Edible insects are sustainable source of rich protein and other useful quantity of micronutrients and are expected to contribute greatly to global food assurance in coming few years. Edible insects are preferred over other livestock such as pigs, chicken etc., as they are believed to convert feed to consumable food more efficiently with fewer greenhouse gas emissions and lesser requirements of water and land.
The global edible insect market is anticipated to witness a substantial compound annual growth rate (CAGR) of 42.1% from 2015 and reach USD 522.5 Million by the end of 2023. Regionally, the global Edible insect market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row).
Market Size and Forecast
Regionally, With USD 13.0 Million, Asia-Pacific held the lion’s share in global edible insect market. China, Vietnam and Thailand are major markets of edible insect in Asia-Pacific region. Growth in insect farming coupled with lower cost of transportation and raw material are the key growth driver of Asia-Pacific edible insect market.
Europe edible insect market is forecasted to witness a robust growth and reach at USD 46.2 Million by 2023, led by growth in major countries including France, Belgium and Netherlands. North America edible insect market is dominated by the U.S., which accounted for 45.3% of beetles and caterpillars sales in the region in 2015. Latin America edible insect market is led by Mexico and Brazil, where edible insects have been traditionally used as a food source and medicinal source. Sales of bug-based flour reflected 40.6% in Latin America in 2015.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and challenges
Increasing environmental and monetary cost of conventional livestock such as pigs, chicken, etc. is likely to escalate the demand of edible insects over the forecast period i.e. 2015-2023. In addition to that, rising demand of protein from emerging middle class is also expected to fuel the growth of global edible insect market in future. However, lack of proper legal framework regarding edible insect consumption and lack of customer awareness are anticipated to restrain the global edible insect market growth in future.
Global edible insect market includes some of the top players such as HaoCheng Mealworm Inc., Reese Finer Foods Inc., Kreca, AgriProtein Technologies, EnviroFlight LLC , etc.
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