New York City, NY -- (SBWIRE) -- 09/27/2016 -- The global market for edible insects is expected to register healthy growth over the forecast period, 2016-2024. In terms of value, market will escalate to US$ 722.9 Mn by 2024 end, up from US$ 423.8 Mn in 2016. The expected CAGR for market expansion is around 6.1%. Lower production costs of insect-based products compared to chicken, beef, and pork will remain a key driver pushing the market growth.

Apart from low capital investment in production of insect products, growing popularity of the palatability of edible insect-based products as a substitute for egg and dairy proteins also plays a key role in fuelling the demand for edible insects globally. In addition, increasing awareness about ecological appeal of edible insects plays a crucial role in their popularization. Moreover, assured food safety and negligible risk of acquiring diseases are also the key factors influencing the growth of edible insects market.

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Insufficient networking and distribution channels will however pose a challenge to the market growth. Negative perception about insect consumption in several regions of the world is also a key restraint to a widespread demand for edible insects. Lack of legal framework governing insect consumption globally, is expected to lay another growth barrier for market.

Based on product type, product as a whole and product as an ingredient account for major revenues. Product as a whole gains demand from various segments, including steam or fried, raw, and BBQ. Product as an ingredient will continue to attract revenues through drinks, insect confectionery, snacks, baked products, and others.

On the basis of insect type, orthopetarns and tree bugs are anticipated to contribute major revenues to market, compared to beetles, caterpillars, hymenopterans, and others. Orthoptera and tree bugs segments will witness relatively higher CAGRs during the forecast period, 8.1% and 7.3% respectively.

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Based on region, Europe and North America are estimated to be key markets for edible insects, recording CAGRs of 7.3% and 6.9% respectively, over the forecast period 2016-2024. Asia Pacific accounted for the highest revenues in 2015. Owing to rising consumer awareness about benefits of consuming edible insects, MEA also represented a significant market in 2015, contributing over 28% of revenues to the global market. Markets in APAC and MEA will continue to witness steady growth by 2024 end. China, Thailand, Vietnam, and Bangladesh are projected to dominate APAC market, whereas Africa will continue dominating MEA in consumption of edible insects.

Key players identified in the global edible insects market include Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms (Formerly Next Millennium Farms), Enviro Flight, LLC, Proti-Farm, Exo Inc., Entotech, Deli Bugs Ltd., and Eat Grub Ltd.