Colombia is among the leading economies in the South American region. The protein industry in the country is growing at a decent rate due to rising demand of high quality functional proteins which are affordable, healthy and sustainable in nature. Edible insect industry is relatively new industry in the country. Columbia shares just 9% of South America edible insect and insect protein market in the region. The market revenue of which is currently estimated at $6.2 million.
Major drivers of Colombian edible insect industry include growing disposable income of middle and lower-class families, rising demand for affordable and nutritious food source, growing concern about the lactose intolerance and gluten sensitiveness and increasing youngsters hitting fitness clubs and gym session. The market revenue of edible insect and insect protein is forecasted to reach the value of $11.1 million by 2023, registering a CAGR of 12.3% during the period of forecast. Animal feed presently captures highest share of edible insect and insect protein application. The demand of natural ingredients containing feed for various animal segment such as pets, poultry and livestock is growing which could provide major opportunity for insect producers to develop feed products that not only aids the growth of animals but also releases less greenhouse gases.
The industry of food, beverage and dietary supplements of Columbia presently shares very low market share of edible insect industry due to low acceptably of insect as a food source among the Columbian consumers and high application of substitute ingredients. However, growing industry of dietary supplements, increase in demand of sustainable food source and industry players increasing their efforts to raise the awareness about the health benefits of edible insects would aid the growth of edible insect and insect protein in the country. At present, the competition among the industry players is very low, however it is forecasted that with rising demand of edible insects, number of new entrants are expected to compete in the market.
Major factors hindering the growth of the market are less infrastructure development, improper regulation related to edible insects’ industry and less developed food processing industry. However, the demand of affordable food products would drive the edible insect industry. The edible insect industry in the region is highly unorganized. There are not any major insect protein producers in most of the countries in this region due to less know-how about the insect processing. Global edible insect manufacturers are eyeing towards the market due to huge consumer base with familiarity with insect consumption. The market revenue is estimated to reach the value of $31.4 million by 2023, growing at a CAGR of 12% during the forecast period.
Key Deliverables
Major drivers of Colombian edible insect industry include growing disposable income of middle and lower-class families, rising demand for affordable and nutritious food source, growing concern about the lactose intolerance and gluten sensitiveness and increasing youngsters hitting fitness clubs and gym session. The market revenue of edible insect and insect protein is forecasted to reach the value of $11.1 million by 2023, registering a CAGR of 12.3% during the period of forecast. Animal feed presently captures highest share of edible insect and insect protein application. The demand of natural ingredients containing feed for various animal segment such as pets, poultry and livestock is growing which could provide major opportunity for insect producers to develop feed products that not only aids the growth of animals but also releases less greenhouse gases.
The industry of food, beverage and dietary supplements of Columbia presently shares very low market share of edible insect industry due to low acceptably of insect as a food source among the Columbian consumers and high application of substitute ingredients. However, growing industry of dietary supplements, increase in demand of sustainable food source and industry players increasing their efforts to raise the awareness about the health benefits of edible insects would aid the growth of edible insect and insect protein in the country. At present, the competition among the industry players is very low, however it is forecasted that with rising demand of edible insects, number of new entrants are expected to compete in the market.
Major factors hindering the growth of the market are less infrastructure development, improper regulation related to edible insects’ industry and less developed food processing industry. However, the demand of affordable food products would drive the edible insect industry. The edible insect industry in the region is highly unorganized. There are not any major insect protein producers in most of the countries in this region due to less know-how about the insect processing. Global edible insect manufacturers are eyeing towards the market due to huge consumer base with familiarity with insect consumption. The market revenue is estimated to reach the value of $31.4 million by 2023, growing at a CAGR of 12% during the forecast 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
