Global edible insects market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Growing Boom Around High-protein Foods Drives Edible Insects Market Forward
Due to rising consumer demand for edible insects, the global market for edible insects is anticipated to grow significantly over the forecast years. Additionally, there is growing interest in edible insects across the participants of food and feed industries because they contain essential minerals, and amino acids. The FAO estimates that more than 1,900 species have been identified as edible and that at least 2 billion people eat them as part of a traditional diet. In the near futures, it is anticipated that a rise in demand for edible insects from various culinary businesses will contribute to the expansion of edible insects market. Consumption of foods high in protein is becoming more popular among consumers, and dietary habits are changing, which is anticipated to increase demand for edible insects in the next few years. In agricultural gardening, edible insects provide vital nutrients to the crops.
Another factor that propels the market's expansion during the forecast period is the increased relevance of farming and government initiatives for edible insects. Furthermore, the rising greenhouse gas emissions from the livestock and poultry industries, the high nutritional value of insects, the rising demand for insect protein in the animal feed industry, the advantages edible insects have for the environment, and the low risk of zoonotic disease transmission from eating insects all contribute toward the growth of edible insects market. Demand for edible insects is projected to increase as edible insect protein is quickly adopted by the food and beverage industry and sustainable manufacturing techniques become more popular. The Canadian Food Inspection Agency (CFIA) makes policies, sets standards, and disseminates food safety and nutritional value knowledge. Insects are now considered a "Novel Food Item" by the CFIA, which permits four bug fragments and 25 dead mites per 225 grams of cheese products. The introduction of safe insect preparations for human consumption is aided by this regulation, which should accelerate global market expansion. These regulation is helping manufacturers to introduce new innovative products in the market and gain brand recognition, likely to boost the statistics for edible insects market.
Edible Insects Market: COVID-19 Impact
The pandemic presents several difficulties for the food business, and the global meat market has been particularly hard hit. The risk of continuing manufacturing, supply, distribution, a lack of labor, and fewer development activities have all impacted the edible insects market. The amount of meat consumed by people has decreased. This has worsened the meat business's issue and raised the demand for meat replacements such as edible insects and vegan goods. On the other hand, regular consumption of animal protein may be healthy for people. The market for edible insects is going through substantial strategic shifts. In March 2020, the Thai Union Group (Thailand) announced a US$30 Mn investment in new food technology and alternative proteins.
Growing Food Shortage Worldwide to Drive Edible Insects Market Growth
The growing global food deficit is one of the main causes of boosting demand in edible insects market. Around 768 million people, or 118 million more than in 2019, reported experiencing hunger in 2020, according to the Food and Agricultural Organization (FAO). Food shortages affected more individuals in 2020 due to the COVID-19 pandemic's effects on the food supply. The Asia Pacific, and Africa are two of the major areas affected by food shortages. Alternative nutrient food sources, including edible insects, are being promoted worldwide to address the food shortages in diverse locations. Without using a lot of land, edible insects can be easily raised in tropical areas like Africa. As a result, it is anticipated that demand for edible insects will increase during the forecast period to address food shortages.
Rise in Production Capacity, and Investments in Insect-based Animal Feed Products to Drive Edible Insects Market Ahead
In the beginning, producing insect-based feed items was very little expensive. Food insects are becoming more and more popular. Due to this, the producers either have plans to increase their production capacity or are already doing so. Investors recognize the lucrative potential of goods made from insects for animal feed. In California, for instance, AgriProtein invested in a new production plant with a 4,000-ton edible insect production capacity each year. SEEDS Capital, Openspace Ventures, and angel investors helped Nutrition Technologies raise USD 8.5 M. SEEDS Capital is the investment division of Enterprise Singapore. Insects for human consumption could be produced at a higher rate. As a result, the edible insects market is growing and is profitable for all parties involved.
Expensive Costs Limit Edible Insects Market Growth
Given their functional, environmental, and nutritional advantages, edible insects offer one of the distinctive, potential animal feed proteins. However, prohibitive pricing, regulations, and constrained production capacity remain key growth inhibitors. The cost of producing insect-based proteins is still high, and to create them on a large scale, it is necessary to optimize the necessary tools and processes. Few people are willing to pay higher rates for a protein made from insects because of its advantages for the environment and their health but many are priced out of the edible insects market.
Grasshoppers Most Sought-after in Edible Insects Market Owing to Improved Stability and Simplicity in Handling
Based on form, the edible insects market is segmented into crickets, black soldier flies, mealworms, buffalo worms, grasshoppers, ants, silkworms, cicadas and other edible insects. The grasshopper category dominated the market over the forecast period. Grasshopper powders are a fantastic source of vitamins, minerals, fatty acids, fiber, and protein. Additionally, because it contains all nine essential amino acids, it is a complete protein. Edible insects market could develop due to shifting customer ideas about high-quality nutrition and the quick acceptance of natural ingredients in making healthy snack recipes. The production of high-quality snacks like chips, energy bars, chocolates, and macarons frequently uses grasshopper powders. The global industry demand is projected to expand due to rising consumer propensity for high-quality protein products and the quick uptake of high-purity grasshopper powders in the food and beverages sector.
Food and Beverages Category Leads Edible Insects Market due to Presence of Numerous Biologically Active Substances
Based on application, the edible insects market is segmented into food & beverages (processed whole insect, processed insect powder, protein bars & shakes, baked products & snacks, insect confectioneries, insect beverages and other food & beverage applications), feed, animal feed, aquaculture feed and pet food. The food & beverages category held the largest market share in 2021 and increase significantly over the next several years; processed insect powder holds the maximum share in this category. The category is driven by the powder form's broad use and simple accessibility. It can be ingested in any form and used as flour. They are consumed in European nations to improve their flavor by combining them with pizza, cheese, and numerous other foods. Numerous culinary products are made with gluten-free cricket flour, which is driving up demand in edible insects market. The second-highest portion of the overall revenue came from protein bars & shakes. Due to their gluten-free nature, protein bars are typically favored by athletes and sportspeople, which increases demand for the product. Additionally, the protein bars have an expiration date of 2-3 months or for immediate consumption, whereas invertebrates can be kept in powder form for longer. The bars must be kept at a specific temperature, while powder forms are simple to store and can be kept at ambient temperature.
Increased Consumer Awareness About Healthier Lifestyle to Uphold North America’s Primacy in Edible Insects Market
Over the forecast period, it is anticipated that the North American edible insects market will account for the largest revenue share. The market is expanding due to edible insects' quick entry into the food and beverage consumer goods. Insect flour is frequently added to bread and confectionery items to improve their nutritional profiles. The growing elderly population and the rising need for lean protein sources should positively impact the market trends. Low-carb, high-fat, and protein-rich meals are made with edible insect protein. Additionally, the growing popularity of the keto diet and growing knowledge of the high levels of vitamins, minerals, and amino acids in edible insects are anticipated to increase demand for the product.
Players in edible insects market are putting money into R&D quickly to take advantage of new consumer preferences for high-protein and low-fat foods. Manufacturers are creating unique manufacturing processes for products made from edible insects and spending money on marketing to spread the word about the potential advantages of edible insects. For instance, a new line of flours made from crickets was unveiled in July 2018 by the American company Seek Food. The company is trying to break into the edible bug market by launching a range of high-purity, high-quality products. This will assist the business in gaining market share, diversifying its product line, and taking advantage of the expanding edible insect industry in the United States.
The Asia Pacific edible insects market is anticipated to experience stable revenue growth throughout the forecast period. The market's expansion is attributed to elements including well-established commercial insect farming markets, particularly in Thailand, the availability of a wide variety of insects and massive production, consumer acceptance of using insects as food and feed, the lack of regulatory restrictions, and the presence of major players in edible insects market in the area. Another factor fueling the expansion of the worldwide edible insects market is the rising demand for natural ingredients in various convenience foods.
Global Edible Insects Market: Competitive Landscape
In October 2021, the Aspire Food Group announced the development of a brand-new, fully automated cricket processing plant in London, Ontario, Canada. 10,000 tonnes of items made from crickets might be produced due to this investment annually. This would thus make it possible for Aspire Food Group to meet the rising demand from the animal feed sector. Similarly, in September 2021, by collaborating with Pure Simple True LLC, Ynsect announced the release of its first product in the United States. A crucial component for dogs, the product is a high-quality, sustainable protein. Due to its launch, the company was able to expand into new areas and sell its items all over the United States. The product introduction was a critical step for the business in pursuing further expansion in the US market. A few players in the edible insects market include Royal FrieslandCampina N.V., Fonterra Co-Operative Group Limited, Arla Foods amba, AMCO Proteins, Saputo Inc, Glanbia plc, Kerry Group plc, Havero Hoogwegt Group, Groupe Lactalis and Theo Müller Group.
Global Edible Insects Market is Segmented as Below:
By Insect Type
By End Use
Key Elements Included In The Study: Global Edible Insects Market
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