The global Edible Insects Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global 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.
Key Players:
- Bugsy Bros
- Beetle Jelly
- Bugs in Mugs
- Haocheng
- Crickster
- Insecteo
- Bug foundation
- EddieBug
- Gran Mitla
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Growth Drivers:
Due to the rise in the insect farming owing to the requirement of minimum initial investment and the restrictions on activities like fishing, the edible insect market is expected to show significant growth in the upcoming years, 2019 to 2025. The demand for such insects is also increasing due to their high nutritional content and less cost thereby positively impacting the market growth.
Product Outlook:
- Caterpillar
- Beetles
- Cricket
The edible insects market can be further classified into beetles, caterpillars, and cricket. During 2018, the product type of beetles held the largest share of 30% in the global market. Many factors such as nutritional content and changing taste preferences are expected to drive the market growth 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. This can be attributed to the low cost, ease of availability and higher protein content. Thus, it is also being used as an ingredient in the manufacturing of protein supplements. As cricket has less emission in the production process, low cost for production and requires less water, it can be easily produced and consumed. Thus, the market for edible insects is anticipated to increase at a significant growth rate in the upcoming years.
Application Outlook:
- Powder
- Protein Bars
In 2018, the powder application segment held a share of more than 40% and is anticipated to witness the fastest growth during the forecasted period, 2019 to 2025. The rising availability of powdered form coupled with the increasing number of applications is expected to drive the market demand in the upcoming years. It can also be used as a mixture of flour and can be consumed. For instance, across the European region, this powder is mixed with cheese, burger, pizza or any other food product to added taste and flavor. Also, cricket flour is being used in the manufacturing of various food products owing to its gluten-free nature.
Regional Outlook:
In 2018, the region of North America was the largest regional market holding a share of 25%. In this region, the U.S. accounted for more than 40% of the total share. This growth can be attributed to the rising awareness about the health benefits associated with the consumption of such products.
The region of the Middle East and Africa held the second-largest share of around 20% across the global edible insects’ market. Higher consumption of such products in countries like South Africa is expected to drive the market demand in this region. Since, the last few years, the consumption of such products has also increased across Saudi Arabia thereby fueling the market growth in the upcoming years.
The region of Europe is anticipated to witness the fastest CAGR of 20.5% during the forecasted period, from 2019 to 2025. The demand for such products for curing diseases like malnutrition owing to their ease of digestibility is expected to drive the market demand in the upcoming years.
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