LONDON, Dec. 17, 2020
LONDON, Dec. 17, 2020 /PRNewswire/ -- According to a new market 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) - Global Forecast to 2027" published by Meticulous Research®, in terms of value, the edible insects market is expected to grow at a CAGR of 26.5% from 2020 to 2027 to reach $4.63 billion by 2027. In terms of volume, the edible insects market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach 13,98,862.6 tonnes by 2027.
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Edible insects are the widely exploited food source by many indigenous populations. About 1,900 species of insects are consumed worldwide, mainly in developing countries. Edible insects constitute high-quality food for humans, livestock, poultry, and fish. Because insects are cold-blooded, they have a high food conversion rate. Besides, they emit fewer greenhouse gases than conventional livestock. In some cases, insects can be grown on organic waste-reducing environmental contamination. Therefore, edible insects are a serious alternative for conventional production or other animal-based protein sources, either for direct human consumption or indirectly as feedstock.
The edible insects market is mainly driven by factors such as growing greenhouse gas emissions from livestock and poultry, the high nutritional value of insects, low environmental impact over their entire life cycle, and low risk of transmitting zoonotic diseases. However, the non-standardized regulatory framework, psychological and ethical barriers to insects as food, and allergies due to insect consumption are expected to restrain the growth of this market to a certain extent.
The edible insects market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027— by product (whole insects, insect powder, insect meal, and insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other insect types), application (processed whole insects, animal & pet feed products, processed insect powder, insect protein bars and protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, other applications), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at country levels.
The Impact of COVID-19 on the Edible Insects Market
Alike other industries, the COVID-19 pandemic poses numerous challenges to the food sector, especially meat products producers across the globe. The meat products manufacturing industry has faced major challenges, including the risk of continuing production, distribution, transportation, and other supply chain activities; lack of workforce; and delays in development activities. The rescheduling of private investment financing and public funding initiatives towards developing the sector has further restricted its development. These factors are expected to impact the meat products industry, thereby driving the demand for alternative protein substitutes, including insect protein products.
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Moreover, increasing health & wellness trends and rising health awareness, such as the risk of viral infections, cardiovascular diseases, liver diseases, disorders of bone and calcium balance, and increased risk of certain cancer associated with the long-term use of animal proteins, has created the traction for sustainable protein sources like edible insects that can be cost-effectively reared on waste feed and water. To capture this traction in the edible insects industry, many vendors are focusing on enhancing their production capacities, processes, end products, and receiving funds from investors.
The European Food Safety Authority is expected to approve the sale of insects, including ground mealworms, lesser mealworms, locusts, crickets, and grasshoppers for human consumption (Source: IPIFF). Currently, only a few EU countries use insect-based products as protein diets. The region-wide approval is projected to bring a raft of edible insects for sale across European countries, driving the demand for edible insects. This approval will provide immense opportunities for companies operating in the edible insects space. Thus, the rising preference for alternative proteins over animal proteins as a rich source of protein & immunity booster during the current global outbreak of COVID-19 has created a new wave of interest in the edible insects market.
Based on product, the whole insects segment is estimated to command the highest share of the overall edible insects market in 2020 (In terms of value), owing to wide availability, ease of use, lower costs than processed insects, and unavailability of processing techniques in major producing countries.
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Based on insect type, the crickets segment is expected to hold the largest share of the overall edible insects market in 2020. The large share of this segment is mainly attributed to the well-established market for edible crickets, high nutritional value, easy farming and processing of crickets, their incorporation into various food recipes and products, and the increasing demand for cricket-based products, such as protein powders, protein bars, and snacks.
In terms of value, in 2020, the processed whole insects segment is expected to command the largest share of the overall edible insects market. However, the insect protein bars and protein shakes segment is slated to grow with the fastest CAGR during the forecast period. This growth is mainly due to the increasing inclination of millennials towards fitness & wellness, rising number of health clubs & fitness centers, and busy lifestyle.
Based on end use, the human consumption segment is expected to dominate the edible insects market during the forecast period. The large share of this segment is mainly attributed to the increasing demand for animal-based food to feed the exponentially growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.
The key players operating in the edible insects market are Protifarm Holding NV, EntomoFarms, Haocheng Mealworms Inc., Agriprotein (Insect Technology Group Holdings U.K. Ltd.), Ynsect SAS, Deli Bugs Ltd., Hargol FoodTech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Global Bugs Asia Co., Ltd., Beta Hatch Inc., EntoCube Ltd., Rocky Mountain Micro Ranch, Armstrong Cricket Farm Georgia, Cowboy Cricket Farms, ENTOBEL HOLDING PTE. LTD, Entofood Sdn Bhd, EnviroFlight Corporation, SFly Comgraf SAS, Hexafly, F4F SpA, Protix B.V., Enterra Corporation, InnovaFeed, Nutrition Technologies Group, Protenga Pte Ltd., and nextProtein S.A.S., among many other local and regional players.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/edible-insects-market-5156/
Scope of the Report:
Edible Insects Market, by Product
Edible Insects Market, by Insect Type
Edible Insects Market, by Application
Edible Insects Market, by End Use
Edible Insects Market, by Geography
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