Meticulous Research® –leading global market research company published a research report titled “Edible Insects Market by Type (Edible Crickets, Mealworms, Black Soldier Fly, Grasshopper), Product (Whole Insects, Insect Flour, Cricket Protein Bars, Insect Snacks, Insect In Chocolate) – Global Opportunity Analysis and Industry Forecast (2018-2023)”
According to this latest publication from Meticulous Research®, the global edible insects market will grow at a CAGR of 23.8% from 2018 to 2023 to reach USD 1,181.6 million by 2023, primarily driven by growing population and decreasing food resources, increasing demand for protein rich food, high cost of animal protein, environmental sustainability with production and consumption of edible insects, high nutritional value of insects, and low risk of transmitting zoonotic diseases. However, non-standardized regulatory framework across the globe, lack of awareness, psychological and ethical barriers, and allergies due to insect’s consumption are the major factor restraining growth of this market to some extent.
The global edible insects market is mainly segmented by insect type, product type, application, and geography. On the basis of insect type, the global edible insects market is segmented into crickets, mealworms, black soldier flies, buffalos, grasshoppers, ants, silkworms, cicadas, and others. Crickets commanded the largest share in 2017 and expected to dominate the global edible insects market during the forecast period, primarily attributed to its high nutritional value, easy farming, easy processing and incorporation into various food recipes & products, and increasing demand for cricket-based products, such as protein powder, protein bars, and snacks among others.
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On the basis of product type, the global edible insects market is segmented into whole insects, insect meal, insect powder, insect protein bars and protein shakes, insect baked product and snacks, insect confectionaries, insect beverages, insect oil, and others. The whole insects commanded the largest share in 2017, owing to its easy availability, their less cost as compared to processed insects, and unavailability of the processing techniques in some regions. However, insect protein bars and protein shakes market is expected to grow at a highest CAGR during the forecast period. The fast growth of this type is mainly attributed to increasing inclination of young generation towards the fitness and wellness, rising number of health clubs and fitness centers, and busy lifestyle and swelled disposable income which demands highly nutritious and convenient food.
On the basis of application, the global edible insects market is segmented into human consumption, animal nutrition, and cosmetics and pharmaceutical. Human consumption held the largest share of the market in 2017 and expected to dominate the market during the forecast period. The large share of this segment is mainly attributed to increasing demand for animal-based food to feed the exponentially growing global population, high nutritional value of insects for human consumption, and growing demand for environmental friendly protein alternative sources.
Geographically, this market is segmented into five regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific accounted for the major share of the global edible insects market in 2017, followed by Latin America, and Europe region. The large share of this region is primarily attributed to diversity of insects and huge production, positive attitude towards the insect as food and feed, and no regulatory barrier to use insect as food and feed. However, North American countries are slated to register the fastest growth during the forecast period, primarily due to growing demand for environmental friendly high protein diets, aversion to highly processed foods, increasing demand for insect based foods, presence of large number of insect based food product manufactures, and growing concern about meat production.
The key players operating in the global edible insects market are KrecaEnto-Food BV, Thailand Unique, Entomo Farms, Haocheng Mealworm Inc., Global Bugs Asia Co. Ltd, Agriprotein Holdings Ltd., JIMINI’S (ENTOMA LTD), EnormApS, Chapul Inc., Ynsect, Eat Grub Ltd., Bitty Foods, LLC, EAP GROUP – MICRONUTRIS, Edible Inc., Bugs Solutely, Crik Nutrition, Enviro Flight, LLC, Entotech SAS, Deli Bugs Ltd., Hargol Food Tech, Aspire Food Group, and All Things Bugs, LLC.
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