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Edible Insects Market - Forecasts from 2022 to 2027

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    Report

  • 138 Pages
  • December 2022
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5716812

The edible insects market was valued at US$0.822 billion in 2020 and is expected to grow at a CAGR of 23.51% over the forecast period to reach a market size of US$3.606 billion in 2027.

Insects are often considered a nuisance for human beings, but their benefits are largely unknown to people. Insects provide food at a low environmental cost, play a fundamental role in nature, and contribute positively to livelihood. There was a time when the insect was treated as famine food, but now the trend has shifted. Now, insects are not just used in the scarcity of food, but it has become a food culture of many countries. Its amino acid content and essential vitamin content have made it be even used as dog food. The edible insect market is growing owing to the growing population and decreasing food resources, which opens up the need for finding sustainable and environment-friendly food production methods with high nutrition. The increasing acceptance of insects as food, decreasing fear of trying new foods, and the growing demand for an alternative source of animal protein have also propelled the market growth. Furthermore, the development of new technologies for the harvesting of insects and the minimal risk of disease transfer as compared to animal food is also boosting the market growth. However, the lack of distribution and networking channels, negative perceptions about insect consumption, lack of awareness, and various legislative requirements act as a concern for the market.

Easy Availability and nutritional value to boost the growth of the Market

The accessibility, as well as the affordability of edible insects, is extremely high. They can be cultivated and procured very conveniently and can be integrated into the daily diet as additives in several forms or as a whole, thereby improving the overall nutritional value of the food. Adding to that, edible insects call for very minimal processing post their harvestation, thus providing an extremely economical alternative to animal products which are coupled with a rising number of diseases. Among these edible insects, beetles are estimated to amount to the largest volume share. Further, insects are sustainable sources of amino acids, and proteins, along with being rich in minerals like Omega-3, minerals, and iron. They make for the perfect supplements for athletes. Thus, this rapid breakthrough of insects in the food & beverage industry, with the shifting trend towards sustainable practices is likely to accelerate the market significantly.

Geographical Insights

On the basis of geography, the edible insect market can be segmented into Asia Pacific, North America, South America, Europe and the Middle East and Africa. Asia Pacific is projected to be the biggest and the leading region in the consumption of edible insects. Within this region, countries like China, Thailand, and Japan account for the majority share of edible insect consumption. High protein content, low cost of farming, increasing population, and rise in health and fitness-conscious population are the key factors that are expected to drive this market. Additionally, in many developing nations in the region, edible insects serve as an excellent food source for malnourished kids.

Furthermore, Europe is estimated to hold a substantial market share of the edible insects market in the forecast period. Well-established production capabilities for edible insect processing and ingredient manufacturers in the region, the presence of a diverse set of insects, abundant availability, and positive outlook towards the consumption of insects as food and feed, along with the presence of key market players in the region like Protix BV and InnovaFeed are the key factors that are expected to propel substantial growth in this region.

Competitive Insights

The market is driven by the research and development of the key players in the edible insects market. For instance, manufacturing companies like Bitty Foods and Grilo have been constantly focusing on their research and development to serve their consumers with more suitable options, which is expected to positively impact the industry growth over the analyzed period. Further, the utilization of market opportunities like mergers, acquisitions, collaborations and partnerships by key players to increase their revenue is another factor that is expected to propel the market. For instance, in March 2019, Buhler Holding AG entered into a strategic partnership with Alfa Laval AB in order to develop advanced solutions for the insect protein industry.

COVID-19 Insights

During COVID-19, The edible insects market, much like any other meat products manufacturing market, has faced a major setback during the pandemic including the risk of continuation of production, distribution, transportation, and other supply chain activities. However, owing to the rising health awareness in the wake of the pandemic, people have been looking for better nutritional supplements to maintain their general well-being. Hence, there has been a shift to edible insects due to their high nutritional value and better affordability.

Market Segmentation:

By Product Type

  • Whole Insect
  • Insect Powder

By Application

  • Animal Feed
  • Human Food

By Insect Type

  • Crickets
  • Black Soldier Fly
  • Mealworms
  • Grasshoppers
  • Others

By Geography

  • North America
  • United States
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Others
  • Middle East and Africa (MEA)
  • Saudi Arabia
  • UAE
  • Isreal
  • Others
  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Thailand
  • Taiwan
  • Others
Frequently Asked Questions about the Edible Insects Market

What is the estimated value of the Edible Insects Market?

The Edible Insects Market was estimated to be valued at $0.82 billion in 2020.

What is the growth rate of the Edible Insects Market?

The growth rate of the Edible Insects Market is 23.5%, with an estimated value of $3.61 billion by 2027.

What is the forecasted size of the Edible Insects Market?

The Edible Insects Market is estimated to be worth $3.61 billion by 2027.

Who are the key companies in the Edible Insects Market?

Key companies in the Edible Insects Market include HaoCheng Mealworms Inc., Thailand Unique, KrecaEnto Food BV, Entomo Farms Ltd., Nordic Insect Economy Ltd., Aspire Food Group Inc., Bugsolutely Ltd., Nutribug Ltd. and Ynsect.

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Edible Insects Market By Product Type
5.1. Whole Insect
5.2. Insect Powder

6. Edible Insects Market By Application
6.1. Animal Feed
6.2. Human Food

7. Edible Insects Market By Insect Type
7.1. Crickets
7.2. Black Soldier Fly
7.3. Mealworms
7.4. Grasshoppers
7.5. Others

8. Edible Insects Market BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. UK
8.4.2. Germany
8.4.3. France
8.4.4. Italy
8.4.5. Spain
8.4.6. Others
8.5. Middle East and Africa (MEA)
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Isreal
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. South Korea
8.6.4. India
8.6.5. Indonesia
8.6.6. Thailand
8.6.7. Taiwan
8.6.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES
10.1. HaoCheng Mealworms Inc.
10.2. Thailand Unique
10.3. KrecaEnto Food BV
10.4. Entomo Farms Ltd.
10.5. Nordic Insect Economy Ltd.
10.6. Aspire Food Group Inc.
10.7. Bugsolutely Ltd.
10.8. Nutribug Ltd.
10.9. Chapul Cricket Protein
10.10. Ynsect

Companies Mentioned

  • HaoCheng Mealworms Inc.
  • Thailand Unique
  • KrecaEnto Food BV
  • Entomo Farms Ltd.
  • Nordic Insect Economy Ltd.
  • Aspire Food Group Inc.
  • Bugsolutely Ltd.
  • Nutribug Ltd.
  • Chapul Cricket Protein
  • Ynsect