In terms of volume, edible insects market is poised to grow at a CAGR of 27.8% during the forecast period to reach 732,684.1 tons by 2030
London, Sept. 24, 2019 (GLOBE NEWSWIRE) -- According to a new market research report, “Edible Insects Market by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2030”, published by Meticulous Research®, in terms of value, the global edible insects market is expected to reach $7.96 billion by 2030, supported by a CAGR of 24.4% during the forecast period of 2019 to 2030. Also, in terms of volume, this market is poised to grow at a CAGR of 27.8% during the forecast period to reach 732,684.1 tonnes by 2030.
In order to fulfill the food demand of growing population, current food production needs to be doubled in size, which requires finding environment-friendly and sustainable food production methods and sources of high nutrition. Edible insects could be a great solution for this due to their capability to satisfy the food need with the high nutrition for human consumption, and also, their use as food has ecological advantages over conventional meat and other sources. In addition, insect can be a good source of protein for animals as they are not only able to provide the potential to extract protein from waste material, but also facilitate significant reductions in waste volume.
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The growth of edible insects market is primarily driven by factors such as growing population and decreasing food resources, increasing demand for protein rich food, high cost of animal protein, environmental sustainability with production and consumption of edible insects, high nutritional value of insects, and low risk of transmitting zoonotic diseases. However, non-standardized regulatory framework across the globe, lack of awareness, psychological and ethical barriers, and allergies due to insect’s consumption are the major factors restraining the growth of this market to some extent.
The global edible insects market is segmented by product type (whole insect, insect powder, and insect meal), insect type (crickets, black soldier flies, mealworms, buffalos, grasshoppers, ants, silkworm, cicadas, and others), application (processed whole insect, animal and pet feed products, processed insect powder, insect protein bar and protein shakes, insect baked products and snacks, insect confectioneries, insect beverages, and others), and end use (human nutrition and animal consumption).
On the basis of product type, insect powder market is expected to grow at the highest CAGR during the forecast period, mainly due to the unwillingness of eating whole insects, high shelf life and availability in off season, wide range of applications in various food and feed products, and emergence of several insect food startups.
On the basis of insect type, crickets segment is estimated to dominate the global edible insects market in 2019, mainly due to its high nutritional value; easy farming and processing; growing use into various food recipes & products; and increasing demand for cricket-based products, such as protein powder, protein bars, and snacks, among others.
On the basis of application, insect protein bars and protein shakes segment is expected to grow at the highest CAGR during the forecast period, due to increasing inclination of young generation towards the fitness and wellness, rising number of health clubs and fitness centers, and busy lifestyle and swelled disposable income which demands highly nutritious and convenient food.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (The Netherlands, Belgium, France, U.K., Denmark, Finland, Germany, and Rest of Europe), Asia-Pacific (Thailand, China, South Korea, Vietnam, and RoAPAC), Latin America, and Middle East & Africa. Asia-Pacific region is estimated to command the largest share of the global edible insects market in 2019, primarily attributed to the insect’s diversity and huge production, positive attitude towards the insect as food and feed especially in Thailand, and no regulatory barrier to use insect as food and feed.
Browse key industry insights spread across 228 pages with 220 market data tables & 32 figures & charts from the report: https://www.meticulousresearch.com/product/edible-insects-market-forecast/
The global edible insects market is characterized by the presence of many small and medium-sized players operating at the local and regional levels. The key players operating in the global edible insects market are Kreca Ento-Food Bv (A Proti-Farm Company, Entomo Farms, Haocheng Mealworm Inc, Agriprotein, Ynsect, Deli Bugs Ltd., Hargol Foodtech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Beta Hatch, Entocube, Nordic Insect Economy, Armstrong Cricket Farm Georgia, Global Bugs Asia Co., Ltd., Jr Unique Foods Ltd., and The Cricket Lab, among many others.
Key questions answered in the report-
Growing application of edible insect in food products will drive the adoption edible insect market
- How does the adoption of edible insects in the human nutrition industry differ from the adoption in animal nutrition industry?
- What impact does this have on the adoption of edible insects in comparison to other end-use segments?
- Which are the high growth market segments in terms of product type, insect type, application and regions/countries?
Edible insect market favors both larger and local manufacturers that compete in multiple segments
- Who are the top competitors in this market and what strategies do they employ to gain shares?
- What is driving growth and which market segments have the most potential for revenue expansion during the forecast period?
- What strategies must companies adopt who are looking to enter this market and compete effectively?
- What are the major drivers, restraints, opportunities, and challenges in the global edible insect market?
- Who are the major players in various countries and what share of the market do they hold?
- What are the geographical trends and high growth regions/ countries?
Recent new product launches, acquisitions, collaborations, partnerships, and expansions have taken place in the edible insect market.
- What companies have recently merged/acquired and how will these unions affect the competitive landscape of the edible insect market?
- What companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global edible insect market and what share of the market do they hold?
- What are the local emerging players in the global edible insect market and how do they compete with the global players?
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Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography - Global Forecast to 2025
In terms of value, the global alternative protein market is expected to grow at a CAGR of 9.5% from 2019 to reach $17.9 billion by 2025, while in terms of volume, the market is expected to grow at a CAGR of 5.2% from 2019 to reach 9,787.4 KMT by 2025.
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