Edible Insects Market Size By Product (Beetles, Caterpillars, Grasshoppers, Bees, Wasps, Ants, Scale Insects & True Bugs), By Application (Flour, Protein Bars, Snacks), Industry Analysis Report, Regional Outlook (U.S., Belgium, Netherlands, UK, France, China, Thailand, Vietnam, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Edible Insects Market may surpass USD 710 million by 2024; according to a new research report.
Increasing consumption of bugs in both human and animal diet may witness significant growth in global edible insects Market. Growing consciousness related to various health concerns and change in consumption pattern for protein rich diets may drive the Market. Edible insects are source of fat which plays a vital role in plant ecosystem and also mitigates cardiovascular disease risks, thus driving industry growth.
Skilled labors and knowledge pertaining to breeding of insects may enhance the production cost, thus impacting edible insects market price trend. The products should be cultivated properly to achieve better results and health benefits. Regulatory authorities such as FDA has confirmed edible bugs consumption as harmless and act as accepted protein source for both human and animals. Out of 2,000 species which are cultivated 90 are added in food supplements in the U.S. and are accepted as sustainable food source.
Grasshoppers, locusts & crickets based edible insects Market may witness significant growth and may surpass USD 150 million by 2024. Grasshoppers are rich in vitamin & protein, which are consumed as snacks products and used as alternate protein source in poultry, resulting into increased product demand. Cricket powder are utilized in farming techniques as they are cost efficient, requires low maintenance and are hazard free, thus stimulating industry growth.
Beetles based edible insects market demand may surpass USD 190 million by 2024. Beetle larvae aids in cleaning up dead plant matter and plays a vital role in biodegradation process. Substitution of traditional source of protein from beef and chicken may fuel the market demand over the foreseeable period.
Edible insects from bars application may surpass USD 150 million by the end of predictable timeframe. Grasshopper and crickets are used as snack bars owing to its rich protein and amino acid content. Increasing consumption of bars by sports person and athletes owing to gluten free content will drive the market demand.
Asia Pacific, led by Vietnam, China, and Thailand edible insects Market for flour applications should witness gains at above 43.5% by 2024. Insect farming has grown into a substantial business activity in Thailand owing to its favourable market demand. Grasshoppers and cricket flours are used in dietary products and are precooked by street salesperson. In China bugs like beetles, ants and grasshoppers are used in medical applications and for raising as pets, thus driving market demand.
Europe edible insects Market led by, Netherlands, France and UK may exceed USD 60 million by the end of foreseeable timeframe. According to EFSA, these insects can be used in farming techniques and do not pose any biological hazard. Manufacturing companies in Netherlands uses mealworms, beetles and locust for processing snack bars which are rich source of vitamins and proteins.
Global edible insects market share is highly fragmented and competitive with key players including HaoCheng Mealworms, Agriprotein Technologies, Kreca, Chapul LLC, Six foods, Insectitos and Nutribug Ltd. Companies are investing in R&D and new product development to expand their market demand.