London, March 31, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “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 and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2027”, published by Meticulous Research®, the edible insects market is expected to grow at a CAGR of 26.5% from 2020 to reach $4.63 billion by 2027.
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The current food production needs to be doubled in order to fulfill the food requirements of the growing population. This effort would require finding environment-friendly and 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. Also, using insects for food over conventional meats and other sources has ecological advantages. Insects can be a good source of protein for animals as they are not only rich in protein but can also extract protein from waste material and facilitate significant reductions in the volume of waste. The Black Soldier Fly (Hermetia illucens) is a revolutionary insect species that has emerged as a solution in the form of an alternative meal source for the feed industry. Black Soldier Fly Larvae (BSFL) can grow on any type of organic waste and convert the manure into protein and lipids. As BSFL are rich in protein (40- 44%) and lipids (7-36%), they are a cheaper, alternative source of protein for animal feed applications.
The growth of edible insects market is mainly attributed to the growing greenhouse gas emissions from the livestock and poultry industries, the high nutritional value of insects, the low environmental impact of their entire life cycle, and the low risk of transmitting zoonotic diseases. However, the non-standardized regulatory framework, psychological and ethical barriers to using insects as food, and allergies due to insect consumption are factors that are expected to restrain the growth of this market.
Impact of COVID-19 on Edible Insects Market:
Alike other industries, the COVID-19 pandemic poses numerous challenges to the food sector, especially meat products producers across the globe. The meat products manufacturing industry has faced major challenges, including the risk of continuing production, distribution, transportation, and other supply chain activities; lack of workforce; and delays in development activities. The rescheduling of private investment financing and public funding initiatives towards developing the sector has further restricted its development. These factors are expected to impact the meat products industry, thereby driving the demand for alternative protein substitutes, including insect protein products.
In addition to this, the exact source of COVID-19 is still not known and undetermined. However, according to some theories and initial claims of health officials from WHO, COVID-19 might have originated in bats, while others say the virus was transmitted to humans in Wuhan, China at a wet market, where animals like bats, snakes, rabbits, and birds are illegally sold. So, the fear and delusion of coronavirus transmission from animals, the use of animals and animal-based products have hit hard.
In May 2020, considering that the virus was transmitted from animals, Wuhan's municipal government banned breeding, hunting, and consuming wild animals for five years. This is expected to trigger restrictions on the consumption of certain animals and related products across various cities and countries across the world. This further will increase the shortage of meat products and accelerate the demand for alternative substitutes like edible insects and plant-based products.
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Moreover, increasing health & wellness trends and rising health awareness, 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 proteins, has created the traction for sustainable protein sources like edible insects that can be costeffectively reared on waste feed and water. To capture this traction in the edible insects industry, many vendors are focusing on enhancing their production capacities, processes, end products, and receiving funds from investors. Some of the major strategic developments undertaken in 2020 were:
- 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, announced that it raised funds (undisclosed amount) from Rabo Corporate to enhance its insect production facility in the Netherlands.
- In May 2020, Insectta Pte. Ltd., a Singapore-based startup dealing with the extraction of valuable biomaterials from insects, received a second investment from Trendlines Agrifood Fund Pte. Ltd. (the Fund of The Trendlines Group Ltd.). This is expected to increase the value and diversify the products attained from food waste valorization
- In May 2020, Beta Hatch, a U.S.-based insect rearing technology company, received USD 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 expected to open its production facility for mealworm for animal feed in North America
- In May 2020, the ValuSect (Valuable Insects) project was introduced to drive edible insect production and processing techniques for insect-based production in Europe. The project received EUR 2.08 million funding grant from Interreg NorthWest Europe. The ValueSect partner services are intended to help establishments develop new products, conduct consumer taste panels, optimize insect breeding, and advance insect food processing. This project is planned to run till June 2023.
- In March 2020, the Thai Union Group (Thailand) announced that it is expected to invest ~USD 30 million in alternative proteins and other foodtech innovations. The company also invested an undisclosed amount in an insect protein start-up, Flying Spark (Israel). This is expected to enhance the company’s presence in the edible insects market in the coming 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.
Key Findings in the Edible Insects Market Study:
The global edible insects market studied in this report is segmented by product, insect type, application, end use, and geography.
Based on product, the edible insects market is segmented into whole insects, insect powder, insect meal, and insect oil. In terms of value, in 2020, the whole insects segment accounted for the largest share of the overall edible insects market. The largest share of this segment is attributed to easy availability, lower costs compared to processed insects, and unavailability of processing techniques in some regions. However, the insect powder segment is expected to grow at the highest CAGR during the forecast period. People’s increasing inclination towards fitness and wellness; rising number of health clubs and fitness centers preferring and serving insect powder; the emergence of several start-ups producing insect protein bars and shakes; and busy lifestyles that demand highly nutritious and convenient foods, such as insect powder are some of the major drivers for the growth of this segment.
Based on insect type, the edible insects market is mainly segmented into crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects. In terms of value, in 2020, the crickets segment accounted for the largest share of the overall edible insects market. The large share of this segment is mainly due to the high nutritional value, easy farming, and easy processing of crickets; their incorporation into various food recipes and products, and the increasing demand for cricket-based products, such as protein powders, protein bars, and snacks.
Based on application, the edible insects market is segmented into processed whole insects, processed insect powder, animal and pet feed products, insect protein bars and protein shakes, insect baked products and snacks, insect confectioneries, insect beverages, and other applications. In terms of value, in 2020, the processed whole insects segment commanded the largest share of the overall edible insects market. The large share of this segment is mainly attributed to the huge availability of whole insects, growing consumption of insect-based foods, the high nutritional value of insects, and the growing demand for environment-friendly, alternative sources of protein.
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Based on application, the edible insects market is segmented into processed whole insects, processed insect powder, animal and pet feed products, insect protein bars and protein shakes, insect baked products and snacks, insect confectioneries, insect beverages, and other applications. In terms of value, in 2020, the processed whole insects segment commanded the largest share of the overall edible insects market. The large share of this segment is mainly attributed to the huge availability of whole insects, growing consumption of insect-based foods, the high nutritional value of insects, and the growing demand for environment-friendly, alternative sources of protein.
The global edible insects market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2020, the Asia-Pacific region accounted for the largest share of the global edible insects market, followed by Europe and North America. A well-established commercial farming market for edible insects, especially in Thailand, the presence of insect diversity, huge availability, positive attitude towards the consumption of insects as food & feed, the absence of regulatory barriers on using insects as food & feed, and the presence of key market players in the region are the major factors contributing to the large share of the APAC market. However, The North American region is slated to register the highest CAGR during the forecast period, primarily due to the growing demand for environment-friendly high-protein diets, aversion to highly processed foods, increasing demand for insect-based foods, presence of a large number of insect-based food product manufactures, and growing concerns about meat production.
The edible insects market is very fragmented with the presence of many small players. The key players operating in the global edible insects market are Protifarm Holding NV, EntomoFarms, Haocheng Mealworms Inc., Agriprotein (Insect Technology Group Holdings U.K. Ltd.), Ynsect SAS, Deli Bugs Ltd., Hargol FoodTech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Global Bugs Asia Co., Ltd., Beta Hatch Inc., EntoCube Ltd., Rocky Mountain Micro Ranch, Armstrong Cricket Farm Georgia, Cowboy Cricket Farms, ENTOBEL HOLDING PTE. LTD, Entofood Sdn Bhd, EnviroFlight Corporation, SFly Comgraf SAS, Hexafly, F4F SpA , Protix B.V., Enterra Corporation, InnovaFeed, Nutrition Technologies Group, Protenga Pte Ltd., and nextProtein S.A.S., among many other local and regional players.
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Scope of the Report:
Edible Insects Market, by Product
- Whole Insects
- Insect Powder
- Insect Meal
- Insect Oil
Edible Insects Market, by Insect Type
- Crickets
- Mealworms
- Black Soldier Flies
- Buffalo Worms
- 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
- Asia-Pacific (APAC)
- Thailand
- China
- South Korea
- Vietnam
- RoAPAC
- Europe
- The Netherlands
- Belgium
- France
- U.K.
- Denmark
- Finland
- Germany
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East and Africa
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