Market Research Future (MRFR) presumes that the insect snacks market will be experiencing growth at a substantial rate between 2020 and 2027.
Growth Boosters and Impediments
The insect snacks market benefits from the surging greenhouse gas emissions from poultry and livestock, and the significant nutritional value of different insects. The low environmental effect throughout the complete life cycle, and the low risks of transmission of zoonotic diseases also raises the appeal of insect snacks. But the non-standardized government regulatory framework, ethical and psychological barriers to consuming insects, and allergies owing to insect consumption can be major drawbacks in the following years.
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Like various other sectors, the food sector has received a huge blow from the COVID-19 pandemic, particularly the meat products space. The meat products industry faces various challenges, including the slowdown of production, transportation, distribution, and several supply chain activities; shortage of workforce; and more. The rescheduling of investments as well as public funding initiatives also restricts market development. All these factors are anticipated to have a huge impact on the meat products industry, while raising the demand for alternative protein, such as insect protein. Therefore, the insect snacks market has been performing well backed by the decline in the demand for meat products.
Furthermore, heightened focus on health & wellness, and the rise in cardiovascular diseases, viral infections, disorders of bone as well as calcium balance, liver diseases, and the development of certain cancer linked to the long-term consumption of animal proteins, creates favorable avenues for the insect snacks market.
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The insect snacks industry can be considered for insect type, packaging type, and end-use.
Different insect types covered in the study of the insect snacks market include Hemiptera, Lepidoptera, Coleoptera, Orthoptera, Hymenoptera, and others. Insects like locust, cricket and grasshopper come under the orthoptera family and are extensively consumed as insect-based human foods. The accelerated demand for these insects will ensure Orthoptera’s lead in the worldwide market.
The insect snacks market, depending on packaging type, caters to bottles, pouches, cans, and others. Pouch is the most sought-after packaging types among consumers. This type of packaging is much lighter in weight, which helps bring down the costs associated with the transportation of goods. As a result, pouch packaging has become a highly economical and efficient packaging solution for the companies active in the insect snacks industry.
Major end-users in the insect snacks market are food service as well as food retail. Surging customer demand for private label brands, heightened spending on retail food items and the emerging supermarket shopping culture elevate the food retail segment’s position in the market.
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Asia Pacific has successfully captured the top position in the insect snacks market. The market position is strengthened by the surging fitness and health trends, and the huge demand for high protein and low-calorie food products in the region. Asians are increasingly consuming insect snacks as these are easily soluble, have a neutral taste, and have numerous performance-enhancing properties,
Europe is one of the most promising markets for insect snacks. Mushrooming elderly populace prone to a number of chronic disorders and the massive preference for lean protein sources can enhance the demand for insect snacks. Other than this, the rising adoption of insect snacks in keto diets and the accelerated awareness level about high mineral, vitamins and amino acid concentration can augment the market demand.
The major developers of insect snacks highlighted in the MRFR report are Eat Grub (UK), Jimini’s (France), Thailand Unique (Thailand), Entomo Farms (Canada), Chapul Cricket Protein (US), Edible Inc. (Korea), Cricket Flours (US), EXO (US), Six Foods (US) and more.
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