Edible Insects Market size is valued at $323.3m by 2019, and is anticipated to grow at a CAGR of 37.1% during the forecast period 2020-2025. The Edible Insects Market growth rate is attributed to easy availability, protein extraction, high nutritional profile, and economic processing techniques. Edible insects can act as a great solution for this owing to their capability to satisfy the food need with the high nutrition for human consumption, and also, the use as food has ecological advantages over conventional meat and other sources. In addition, insect can be a good source of protein for animals as they are not only able to provide the potential to extract protein from waste material, but also facilitate significant reductions in waste volume. From increasing farming of insects owing to minimum investment along with rising cases of livestock diseases is making consumers opt for safe and economical edible insect products to market players rapidly investing in R&D and marketing to capitalize on emerging trends in food & beverage sector by introducing innovative products is anticipated to propel the Edible Insects Market during the forecast period 2020-2025.
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Habitat Type – Segment Analysis
Cricket of the ground segment held the largest share in the market owing to its high nutritional value; easy farming and processing over others as growing use into various food recipes & products; and increasing demand for cricket-based products, such as protein powder, protein bars, and snacks. Also cricket requires low production cost, low emission during production process, and less water, which acts as sustainable source thereby, helping to bolster the Edible Insect market segment.
Application Type- Segment Analysis
On the basis of Application type, Insect Protein Bar and Shakes segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 26.6%. The reason may be attributed to the inclination of young generation towards the fitness and wellness with rising number of health clubs and fitness centers. Moreover, protein bars and shakes are generally preferred by athletes and sportspersons owing to its gluten free nature and thus propelling the demand for the product. Apart from these, vast application and easy availability coupled with busy lifestyle and swelled disposable income is anticipated to further expand the consumption rate over the projection period of 2020-2025.
By Geography – Segment Analysis
North America dominated the Edible Insects Market with a share of 37% in 2019. North America remains the largest consumer of Edible Insects owing to the increasing population, increase in demand for protein rich food, increase in awareness regarding the food habits, increase in awareness regarding the benefits of taking insect food, increase in insect harvesting and presence of more number of insect food manufacturers continues to expand its market. However, Asia Pacific edible insects market projected to grow at a significant rate owing to increasing population density, urbanization, positive attitude towards the insect as food and feed, lower cost of production, increase in dependency on edible insects, the availability of various edible insect types is to cater the Edible Insects Market in the forecast period of 2020-2025.
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Drivers – Edible Insects Market
With the rise in awareness on potential benefits of edible insect’s products and increasing demand for naturally fortified ingredients coupled with changing dietary patterns towards low calorie and high protein sources industry players are developing novel techniques to market their products by offering free samples, discounts, and attractive packaging which can be considered as an Edible Insects key driver of the market during the forecast period 2020-2025.
Challenges – Edible Insects Market
The major challenge for the market are the stringent rules and regulations in North America & Europe for food manufacturers towards the use of edible insects in bakery, cheese, and other food preparations to protect consumer interest is making industry players to provide innovative, safe, and high-quality solutions. Furthermore, negative perceptions about insect consumption among consumers and lack of awareness are also likely to impede the growth of the market over the forecast period.
Edible Insects Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Edible Insects Market. In 2019, Edible Insects Market share is fragmented by the top ten players present in the market. Edible Insects Market top 10 companies are Beetle Jelly, Bugs in Mugs, Haocheng, Crickester, Eddiebug, Gran Mitla, Insecteo, Bugsy Bros, Bug foundation, Insectables and others.
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