spread of this disease, many countries across the world have declared emergencies and announced complete nationwide, statewide, or citywide lockdown, putting off all the travel, transport, manufacturing, educational institutions, and non-essential trade. This has had a significant impact on many industries across the globe, hitting hard in terms of reduced manufacturing and distributions across the globe. Alike many other industries, the COVID-19 pandemic poses numerous challenges to the food sectors, especially meat products producers across the globe. The meat products manufacturing industry has faced major challenges including the risk of continuation of production, distribution, transportation, and other supply chain activities; lack of manpower; and delays in the development activities as R&D projects. Also, the postponement of private investment financing and public funding initiatives towards the development of the sector further restricts the development of the industry. All of this has started impacting the supply of meat products across the globe and thereby driving the demand for alternative protein substitutes including insect protein products.
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Moreover, increasing health & wellness trend among consumers and rising awareness about the health concerns, such as the risk of viral infections, cardiovascular diseases, liver diseases, disorders of bone and calcium balance, and increased risk of certain cancer associated with the long term use of animal protein has created the traction for the new environmentally sustainable protein sources like edible insects that can be cost effectively reared on the waste feed and water. To capture this traction in the edible insects industry, many vendors in this industry strategically enhance their production capacity, processes, end products, and receiving funds from many investors in recent years, which is also seen more prominently in 2020. Some of such strategic developments noted in this year are as follows:
- March 2020 – Thai Union Group (Thailand) launched the new insect protein product market in the country with the investment of $5 million in an insect protein start-up, Flying Spark (Isarel). The company has also committed to offer the strategic $30 million venture investment into the new startups for an alternative protein and other foodtech innovations.
- In March 2020, Protix BV, an insect farmer that breeds larvae from the Black Soldier Fly and processes them into ingredients like proteins and lipids has announced the fund raised from Rabo Corporate as a shareholder to enhance the capacity of its insect production facility in Netherlands.
- In May 2020, the Insectta Pte. Ltd., a Singapore based startup dealing with the extraction of valuable biomaterials from insects acknowledged the second investment by Trendlines Agrifood Fund Pte. Ltd. (the Fund of The Trendlines Group Ltd.).
- In May 2020, the Beta Hatch, U.S. based insect rearing technology company has received $3 million in a Series A1 funding round from Cavallo Ventures, Wilbur-Ellis’ venture capital arm, and early-stage venture firm Innova Memphis, the round also included investments from Klein Private Equity Investment and Brighton Jones Investment Partners. Beta Hatch is opening the production facility for mealworm for animal feed in North America.
- In May 2020, a new ValuSect (Valuable Insects) project was introduced to drive the investment towards enhancing the edible insect production and the processing techniques applied for insect-based products production in European Region. The project received €2.08 million funding grant from the Interreg North-West Europe this year. The project is contributing interested companies a coupon worth up to €40,000 in services delivered by the project partners. The services offered by the ValueSect partners are intended to help establishments develop new products, carry out conduct consumer taste panels, optimize insect breeding and advance insect food processing. This project is planned to run till June 2023.
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Moreover, according to the officials from the International Platform of Insects for Food and Feed (IPIFF), the E.U.’s European Food Safety Authority is expected to approve the sale of insects, including ground mealworms, lesser mealworms, locusts, crickets, and grasshoppers for human consumption in 2020. Even if, some of the countries in EU region are already using insect-based products as protein diets, the region wide approval is projected to bring a raft of edible insects for sale across European countries, driving very sharp demand for the edible insects. This approval will provide a great opportunity for the companies operating in the edible insect space, as they have been trying to get EU approval for several years.
Thus, the rising preference for alternative proteins over animal proteins as a rich source of protein & immunity booster during the current global outbreak of COVID-19 has created a new wave of interest in the edible insects market. In terms of value, the global edible insects market is expected to reach USD 7.96 billion by 2030, supported by a CAGR of 24.4% during the forecast period of 2019 to 2030. Also, in terms of volume, this market is poised to grow at a CAGR of 27.8% during the forecast period to reach 732,684.1 tons by 2030, according to a recent report by Meticulous Research®.
The growth of this market is majorly driven by the factors such as growing population and decreasing food resources, increasing demand for protein rich food, high cost of animal protein, environment sustainability with production and consumption of edible insects, high nutritional value of insects, and low risk of transmitting zoonotic diseases are driving the growth of the global edible insects market. Moreover, the factors such as growing aquaculture industry, increasing demand from animal feed industry for alternative proteins due to rising prices of soymeal, growing government support for the use of insect meal in livestock feed, and growing investment by the key players are also supporting the growth of the overall edible insects market.
Key Players
The key players operating in the global edible insects market are Kreca Ento-Food Bv (A Proti-Farm Company, Entomo Farms, Haocheng Mealworm Inc, Agriprotein, Ynsect, Deli Bugs Ltd., Hargol Foodtech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Beta Hatch, Entocube, Nordic Insect Economy, Rocky Mountain Micro Ranch, Coalo Vally Farms, Armstrong Cricket Farm Georgia, Cowboy Cricket Farms, Global Bugs Asia Co., Ltd., Jr Unique Foods Ltd., Part, and The Cricket Lab, among many other local and regional players.
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Scope of the Report:
Edible Insects Market by Product Type
- Whole Insects
- Insect Powder
- Insect Meal
Edible Insects Market by Insect Type
- Crickets
- Mealworms
- Black Soldier Flies
- Buffalo’s
- Grasshoppers
- Ants
- Silkworms
- Cicadas
- Others
Edible Insects Market by Application
- Processed Whole Insects.
- Animal and Pet Feed Products
- Processed Insect Powder
- Insect Protein Bars and Protein Shakes
- Insect Baked Products and Snacks
- Insect Confectionaries
- Insect Beverages
- Others
Edible Insects Market by End Use
- Human Consumption
- Animal Nutrition
Edible Insects Market by Geography
- North America
- U.S.
- Canada
- Europe
- The Netherlands
- Belgium
- France
- U.K.
- Denmark
- Finland
- Germany
- Rest of Europe
- Asia-Pacific (APAC)
- Thailand
- China
- South Korea
- Vietnam
- RoAPAC
- Rest of World
- Latin America
- Middle East and Africa
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Related Reports published by Meticulous Research®:
Edible Insects Market by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2030
https://www.meticulousresearch.com/product/edible-insects-market-forecast/
Black Soldier Fly Market by Product Type (Protein Meal, Whole Dried Larvae, Oil, Biofertilizer, Live Insect, Chitin/Chitosan), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, and Cosmetics), and Geography- Global Forecast to 2030
https://www.meticulousresearch.com/product/black-soldier-fly-market-5074/
Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography - Global Forecast to 2025
https://www.meticulousresearch.com/product/alternative-protein-market-4985/
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