New York, NY -- (SBWIRE) -- 08/10/2018 -- Edible insects have been a part of the human diet since a long time. Majority of scientific research has also proved that edible insects have contributed to the food, diet, ecosystem in the developed and developing countries. Companies are also focusing on the processing of insects into food and feed products. Also, consumption of insects is considered to be the most sustainable yet peculiar mode of meeting increasing food demand across the world. Adverse weather condition and limited land are also making cultivation of crops difficult, hence, companies are finding new ways to offer food products with enhanced taste and nutrient contents. Various research are also being conducted to identify nutritional value of insects. New processing and storage methodologies are also being established. Majority of the population in Asia and Africa consume various species of insects.
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Companies are also researching on all the insects as the source of vitamins, minerals, protein, and fat. New products are also being launched with insects as ingredients. However, the human trial of insect consumption is still being researched on, to identify insects that are suitable for human consumption.
As per the report by Persistence Market Research (PMR), the global market for edible insects is likely to witness strong growth during 2017-2024. Towards the end of 2024, the global edible insects market is estimated to bring in more than US$ 700 Million revenue.
Edible Insects as a Whole to Witness Highest Growth in the Global Market for Edible Insects
Based on the product type, edible insects as a whole to witness the highest growth during 2017-2024. By product type, edible insects as a whole including raw, steam, BBQ, fried are estimated to surpass US$ 400 Million in terms of value by the end of 2024. Meanwhile, edible insects are also consumed on a large scale as ingredients in snacks, baked products, and drinks.
On the basis of insects, beetles are likely to emerge as the highly consumed insects. By the end of the forecast period, beetles are projected to exceed US$ 200 Million revenue. The most commonly consumed beetles are june, long-horned, and dung.
Asia Pacific to Lead the Global Edible Insects Market
Asia Pacific (APAC) is expected to lead the global market for edible insects. Asia Pacific has a long history of consuming insects as a food. In Thailand, insects have been a part of the normal diet. Moreover, some edible insects in Thailand are also sold as ingredients to be used in various dishes and to be consumed as snacks. The business of edible insects is flourishing in Asia Pacific as companies are supplying edible insects to supermarkets and small retailers. Similarly, in China, the business of edible insects is also gaining a lot of traction.
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Key Companies in the Global Market for Edible Insects
Thailand Unique, Kreca, Nordic Insect Economy Ltd., EntomoFarms, Enviro Flight LLC, Proti-Farm, ExoInc, Entotech, Deli Bugs Ltd., and Eat Grub Ltd., are some of the leading companies in the global edible insects market.