Meticulous Research®—leading global market research company published a research report titled, ‘Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages), and Geography—Forecast to 2030’.
According to this latest publication from Meticulous Research®, in terms of value, the edible insects market is expected to record a CAGR of 28.3% from 2022 to 2030 to reach $9.60 billion by 2030. In terms of volume, the edible insects market is expected to record a CAGR of 31.1% from 2022 to 2030 to reach 3,139,035.10 tonnes by 2030. The growth of the edible insects market is driven by the growing greenhouse gas emissions from the livestock and poultry industries, the high nutritional value of insects, environmental benefits of edible insects consumption, rising demand for insect protein in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of edible insects.
However, factors such as the lack of a standardized regulatory framework, psychological & ethical barriers to consuming insects as food, and the risk of allergies due to insect consumption are expected to restrain the growth of the edible insects market.
Furthermore, emerging economies are expected to provide significant growth opportunities for the players operating in the edible insects market. However, a lack of awareness regarding the benefits of insect consumption is expected to remain a major challenge for the growth of this market.
The edible insects market is segmented based on product (whole insect, insect powder, insect meal, insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, in 2022, the whole insects segment is expected to account for the largest share of the edible insects market. The easy availability of whole insects, their lower cost compared to processed insects, the lack of insect processing facilities in some parts of the world, and the growing demand for insects in the animal feed industry are the key factors driving the growth of this segment.
Based on insect type, the black soldier flies segment is estimated to prompt rapid growth in the edible insects market during the forecast period from 2020 to 2030. The rapid growth of this segment is attributed to the growing aquaculture industry, rising demand for alternative proteins from the animal feed industry due to the rising prices of soy meal, increasing government support for the use of insect meal in livestock feed, and the increasing number of investments by key players in the black soldier fly industry.
Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the edible insects market. The growth of this segment is driven by the growing food shortage worldwide, increasing consumption of processed whole insects as food, and the rising demand for high-quality alternative protein and amino acid sources among end users.
Based on end use, the human consumption segment is estimated to project rapid growth in the edible insects market during the forecast period from 2020 to 2030. The rapid growth of this segment is attributed to the rising demand for insect-based foods to feed the growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.
This research report also analyzes major geographies and provides a comprehensive analysis of North America, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the edible insects market. The market growth in Asia-Pacific is attributed to factors such as well-established commercial farming markets for edible insects, especially in Thailand, wide availability of various insects coupled with huge production, the positive attitude towards insects as food & feed, absence of regulatory barriers for using insects as food & feed, and the presence of key market players in the region.
The key players operating in the edible insects market include Ÿnsect (SAS) (France), Protix B.V. (The Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), BioflyTech (Spain), TEBRIO (Spain), nextProtein (France), Hexafly (Ireland), HiProMine S.A. (Poland), and Protenga Pte. Ltd. (Singapore).
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