Nigeria is one of the fastest growing nations in the African continent. Rapid infrastructure development, high rate of industrialization and rising rate of employment have boosted the growth of the country. Recent efforts from the Government to roll out the reforms and polices that can attract foreign investment would result in increasing companies planning to invest or expand their operation in the country. Although insects have been traditionally part of diet, the edible insect and insect protein industry is relatively new in terms of application across various products. The trend of using insects for feed and fertilizers is dating back since long, which has resulted in highest market share of application of edible insects across these segments.
Factors such as rising disposable income of middle income and lower income families, increasing rate of urbanization and growing demand of high quality products due to improving lifestyle are driving the edible insect industry in Nigeria. The country represents around one-fifth of African edible insect and insect protein market. The market size is currently estimated at $13.6 million in 2018. Meat and meat-based derivatives are popular food types in the country. However, due to its various health disadvantages, the demand of alternate food source is growing. Edible insect being high source of protein, amino acids, vitamins and various minerals, it’s application for producing various food products including bakery items, confectionery, meat substitute and dairy alternative has increased.
The industry of beverage has recorded significant change in past few years due to increase in demand of high energy drinks, juices, smoothies and shakes which helps to maintain healthy body. Similarly, the demand of dietary supplements products is also growing but the demand of whey and soy protein across supplement products is very high which would restraint the application of edible insect protein across supplement products. However, research has been taking place in recent times to explore and widen the scope of edible insects due to its high affordability compared to other protein types. There are not many major producers of edible insect and insect protein in the country, but breeding and raising insects is among the profession of many population in rural villages. With rising demand and the application of edible insects across various industry segments, its market revenue is forecasted to capture the value of $26.4 million by 2023, growing at a CAGR of 14.3% during the forecasting period.
Key Deliverables
Factors such as rising disposable income of middle income and lower income families, increasing rate of urbanization and growing demand of high quality products due to improving lifestyle are driving the edible insect industry in Nigeria. The country represents around one-fifth of African edible insect and insect protein market. The market size is currently estimated at $13.6 million in 2018. Meat and meat-based derivatives are popular food types in the country. However, due to its various health disadvantages, the demand of alternate food source is growing. Edible insect being high source of protein, amino acids, vitamins and various minerals, it’s application for producing various food products including bakery items, confectionery, meat substitute and dairy alternative has increased.
The industry of beverage has recorded significant change in past few years due to increase in demand of high energy drinks, juices, smoothies and shakes which helps to maintain healthy body. Similarly, the demand of dietary supplements products is also growing but the demand of whey and soy protein across supplement products is very high which would restraint the application of edible insect protein across supplement products. However, research has been taking place in recent times to explore and widen the scope of edible insects due to its high affordability compared to other protein types. There are not many major producers of edible insect and insect protein in the country, but breeding and raising insects is among the profession of many population in rural villages. With rising demand and the application of edible insects across various industry segments, its market revenue is forecasted to capture the value of $26.4 million by 2023, growing at a CAGR of 14.3% during the forecasting period.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Companies Mentioned
- Proti-Farm Holding NV
- Enviroflight
- Exo Inc.
- Agriprotein Technologies
- nextProtien
- Ynsect
- Entocycle
- Enterra Feed Corporation
- Protix
- Chapul Inc.
- Innovafeed
- Thailand Unique
- Kreca
- Edible Inc.
- Crik Nutrition
- Bugso
