New York, March 16, 2023 (GLOBE NEWSWIRE) -- The global market for Edible Insects for Human Consumption has a value of US$ 653.7 Million in 2023 and is expected to reach US$ 1.09 Billion by the end of 2033. The market is anticipated to exhibit a decent growth in impending years of about 5.5%. The Edible Insects for Human Consumption Market growth is driven by several factors, including increasing demand for sustainable and eco-friendly food products, the high nutritional value of insects, and the growing popularity of insect-based cuisine.
This growth can be attributed to a number of factors such as increasing demand from health-conscious consumers, rising awareness about the sustainability of edible insects, and an increasing number of innovations in product packaging and marketing strategies by manufacturers.
Edible insects for human consumption have gained popularity in recent years as a sustainable and nutritious food source. Insects are a rich source of protein, vitamins, and minerals and are low in fat. The global edible insects market has seen steady growth in recent years, and the trend is expected to continue in the coming years. This report aims to provide an overview of the edible insects for human consumption market, including market size, growth trends, key players, and challenges.
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Market Dynamic
The edible insects for human consumption market has seen significant growth in recent years, driven by a growing demand for alternative protein sources, concerns over the sustainability of traditional livestock farming practices, and an increasing awareness of the nutritional benefits of insects. As a result, numerous companies have emerged to meet this demand, offering a range of insect-based products such as cricket protein bars, mealworm pasta, and grasshopper snacks.
The market has also been fueled by a growing interest in insect cuisine, with chefs and food enthusiasts experimenting with new ways to incorporate insects into their dishes. However, there are still challenges to be addressed in terms of regulatory frameworks, scaling up production, and consumer acceptance. Overall, the edible insects for human consumption market is a dynamic and evolving sector with tremendous potential for growth and innovation.
Market Challenges
Despite the growing popularity of edible insects, there are several challenges that the market faces. One of the key challenges is the lack of consumer awareness and acceptance of insect-based food products. Many consumers are hesitant to try insect-based foods due to cultural and psychological barriers. In addition, there are regulatory challenges, as many countries do not have clear guidelines for the use of insects in food products. This creates a barrier to market entry for new players and limits the growth potential of the market.
Market Trends
There are several market trends that are currently shaping various industries. One of the most notable trends is the shift towards sustainable and eco-friendly products, as consumers are increasingly concerned about the impact of their purchasing decisions on the environment. This has led to the rise of products and services that are made from recycled materials, use renewable energy sources, or are designed to be more energy-efficient.
Another trend is the increasing use of artificial intelligence (AI) and automation in various industries. With advancements in technology, companies are able to automate various tasks and processes, reducing the need for human intervention and improving efficiency. This has led to the development of new products and services that leverage AI and automation, such as chatbots, self-driving cars, and smart homes.
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Competitive Landscape
- Protifarm Holding NV
- Protix
- HaoCheng Mealworm Inc.
- Kreca Ento-Food BV
- Chapul Cricket Protein
- Exo Protein
- JR Unique Foods Ltd., Part.
- Entomo Farms
- Craft Crickets Inc. and many more
Companies are developing a new range of value-added edible insects for human consumption with functional and organoleptic properties.
- In November 25th, 2019 – Protifarm Holding NV launched AdalbaPro, an ingredient range made from insects for human consumption at the Food Ingredients Europe trade fair in Paris.
- Kreca Ento-Food BV’s insects and insect products are 100% guaranteed lactose free, and are produced without any hormones or chemicals. Lactose-free insects (products) contain high protein, vitamins & minerals, healthy fatty acids, and antioxidants, and are a great alternative within consumers daily meals.
- Cricket Flours LLC. produces products with all-naturally sourced insects. The products are available in retail stores and online retails around the U.S. and Canada. The company is focused on expanding its business internationally, seeking for new distributors and wholesalers.
- With the support of crowdfunding, DeliBugs is expanding its business in the production of insect meals on a large scale, by introducing automation in its production process. The company is expected to bring more variety of insect meals, including grasshoppers and other insects.
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Market Segmentations-
- By Insect Type: - Beetles, Caterpillar, Hymenoptera, Orthoptera, True Bugs
- By Product Type: - Whole ( Steam or Fried, Raw, BBQ), Ingredient ( Drinks, Insect Confectionery, Snacks & Baked Products)
- By Region: - North America, Latin America, Europe, South Asia & Pacific, East Asia, Middle East & Africa
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