Edible Insects Market Size | Gross Margin, Production, Consumption Forecast 2023
Global Edible Insects Market Overview
Edible insects are generally insects that are safe for human consumption and not harmful in any way. These insects are a splendid source of protein, amino acid content, and vitamins. On a brighter side, these insects also don’t produce harmful gases like ammonia, which are harmful to the environment. The global edible insects market is estimated to showcase impressive growth during the forecast period, as per the latest analysis launched by Market Research Future (MRFR).
Elevation in demand for nutritional products is one of the primary factors driving the global Edible Insects Market Size over the forecast period. Further, edible insects have a vast opportunity of application in the food & beverages and the animal feed industries. The harmful impact on the environment due to the use of chemicals and other toxic substances to produce crops has led to ascension for sustainable food products. Since these insects don’t emit any gases that are toxic to the environment, a higher inclination towards the consumption of them as food, over products that pose harm is evident in the coming years. However, limited availability of such edible insects and the absence of a regulatory system is expected to market growth for edible insects over the review period.
Market Segmentation
The global edible insects market has been studied by Market Research Future (MRFR) in their latest analysis for different types of insects, the applications of these insects, as well as various distribution channels used for the same. There are several types of edible insects, namely, bees, ants, caterpillars, wasps, scale insects, grasshoppers, beetles, mealworm, locusts, and crickets. The consumption of beetles is the highest as compared to other types of insects. Edible beetles pose as a high source of protein and are a better alternative to chicken and beef. The second most popular insect consumed across the globe is crickets. Voluminous use of crickets and mealworm in the production of snack bars, energy bars, and protein bars is expected to occur, thanks to a high level of protein in these insects.
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Different uses of edible insects are observed in different end-user industries such as food & beverages, savory snacks, bakery products, and animal feed. Consumption of edible insects as savory snacks is expected to skyrocket, making the use of insects for such preparations prime. This can be credited to the exceptionally high nutritional value with the presence of high proteins, vitamins, potassium, zinc, calcium, and amino acid content. Furthermore, rising demand for convenience food & savory snacks is anticipated to fuel the demand for edible insects during the forecast period.
Different distribution channels used for meeting the demand for edible insects are store-based and non-store-based distribution channels. However, since consumers generally check the qualitative aspects of edible insects before buying, store-based distribution channels have high demand, as compared to non-store-based distribution channels.
Detailed Regional Analysis
The global edible insects market is considered for regional segments of North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific captured the largest share in the global edible insects market at the beginning of the forecast period. The region is also projected to retain its dominant position in the edible insects market over the assessment period. Within Asia Pacific, Thailand is anticipated to spearhead the country-specific market for edible insects. This can be because of the rising awareness regarding the benefits of consuming edible insect products. Additionally, many people have started undertaking insect farming, which is one of the primary factors driving the regional edible insects market.
Further, increasing demand for natural ingredients in convenience food products in the APAC region is expected to boost market growth by 2023. The Rest of the World segment is showcased to hold the second-largest share in the global edible insects market.
Key Players
Some of the market giants as profiled in the MRFR analysis include Nordic Insect Economy Ltd. (Finland), Thailand Unique (Thailand), Haocheng Mealworms Inc. (China), Chapul Inc. (U.S.), Nutribug Ltd. (U.K), Bugsolutely Ltd. (Thailand), Eap Group, Sarl (France).
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Industry Update
July 2019: The IPIFF aka International Platform of Insects for Food and Feed (IPIFF) has announced some guidelines regarding the recommendations towards the best labeling practices for insects as well as edible insect-based products and ingredients in the EU. These recommendations have a high focus on the health and nutrition claims, labeling requirements, origin, standards on the labeling of allergens, and the responsibilities of operators along the food chain.
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