Edible Insects Market To Surpass US$ 850 Million By 2027- CMI

Edible insects are consumable insects that are roasted, powdered, and dried to produced high protein and low-calorie flour. This low-calorie flour is widely used to manufacture low-calorie snacks, protein bars, trans-fat flours, and energy bars. Edible insects are a rich source of amino acids, omega-3, iron, minerals, and other nutrients. Moreover, edible insects are also used in animal feed. Beetles, hymenoptera, orthoptera, tree bugs, and caterpillar are some of the common edible insects that are consumed worldwide.

The global edible insects market was estimated to be valued more than US$ 500 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 6.7% during the forecast period (2020 to 2027)

Drivers

Insects are emerging as an ideal alternative of eggs and dairy products and are gaining huge demand across consumers who cannot are allergic to egg, soy, and dairy-based proteins. For example, some people are lactose intolerance which causes various gastrointestinal side effects. Due to these factors, consumers are opting for edible insects based food products thus fueling the market growth over the forecast period.

Market Opportunities

The rising focus of manufacturers to develop flavored food products using edible insect’s protein is expected to provide potential growth opportunities over the forecast period. For instance, in January 2019, Selfridges has unveiled plans to stock a range of insect-based snacks, such as pasta, protein bars and granola snacks made using insect flour. These products have been designed by using basil-flavored fusilli pasta, pumpkin seed granola, and dark chocolate protein bars.

Market Restraints

Lack of awareness regarding the health benefits of edible insects across countries of the Asia Pacific region especially India is projected to hamper the market growth of edible insects.

Key Takeaways

On the basis of product type, as a whole dominated the global edible insects market in 2019 with around 65% of market share in terms of revenue, followed by as an ingredient, respectively

Market Trends

Increasing investment by major players in research and development activities to develop innovative products in order to capitalize on the ongoing trend in the food &beverage industry is expected to accelerate market growth of edible insects. Moreover, rising awareness regarding the nutritional contents of edible insects such as iron, zinc, calcium, and fatty acids is further expected to create huge demand for edible insects. Furthermore, the growth of the market is also attributed to the rising spending of consumers in the food industry.

Shifting preferences of consumers towards dietary supplements coupled with the rising adoption of sustainable manufacturing practices across the food and beverage industry is expected to accelerate the market growth of edible insects. Moreover, the growing use of edible insects as food additive across various food preparation is also expected to fuel market growth. Thus, growth in the sale of dietary supplements is expected to augment the market growth of edible insects.

Competitive Section

Key players are operating in the global edible insects market are Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms, Enviro Flight,LLC, Proti-Farm, Exo Inc., Entotech, Deli Bugs Ltd., and Eat Grub Ltd.

Few Recent Developments

Proti-Farm

In December 2019, the company has raised an undisclosed amount of Series B funding to scale up its farm in Ermelo, in the eastern Netherlands, and begin exporting its beetle-based “tofu” and protein powders to ingredients buyers outside of Europe.

Exo Inc.

In March 2018, Aspire Food Group, which manufactures a variety of food products made from crickets, announced that it has acquired Exo, which makes protein bars made from crickets.

Market Taxonomy

By Product Type