South Africa is one of the strongest economies in the Africa region. Due to favorable foreign investment policies and solid infrastructure development, the country has attracted many foreign investors across various sector which has resulted in growing rate of employment and increasing quality of lifestyle. The food and beverage industry is expanding with rising population intending to dynamically change their eating habits due to various concerns related to health and environment. Protein is one of the fastest growing markets in the country. Rising awareness about the health benefits of protein to reduce body weight and to maintain strict diet are some of the major factors that drives the protein demand in the country.
The industry edible insects and insect protein of South Africa is largely influenced by the Asian countries. South Africa currently holds around 40% of African edible insect and insect protein market. In terms of revenue it has a market size of $27.9 million in 2018, which is forecasted to capture the value of $60.9 million by 2023, registering a CAGR of 16.9% during the forecasting period. Major drivers of steadily rising demand of insect as a food source is disposable income in middle income and lower income families, growing rate of urbanization, rising awareness about the edible insect-based products and rising demand of alternative food sources that is more sustainable. The application of edible insect and its derivative ingredients across food, beverage and dietary supplements industry is presently very low, but in coming years with increase in research to improve the taste, flavor and appearances of insect-based ingredients, its application across these industries is expected to expand.
The application of edible insect across animal feed industry is highest, which is mainly because of high amount of minerals, vitamins and amino acids that various insects contains. Consumption of edible insect by various class of animals is proven to enhance the growth and is also effective and efficient for animal owners in terms of affordability. Presently, edible insect and its ingredients are used across poultry feed, aquatic feeds and pet foods, the application of which is further going to expand with research by the companies and the research institutes. Fertilizer industry is also among the leading industry that captures decent application of edible insects because of its organic nature. Due to various restraints involved in the industry, the market is forecasted to grow slowly but efforts form various stakeholders would boost the market size in coming years.
Key Deliverables
The industry edible insects and insect protein of South Africa is largely influenced by the Asian countries. South Africa currently holds around 40% of African edible insect and insect protein market. In terms of revenue it has a market size of $27.9 million in 2018, which is forecasted to capture the value of $60.9 million by 2023, registering a CAGR of 16.9% during the forecasting period. Major drivers of steadily rising demand of insect as a food source is disposable income in middle income and lower income families, growing rate of urbanization, rising awareness about the edible insect-based products and rising demand of alternative food sources that is more sustainable. The application of edible insect and its derivative ingredients across food, beverage and dietary supplements industry is presently very low, but in coming years with increase in research to improve the taste, flavor and appearances of insect-based ingredients, its application across these industries is expected to expand.
The application of edible insect across animal feed industry is highest, which is mainly because of high amount of minerals, vitamins and amino acids that various insects contains. Consumption of edible insect by various class of animals is proven to enhance the growth and is also effective and efficient for animal owners in terms of affordability. Presently, edible insect and its ingredients are used across poultry feed, aquatic feeds and pet foods, the application of which is further going to expand with research by the companies and the research institutes. Fertilizer industry is also among the leading industry that captures decent application of edible insects because of its organic nature. Due to various restraints involved in the industry, the market is forecasted to grow slowly but efforts form various stakeholders would boost the market size in coming years.
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
