The global edible insect market is showing notable opportunities for the market to reach a substantial market valuation during the forecast period of 2018 to 2023. Market Research Future (MRFR) revealed that the process would be backed by several factors like high nutritional value, easy access to resources, demand from the underdeveloped and developing countries, growing percolation in savories, and others.
However, the market may require extra investment in creating awareness to make sure the market gets ample scope for growth in the coming days.
The global market for edible insects depends on the increasing contributions made by several market players like Thailand Unique (Thailand), Chapul Inc. (U.S.), Haocheng Mealworms Inc. (China), Nutribug Ltd. (U.K), Bugsolutely Ltd. (Thailand), Nordic Insect Economy Ltd. (Finland), EAP Group, Sarl (France), and others. These players are known for their constant innovations to increase their market reach. They are spending substantially to increase their research and development facilities. Various mergers, acquisitions, joint ventures, and several other expansion plans are expected to provide the market necessary thrusts. MRFR sieved the recent proceedings and recorded several moves to ensure an easy understanding of how the market is expected to grow in the coming years.
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The global report on the edible insect market has been segmented into type, application, and distribution channels. MRFR revealed several insights regarding various factors that can help in the understanding of strategic moves taken by various market players.
By type, the report on the edible insects market can be segmented into bees, ants and wasps, caterpillars, scale insects, grasshoppers, beetles, mealworms, crickets, and locusts, and others. The global market is witnessing a hike in the rise of beetles consumption and, at present, that holds the major market share. This can be considered as a better alternative for chicken and beef, and they are a rich source of protein.
By application, the report on the edible insect market includes animal feed, bakery products, savory snacks, food & beverages, and others. The savory snacks segment is expected to create a strong demand for the product due to its nutritional value.
By distribution channel, the market report on the edible insect market can be segmented into the store-based and non-store based distribution channel. The store-based channel has a better market reach due to its better one-stop experience.
The Asia Pacific region is known for its significant market contribution in the edible insect sector. This is for the rising demand for food in countries like China, Thailand, Vietnam, Cambodia, and others. Thailand is leading the market by a substantial margin. In China, this growth is substantial. In the Middle East & Africa, the market for edible insects is expected to grow big due to the surge in consumption to counter malnutrition at a negligible cost. In Europe and North America, the market is expected to rise due to its inclusion in the savory snacks segment.
In April 2020, the European Food Safety Authority suggested that they might soon give a green signal to the edible insect market. This will include several insects like endorse whole or ground mealworms, locusts, crickets, lesser mealworms, and grasshopper. These, if everything goes as per the plan, will be declared safe for human consumption. These are environmentally-friendly and can expect mass production in the coming years. This could impact the menus in restaurants and dietary regime of people.
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