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iCrowdNewswire Jan 5, 2021 5:47 PM ET

Edible Insects Market | growing awareness is the key to a taboo CAGR growth of the market


iCrowd Newswire - Jan 5, 2021

Market Analysis

Global Edible Insects Market are edible rich source of proteins, vitamins, and amino acids and safe for human consumption. Human insect-eating is common and even popular in some cultures in Latin America, Oceania, Africa, Asia, Australia, and others with over 1,000 species of insects being eaten. The edible insects market is expected to generate a CAGR growth of ~ 5.3 % during the forecast period.

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Major Key Players

Some of the key players profiled in the Global Edible Insects Market Nutribug Ltd. (U.K), Haocheng Mealworms Inc. (China), Thailand Unique (Thiland), Chapul Inc. (U.S.), Nordic Insect Economy Ltd. (Finland), Bugsolutely Ltd. (Thiland), Eap Group, Sarl (France) and others.

Restraints

Taboo on insect consumption by the mainstream society is the single most critical restraint on the market. Concerns about safety and toxicity profile of the insects is another restraint on the market.

Also, edible insects used in food and beverage products are relatively cheaper, which has uplifted the demand for edible insects in the food & beverage industry. Additionally, they are not only used in food and beverage industry but also has a potential application in animal feed owing to high amount of amino acids & minerals. However, the limited availability of edible insects and the absence of regulatory laws are likely to hamper the growth of the Edible Insects Market over the review period.

Segments

Type – caterpillars, bees, ants and wasps, beetles, scale insects, grasshoppers, crickets and locusts, mealworm, and others. Beetles make up 40% of all edible insect species followed by crickets.

Application – food & beverages, bakery products, savory snacks, animal feed, and others.

Distribution channel – store-based and non-store based distribution channel. The store-based distribution channel is dominating the market.

Regional Analysis

Asia Pacific is expected to dominate the edible insects market followed by rest of the world. Thailand is the largest market owing to traditional acceptance of insects as food. Thailand is followed by China, Japan, Korea, Cambodia and Vietnam.

The South American region is expected to be led by Brazil, Mexico, Honduras and Nicaragua. South Africa, Angola, and others are expected to generate the fastest growth in the Middle East and Africa regions.

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