Redding, California, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Southeast Asia Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal), Insect Type (Crickets, Black Soldier Fly, Mealworms, Ants), Application (Animal Feed, Protein Bar & Shakes, Bakery, Confectionery), and Country - Forecast to 2030’, the Southeast Asia edible insects market is projected to reach $1.58 billion by 2030, at a CAGR of 24.1% during the forecast period.
The growth of the Southeast Asia edible insects market is mainly attributed to growing greenhouse gas emissions from the livestock and poultry industries, rising demand for insect protein in the animal feed industry, and growing population and awareness about the benefits of alternative protein. Furthermore, the rising demand for insect-infused food is expected to create market growth opportunities. However, the psychological and ethical barriers to consuming insects as food, the growing vegan population, and the risk of allergies due to insect consumption are expected to hinder the growth of this market to some extent.
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The Southeast Asia edible insects market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the Southeast Asia edible insects market are Ÿnsect (SAS) (France), Protix B.V. (Netherlands), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), Enorm Biofactory A/S (Denmark), SFly Comgraf SAS (France) and Protenga Pte. Ltd. (Singapore).
The Southeast Asia edible insects market study presents historical market data regarding value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on product (whole insect, insect powder, insect meal, insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects), application (food & beverages and feed), end use (human consumption and animal nutrition), and country (Thailand, Vietnam, Myanmar, Cambodia, Laos, Singapore, and Rest of Southeast Asia). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the products studied in this report, the insect powder segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising number of health clubs & fitness centers serving insect powder, Consumers’ increasing inclination toward fitness & wellness, increasing use of insect powder in different food & beverages, and growing demand for environment-friendly alternative protein sources.
Among all the insect types studied in this report, the crickets segment is expected to account for the largest share of the Southeast Asia Edible Insects Market. The large market share of this segment is attributed to their increasing incorporation into various food recipes and products, rising government support for cricket farming, innovative techniques of manufacturers by launching crickets-based products and their rising demand in the market.
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Among all the applications studied in this report, the food & beverages segment is expected to account for the largest share of the Southeast Asia edible insects market. The large market share of this segment is attributed to factors such as the rising demand for high-quality alternative protein and amino acid sources among end users, growing food shortage in the region, rising demand for environment-friendly food, and increasing use of insect powder by the food & beverages industry.
Among all the end uses studied in this report, the human consumption segment is expected to account for the largest share of the Southeast Asia edible insects market. The large market share of this segment is attributed to factors such as the growing demand for environment-friendly, alternative sources of protein, rising demand for insect-based foods to feed the ever-growing population and the high nutritional value of insects in human nutrition. This segment is also expected to register the highest CAGR during the forecast period.
Among all the countries studied in this report, in 2023, Thailand is expected to account for the largest share of the Southeast Asia edible insects market. The large market share of this country is attributed to factors such as consumers’ acceptance of edible insects, numerous edible insect farms, increased use of BSF (Black Soldier Fly) in animal feed, growth of the livestock industry, and rising feed prices.
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Scope of the Report:
Southeast Asia Edible Insects Market Assessment—by Product
- Whole Insects
- Insect Powder
- Insect Meal
- Insect Oil
Southeast Asia Edible Insects Market Assessment—by Insect Type
- Crickets
- Black Soldier Flies
- Mealworms
- Buffalo Worms
- Grasshoppers
- Ants
- Silkworms
- Cicada
- Other Edible Insects
Southeast Asia Edible Insects Market Assessment—by Application
- Food & Beverages
- Processed Whole Insects
- Processed Insect Powder
- Protein Bars & Protein Shakes
- Baked Products & Snacks
- Insect Confectioneries
- Insect Beverages
- Other Food & Beverage Applications
- Feed
- Animal Feed
- Aquaculture Feed
- Pet Food
Southeast Asia Edible Insects Market Assessment—by End Use
- Human Consumption
- Animal Nutrition
Southeast Asia Edible Insects Market Assessment—by Country
- Thailand
- Vietnam
- Myanmar
- Cambodia
- Laos
- Singapore
- Rest of Southeast Asia
Quick Buy – Southeast Asia Edible Insects Market- Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/13577294
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