05/07/2018 – News / Food Processing / Agriculture / Edible Insects / Protein / Global
Edible insects market to top $1.18bn by 2023
Growing population and decreasing food resources are leading to a surge in interest in alternative protein sources – and the demand for edible insects is expanding accordingly, with Research and Markets predicting that the segment’s global market will exceed US$1.18 billion by 2023, achieving a CAGR of 23.8 per cent over the 2018 to 2023 forecast period.
Other drivers of impressive projected growth in the edible insects market include the increasing demand for protein-rich food, the high cost of animal protein, and concerns over environmental sustainability, alongside the low risk in insect production of transmitting zoonotic diseases.
Beyond such factors, edible insects are renowned for their high nutritional value. House crickets, for instance, contain an average of 205 grams of protein per kilogram, compared to 256 for beef. Other insect varieties contain unsaturated omega-3 fatty acids, essential amino acids and iron.
The most popular edible insects consumed globally include crickets, mealworms, black soldier flies, grasshoppers, ants, silkworms, and cicadas.
Insect snack attack
According to the new report, the ‘whole insects’ segment commanded the largest share in 2017, owing to their easy availability, lower cost in comparison with processed insects, and unavailability of the processing techniques in some regions. However, other product segments that are experiencing robust growth include insect meal, insect powder, insect protein bars and protein shakes, insect baked product and snacks, insect confectionaries, insect beverages, and insect oil. Manufacturers of snacks, particularly healthier options, could benefit hugely from the global growth in demand for edible insects.
The leading players currently operating in the global edible insects market include KrecaEnto-Food BV, Thailand Unique, Entomo Farms, Haocheng Mealworm Inc., Agriprotein, JIMINI’S (ENTOMA LTD), EnormApS, Chapul Inc., Ynsect, Eat Grub Ltd., Bitty Foods, LLC, EAP GROUP - MICRONUTRIS, Edible Inc., Bugs Solutely, Crik Nutrition, Enviro Flight, LLC, Exo Inc., Entotech SAS, Deli Bugs Ltd., Hargol Food Tech, Aspire Food Group, and All Things Bugs, LLC.
Bugs: Big in America?
The North American region is expected to witness a significant growth in global edible insects market during the forecast period, primarily due to growing demand for environmental friendly high protein diets, the growing aversion to highly processed foods, and mounting concern about meat production.
However, the authors of the new report also noted non-standardised regulatory framework across the globe, a lack of awareness, psychological and ethical barriers, and allergies associated with insect consumption as factors restraining growth of this market to some extent.
The report, ‘Edible Insects Market By Type, Product – Global Opportunity Analysis And Industry Forecast (2018-2023)’, can be accessed here: https://www.researchandmarkets.com/reports/4491147/edible-insects-market-by-type-and-by-product