Insect farming would likely be able to produce lower greenhouse gases than that of a livestock. Insects feed on bio-waste, uses considerably less water than that of a livestock, and can be farmed more effortlessly. These are the factors contributing towards the insect farming and has a huge global potential for both animal feed and food production, which, in turn, will lead to the overall market growth of edible insects. Additionally, insect farming also provides essential livelihoods to people in rural areas as minimal technical and capital investment is necessary for basic harvesting and rearing equipment.
Rising Health And Fitness Consciousness
Edible insects are extensively used in the manufacturing of low calorie and high protein bars in order to increase the muscle growth. Their easy solubility, neutral taste, and performance-enhancing characteristics making it well-suited with several kinds of protein bar products in the market which is likely to boost the edible insect market growth.
Furthermore, the escalating geriatric population and growing demand for lean protein sources is projected to positively impact the market growth. Furthermore, increasing usability of edible insects in keto diets and raising awareness on the high amino acid, mineral, and vitamin concentration are likely to boost the demand for edible insects.
Safety and health issues, legislative requirements, negative perceptions related to insect consumption among consumers, lack of distribution and networking channels, and lack of awareness are a few of the key factors that might hamper the growth of the global edible insect market.
The edible insect market is expected to observe more than 40% CAGR during the forecast period, i.e., 2020-2028. The market is segmented by insect type, product type, application, and region. Amongst the product type, the powder segment is estimated to hold the leading market share. The huge application, easy availability of the powder form, consumption in any form, and easy usability as flour are driving the growth of the market. In European regions, edible insects are consumed by mixing it with pizza, cheese, and various other food items in order to enrich their taste. Cricket flour is used in producing many food products, thereby propelling the demand for this segment. The protein bars segment holds the second largest market share owing to the increasing demand for high-quality protein and amino acid sources among the end-users. Further, growing competition in the market is compelling the manufacturers to go for high quality, economical, easily available, and nutrition-rich components to achieve the competitive edge in the global edible insect market.
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Our in-depth analysis of the edible insect market includes the following segments:
By Insect Type
By Product Type
Geographically, the edible insect market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is expected to witness the fastest growth in global edible insect market over the forecast period owing to the growing demand for environmental friendly high protein diets, dislike towards highly processed foods, presence of a huge number of insect farmers and insect-based food product manufacturers, and rising concern for meat production.
In the European region, the demand for edible insects is substantially high on account of minimal risk of disease transfer as matched to animals and the existence of micronutrients and nutrients such as fatty acids, zinc, selenium, phosphorus, manganese, magnesium, iron, and copper.
The Asia Pacific is expected to be the largest region accounting for maximum edible species of insects, with a growing population and rising food demand, the reliance on edible insects is also increasing. Geographical regions play an important role in the availability of insects and some countries in the Asia-Pacific region are dominated by the particular type of edible insects. In countries such as Thailand and China, edible insects are likely to be sold as a whole to be consumed by people. Also, they are part of street food in these countries. Insect trading is flourishing in cities such as Bangkok and Kinshasa, and there is a higher demand from metropolitan consumers.
The edible insect market in Africa is estimated to witness solid growth on account of demand for edible insects for nutritional value.
The edible insect market is further classified based on region as follows:
January 22, 2020: AgriProtein a leading British agricultural and biotechnology company, was named a 2020 Global Cleantech 100 company by Cleantech Group for the fourth year in a row for commercializing black soldier fly technology to transform food waste into sustainable products.
December 18, 2019: AgriProtein, with the help of the Singapore Economic Development Board, opened a new hub in Singapore as their R&D centre and global project management office. The team will conduct research using local organic waste streams which exist in the Asia region along with the hub serving as their global analytical chemistry reference lab.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.