Redding, California, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar & Shakes, Bakery, Confectionery, Beverages), and Geography - Forecast to 2032’, the edible insects market is expected to record a CAGR of 29% from 2023 to 2032 to reach $16.39 billion by 2032.
The current food production needs to be doubled to fulfill the food requirements of the growing population. This effort would require finding environment-friendly & sustainable food production methods and food sources with high nutritional content. In this case, edible insects could be a great solution as they satisfy the human need for food and are highly nutritious.
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The growing greenhouse gas emissions from the livestock and poultry industries, the high nutritional value of insects, the environmental benefits of edible insects consumption, the rising demand for insect protein in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of edible insects are some of the factors driving the growth of this market. However, factors such as the lack of a standardized regulatory framework, psychological & ethical barriers to consuming insects as food, and the risk of allergies due to insect consumption are expected to restrain the growth of the edible insects market.
Emerging economies are expected to provide significant growth opportunities for the players operating in the edible insects market. However, a lack of awareness regarding the benefits of insect consumption is expected to remain a major challenge for the growth of this market during the forecast period of 2023–2032.
Some of the key players operating in the edible insects market are Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Innovafeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), BIOFLYTECH S.L. (Spain), TEBRIO (Spain), nextProtein SA (France), Enorm Biofactory A/S (Denmark), Hexafly (Ireland), HiProMine S.A. (Poland), SFly Comgraf SAS (France), and Protenga Pte. Ltd. (Singapore).
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The global edible insects market is segmented based on product (whole insect, insect powder, insect meal, and 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 geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Among the products studied in this report, the insect powder segment is expected to grow at the highest CAGR during the forecast period of 2023–2032 due to the increasing health & wellness trends, the rising number of health clubs & fitness centers serving insect powder, the emergence of several start-ups producing insect protein bars & shakes, and busy lifestyles demanding highly nutritious & convenient foods, such as insect powder.
Among the insect types studied in this report, in 2023, the crickets segment is estimated to account for the largest share of the edible insects market. The high nutritional value and easy farming & processing of crickets, their incorporation into various recipes and food products, and the rising demand for cricket-based food products, such as protein powders, protein bars, and snacks, are some of the major drivers for the growth of this segment.
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Among the applications studied in this report, the food & beverages segment is expected to grow at the highest CAGR during the forecast period of 2023–2032 due to the growing food shortage worldwide, the increasing consumption of processed whole insects as food, and the rising demand for high-quality alternative protein and amino acid sources among end users.
Among the end uses studied in this report, in 2023, the human consumption segment is expected to account for the larger share of the global edible insects market. Rising demand for insect-based food products to feed the growing global population, the high nutritional value of insects in human nutrition, and the increasing demand for environment-friendly alternative sources of protein are some of the major drivers for the growth of this segment.
Among all the regions studied in this report, in 2023, Asia-Pacific is expected to account for the largest share of the global edible insects market. Asia-Pacific’s major market share is attributed to factors such as the well-established commercial farming markets for edible insects in the region, especially in Thailand, the wide availability of various insects coupled with substantial production, the positive attitude towards insects as food & feed, the absence of regulatory barriers for using insects as food & feed, and the presence of key market players in the region.
However, North America is slated to register the highest CAGR during the forecast period of 2023–2032 due to the growing demand for environment-friendly protein-rich food products in the region. Moreover, increasing familiarity with insects-as-food, decreasing food neophobia, and altering attitudes towards insects, both in general and as food, are the key factors responsible for the growth of the edible insects market in North America.
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Scope of the Report:
Edible Insects Market Assessment—by Product
- Whole Insects
- Insect Powder
- Insect Meal
- Insect Oil
Edible Insects Market Assessment—by Insect Type
- Crickets
- Black Soldier Flies
- Mealworms
- Buffalo Worms
- Grasshoppers
- Ants
- Silkworms
- Cicadas
- Other Edible Insects
Edible Insects Market Assessment—by Application
- Food & Beverages
- Processed Whole Insect
- Processed Insect Powder
- Protein Bars & Shakes
- Baked Products & Snacks
- Insect Confectioneries
- Insect Beverages
- Other Food & Beverage Applications
- Feed
- Animal Feed
- Aquaculture Feed
- Pet Food
Edible Insects Market Assessment—by End Use
- Human Consumption
- Animal Nutrition
Edible Insects Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Netherlands
- Belgium
- France
- Denmark
- Finland
- Germany
- Rest of Europe
- Asia-Pacific (APAC)
- Thailand
- China
- South Korea
- Vietnam
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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