The global edible insects market size exceeded USD 55 million in 2017 and industry expects to witness significant gains of over 43.5% to cross USD 710 mn by 2024
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- The Edible Insects Market was more than $33 million for 2015 and predicted to register greater than 40% CAGR by 2023. Change in focus towards accepting insect consumption for human beings and animals are predicted to drive the industry growth. Rise in consumption of insects due to increasing health issues and avoiding unhealthy diet can favour product demand.
It is predicted that one hectare land produces approximately about 150 tons of bug protein every year. Eatable insect production can rise in future, especially in nations like Brazil, U.S., China and UK. Health awareness among the consumers and growing use of insects in food sector has resulted in edible insect industry expansion.
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Rise in consumption of insects has resulted in increase of sustainable food due to low environmental effect. Sustainable foods are safe and healthy, inexpensive, nutritious and easily available for consumption. Insects have great nutritional value which includes fatty acids, protein, dietary energy, vitamins, minerals and fibres. Intake of minerals increases resistance power of the body against diseases. Further, eatable insects are source of oils & fats rich in polyunsaturated fatty acids. As per reports of FAO (Food & Agricultural Organization) of United Nations (UN), insects emit low proportion of greenhouse gases and can be consumed as sustainable diet. All these aspects are predicted to drive the industry growth during forecast timeframe.
Bug consumption has led to rise in demand due to reasonable price of raw materials, transportation and deployment. Low raw material price can result in production increase and directly affect edible insect market price trend. Capital investment by firms to increase their product portfolio can drive the industry demand. Insects can be hazardous if not harvested properly. Limited guidelines and rules for edible insects rearing can hinder the industry expansion.
Beetle edible insects segment was evaluated at more than $9.1 million for 2015. Food items use mealworm powders and cricket powders which are protein rich. Further, mealworm and cricket bars are used as energy bars, snack bars and protein bars.
Grasshoppers are considered as natural food. These insects are predicted to record more than 42.6% of CAGR and can grow substantially. They are protein rich and can prove to be advantageous as compared to poultry or meat consumption.
Snacks led the application segment and were evaluated at more than $11.1 million for 2015. They are rich in zinc, protein, amino acid, vitamin, calcium and amino acid. This aspect may drive the edible insects market size.
Cricket based protein items are consumed as healthy snacks as they minimize proportion of carbohydrates and saturated fats in human body. Insect protein bars segment is predicted to record more than 42.2% of CAGR by end of 2023. They mainly contain mealworm, grasshopper and cricket and promoted as energy bars.
Insect based flour applications are predicted to witness CAGR of 42.3% and cross $166 million mark by end of forecast period. They are mainly used in production of muffins, biscuits, smoothies, breads, soups, cookies and desserts. Mealworm and cricket are utilized in powder form and found in flour items. Other key applications include roasted food, chocolates, insect protein shake, chips, pasta, roasted food and live feeder bug.
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APAC was the biggest region which produced more than $10 million revenue for 2015. It was led by Thailand and China edible insects market. In Thailand, more than 201 insects are consumed while in China produces raw silk as sericulture is originated there. Both these countries sell both fresh and cooked eatable insects in local as well as wholesale markets.
Europe edible insects market share, dominated by France, UK and Holland is predicted to experience high rate of expansion during forecast timeframe. Most of the European Union nations consume or intake mealworms and crickets in their pet or regular diet.
Latin America, dominated by Brazil, is predicted to expand substantially in future. Brazil is predicted to register more than 42.4% of CAGR and surpass $55 million mark by end of forecast timeframe.
Key industry participants profiled in the report include Chapul Incorporation,Bugsolutely, Insectitos, Bodhi, Exo Protein, Gathr Foods, Six Foods,ECOBARS, Edible Incorporation,Crik Nutrition, Bitty Foods, EnviroFlight, Micronutris, HaoCheng Mealworm Incorporation, Thailand Unique, Proti-Farm, GetSharp, Kreca, Cricket Flours, Entomo Farms, LaViewEye, Nutribug,Bugeater Foods, AgriProtein Technologies,Crickers,Bensbugs and Fluker farms.