Beetles are most expensive in the edible insects market, and revenue from the beetle segment fell by 30.9% to 29.2% between 2015 and 2024.
Albany, NY -- (SBWIRE) -- 02/21/2017 -- In terms of value, the global edible insects market is anticipated to expand at a CAGR of 6.1% during the forecast period and is expected to account for US$ 722.9 Mn by 2024 end. Orthoptera (cricket, grasshopper, and locusts) segment is projected to register a CAGR of 8.1% over the forecast period, driven by rising demand for cricket granola bars, cricket crackers, cricket cookies, and cricket chocolates. Of the various edible insect type products, the beetle's segment is estimated to account for approximately 30.8% share of the global market share in 2016, and caterpillars segment is estimated to account for 17.9% share.
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In the APAC region, beetles segment accounted for largest market share at 34.1% in 2015. Revenue contribution by this segment to the APAC edible insect market is expected to increase at a CAGR of 5.2% from 2016 to 2024. In terms of value, the beetles segment in the Europe edible insects market accounted for 29.0% share in 2015. Demand for edible insects in countries in Europe is on the rise, primarily owing to factors such as low risk of disease – as transmission of zoonotic diseases (diseases transmitted from animals to humans) such as H1N1 (bird flu) and BSE (mad cow disease) is low with regard to insects – and higher protein and nutrients and micronutrients such as copper, iron, magnesium, manganese, phosphorus, selenium and zinc, and fatty acids in comparison to meat and fish products. Insects are particularly important as a food supplement for undernourished children owing to easier digestibility.
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Beetles are most expensive in the edible insects market, and revenue from the beetle segment fell by 30.9% to 29.2% between 2015 and 2024. The beetle segment in the market in MEA accounted for 35.5% revenue share in 2015. The segment in the market in South Africa, despite accounting for a major share of 42.2% in 2015, is expected to witness a significant increase in terms of revenue share over the next five years. The global edible insects market is broadly segmented on the basis of product type into as a whole and as an ingredient segments. Product as a whole segment is sub-segmented into steam or fried, raw, and BBQ. Ingredient product type is sub-segmented into drinks, insect confectionery, snack and baked products, and others.
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On the basis of insect type, the global edible insect market is segmented into beetles, caterpillars, hymenoptera (wasps, bees, and ants), orthoptera (cricket, grasshopper, and locusts), true bugs, and others (termites, dragonflies, flies, and etc.) segments.
The most commonly and commercially consumed product type of edible insect is as a whole. The as a whole segment accounted for 65.3% share of the global market in 2015. Insects are majorly consumed as a whole, which is usually raw. As an ingredient, edible insects are consumed majorly as snacks and baked products. A major trend in the global edible insects market is increasing applications of edible insects in protein bars and shakes, increasing the availability of flavored food products using edible insect proteins, availability of mixed insect pack and usage as a coloring agent in food products.
Europe is the fastest growing market in the global edible insects industry, and the market in this region is expected to register a CAGR of 7.3% in terms of revenue over the forecast period. Among countries in Europe, the market in EU5 is expected to witness highest uptake of edible insects, followed by rest of Europe over the forecast period.
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