Edible Insects Market size is anticipated to register a revenue of USD 1.4 billion by the year 2025, according to a new report by Million Insights. It is expected to grow with 19.7% CAGR over the forecasted period, 2019 to 2025. This growth can be attributed to the rising demand for edible insects, rising health consciousness among the millennials, the presence of essential nutrients and willingness to taste a new variety of flavors.
The rising awareness about the
health benefits on consumption of edible insects such as decreasing the level
of obesity and high nutritional content is anticipated to boost the market
growth in the upcoming years. In the developing countries like South Africa,
such food products are considered as best for patients suffering from
malnutrition as they are easily digestible. This factor is expected to fuel the
demand for such products further.
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The key driving factors responsible for the growth of Edible Insects
market :
In 2018, the region of North
America was the largest regional market holding a share of 25%. This growth can
be attributed to the rising awareness about the health benefits associated with
the consumption of such products. Also, increasing disposable income, rapid
urbanization and willingness to spend more on such products is expected to
drive the edible insect market across this region. The region of Europe is anticipated
to witness the fastest CAGR of 20% during the forecasted period, from 2019 to
2025. Rising farming of such invertebrates owing to the increasing demand for
protein-rich food is expected to drive the regional market.
During 2018, the product type of
beetles held the largest share of 30% in the global market. The property of
these beetles to help in biodegradation of dead plants with the presence of
larvae is anticipated to boost their demand in the upcoming years. The product
segment of cricket is expected to grow at the fastest CAGR of 20.9% during the
forecasted period, 2019 to 2025. As cricket has less emission in the production
process, low cost for production and requires less water, it can be easily
produced and consumed.
The powder application segment
held a share of more than 40% and is anticipated to witness the fastest growth
during the forecasted period. The rising availability of powdered form coupled
with the increasing number of applications is expected to drive the market
demand in the upcoming years. Also, cricket flour is being used in the
manufacturing of various food products owing to its gluten-free nature.
The key players in the market of
edible insects are Beetle Jelly, Bugsy Bros, Haocheng, Bugs in Mugs, Bug
foundation, Crickester, Eddiebug, Insectables, Insecteo, and Gran Mitla. They
are continuously investing in R&Ds to increase the nutritional value of the
products using various techniques and by adding additives.
Further key findings from the report suggest:
• In 2018, the powder type in the
application segment accounted for around 40% share in the global edible insects
market.
• In 2018, the product type of
beetles was the most preferred one accounting for share of more than 30%.
• The cricket type of product
segment is expected to be the fastest growing product segment with a CAGR of
20.9% owing to its high protein content and ease of availability.
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