United States, Rockville MD, Sept. 12, 2022 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, reveals that the global edible insects market is currently valued at US$ 3.2 billion and is expected to expand at a high CAGR of 18.5% between 2022 and 2032.
Entotarians (one whose diet includes insects but no other meats) is a novel concept that came into existence as a problem solver to feed the estimated 10 billion people that the world will have in some years. The growing number of entotarians has intensified the demand for edible insects. In addition, due to consumer desire for more sustainable and alternative food and feed products, the use of edible insects has been gradually developing. For instance, around 2,000 insect species are already consumed regularly by people and domestic animals across the world owing to their high protein, healthy fat, mineral, and vitamin content.
Fact.MR has analyzed that food manufacturers have seized this chance to enter the market and create a variety of products. The availability of various product types, including protein bars, edible insect snacks, mealworm cookies, cricket pasta, and honey caterpillar croquettes is gaining consumer attention.
Furthermore, the medical and production benefits related to edible insects are promoting their acceptance among both, manufacturers and consumers. For instance, insect farming for protein production requires less land and water, which further leads to fewer greenhouse gases. The nutritional difference between insect protein and conventional protein powder is another significant factor that is boosting the market for edible insects in the protein sector.
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Health Benefits of Edible Insects being Acknowledged by More People”
The eating habits of people will completely shift over the coming years. The world will be able to secure both a healthy way of life and a healthy planet with the help of effective, sustainable solutions. As such, in the near future, there will be huge demand for edible insects such as edible worms, crickets, ants, etc., as food because they are highly protein-rich and environment-friendly alternatives to conventional animal products such as beef and pork.
Additionally, the difference in nutritional content between edible insect protein powder and conventional protein powder is a key trend driving market growth. When it comes to production, for the extraction of protein, edible insect farming needs 8 to 10 times less land, 5 times less water, and emits 5 to 10 times lesser greenhouse gases, which are important factors catching the attention of more people and governments across the world. Escalation of the alternative proteins market will create a space for edible insects, which will drive market growth from 2025 to 2028.
Key Takeaways from Market Study
- The global edible insects market is projected to surge at a CAGR of 18.5% and reach US$ 17.6 billion by 2032.
- Sales of edible insects increased at 12.2% CAGR from 2017 to 2021.
- Under product type, whole edible insects dominate the market and are valued at US$ 2.1 billion in 2022.
- Europe leads the global market with 25.9% share in 2021.
- Consumption of edible insects is expected to skyrocket at CAGRs of 24.6% and 18%, respectively, in East Asia and North America.
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Prominent edible insect providers are Thailand Unique, Kreca Ento-Food BV, Nordic Insect Economy Ltd., Entomo Farms Ltd., Enviro Flight, LLC, ynsect, Exo protein, Protix, Deli Bugs Ltd., and Eat Grub Ltd.
The global edible insects market is primarily characterized by a large number of multinational players controlling a majority of the market share. Producers of edible insects are aiming for global expansion and are bringing in cutting-edge approaches to insect breeding and raising to boost both, productivity and quality. To introduce competitive and flexible insect production and processing technologies, businesses are investing in research & development operations.
- In Apr. 2021, Ynsect, a market leader in natural insect proteins, completed its acquisition of Protifarm. With the addition of two new species of mealworms to its offering, the integration led to an increase in Ynsect’s mealworm production capacity.
- In October 2021, in Canada, Aspire Food Group announced the development of a new automated plant for processing crickets. Aspire’s new facility would annually produce 9,000 metric tons of edible crickets for human and animal consumption.
Segmentation of Edible Insects Industry Research
- By Insects Type:
- Black Soldier Flies
- True Bugs
- By Product Type :
- By Form :
- Whole Frozen
- Whole Dried
- By End Use :
- Human Consumption
- Animal Nutrition
- By Distribution Channel :
- Brand Websites
- e-Commerce Platforms
- Retail Shops
- Specialty Stores
- Direct Sales
- By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
Quick Buy: Edible Insects Market Research Report
Despite challenging economic conditions, the business environment in the edible insects market reflects a rollup within the sector. With the rising preference for edible insects as a whole, companies are providing the same as a whole in the dried, frozen, and raw forms.
Businesses are also engaging in inorganic operations such as partnerships, acquisitions, and mergers.
- For instance, in the U.S., Ynsect worked with Pure Simple True LLC to release its initial product. This product introduction was a critical step for the business in its pursuit of expansion in the U.S. market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global edible insects market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of insect type (black soldier flies, beetles, caterpillars, hymenoptera, orthoptera, true bugs, others), product type (whole, ingredients), form (whole frozen, whole dried, powder), end use (human consumption, animal nutrition), and distribution channel (online, offline), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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Soy Protein Hydrolysate Market: The global soy protein hydrolysate market is projected to embark on a positive growth trajectory, clocking a CAGR worth 5% across the 2021-2031 forecast period. As of 2021, Fact.MR anticipates sales of soy protein hydrolysates to be valued at over US$ 1 Bn, expected to further reach US$ 1.64 Bn by the end of the aforementioned decade.
Rice Protein Market: Intensified efforts of rice protein manufacturers to introduce novel products and proportionally increasing demand is expected to fuel the market growth, which is expected to present an absolute dollar opportunity of more than US$ 100 Mn during the forecast period.
Dried Egg Market: Latest released report on the global dried egg market by Fact.MR estimates that the market will account for more than US$ 2 Bn in 2021. As per the study, the dried egg market is expected to witness a prominent CAGR of 8.2% to reach a valuation of US$ 4.56 Bn by the year 2031.
Protein Ice Cream Market: Latest research by Fact.MR indicates the protein ice cream market to grow in double digits during 2021 – 2031. There has been a moderate demand in regular ice-cream consumption and besides a new breed of customers fond of nutritive snacks have elevated the demand of protein ice cream over the past few years. Increasing penetration of protein ice cream in café chains, restaurants and hang out places has led to expectation of outstanding market growth avenues throughout the forecast period.
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