LONDON, March 14, 2019 (Newswire.com) - According to this latest publication from Meticulous Research®, in terms of value, the global edible insects market is expected to reach USD 7.96 billion by 2030, supported by a CAGR of 24.4% during the forecast period of 2019 to 2030. Also, in terms of volume, this market is poised to grow at a CAGR of 27.8% during the forecast period to reach 732,684.1 tonnes by 2030. The growth of this market is driven by factors such as growing population and decreasing food resources, increasing demand for protein rich food, high cost of animal protein, environment sustainability with production and consumption of edible insects, high nutritional value of insects, and low risk of transmitting zoonotic diseases.
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The global edible insects market is segmented by product type (whole insect, insect powder, and insect meal), insect type (crickets, black soldier flies, mealworms, buffalos, grasshoppers, ants, silkworm, cicadas, and others), application (processed whole insect, animal and pet feed products, processed insect powder, insect protein bar and protein shakes, insect baked products and snacks, insect confectioneries, insect beverages, and others), and end use (human nutrition and animal consumption).
On the basis of product type, insect powder market is expected to grow at a highest CAGR during the forecast period, mainly due to the unwillingness of eating whole insects, high shelf life and availability in off season, wide range of applications in various food and feed products, and emergence of several insect food startups.
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On the basis of insect type, crickets dominated the global edible insects market in 2018, mainly due to its high nutritional value; easy farming and processing; growing use into various food recipes & products; and increasing demand for cricket-based products, such as protein powder, protein bars, and snacks, among others.
On the basis of application, insect protein bars and protein shakes segment is expected to grow at a highest CAGR during the forecast period, due 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.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (The Netherlands, Belgium, France, U.K., Denmark, Finland, Germany, and Rest of Europe), Asia-Pacific (Thailand, China, South Korea, Vietnam, and RoAPAC), Latin America, and Middle East & Africa. Asia-Pacific commanded the largest share of the global market in 2018, primarily attributed to the insect’s diversity and huge production, positive attitude towards the insect as food and feed especially in Thailand, and no regulatory barrier to use insect as food and feed.
The global edible insects market is characterized by the presence of many small and medium size players operating at the local and regional levels. The key players operating in the global edible insects market are Kreca Ento-Food Bv (A Proti-Farm Company, Entomo Farms, Haocheng Mealworm Inc, Agriprotein, Ynsect, Deli Bugs Ltd., Hargol Foodtech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Beta Hatch, Entocube, Nordic Insect Economy, Armstrong Cricket Farm Georgia, Global Bugs Asia Co., Ltd., Jr Unique Foods Ltd., and The Cricket Lab, among many others.
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Source: Meticulous Market Research Pvt. Ltd.