London, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Meticulous Research® in its latest publication titled, “Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil) Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2027”, states that the edible insects market is expected to grow at a CAGR of 26.5% from 2020 to reach $4.63 billion by 2027. Moreover, in terms of volume, this market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach 13,98,862.6 tonnes by 2027.
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The current food production needs to be doubled to fulfill the food requirements of the growing population. This effort would require finding environment-friendly and sustainable food production methods and food sources with high nutrients. In this case, edible insects could be a great solution as they satisfy the human need for food and are highly nutritious. Also, using insects for food over conventional meats and other sources has ecological advantages. Insects can be a good source of protein for animals as they are rich in protein and can also extract protein from waste material and facilitate significant reductions in the volume of waste. The Black Soldier Fly (Hermetia illucens) is a revolutionary insect species that has emerged as a solution in the form of an alternative meal source for the feed industry. Black Soldier Fly Larvae (BSFL) can grow on organic waste and convert the manure into protein and lipids. As BSFL is rich in protein (40- 44%) and lipids (7-36%), they are inexpensive, making them an ideal alternative protein source for animal feed.
The key factors driving the growth of this market include the growing greenhouse gas emissions from the livestock & poultry industries, high nutritional value of insects, low environmental impact of their entire life cycle, and low risk of transmitting zoonotic diseases. Emerging economies provide significant opportunities for manufacturers in the edible insects market. However, the non-standardized regulatory framework, psychological & ethical barriers to using insects as food, and allergies due to insect consumption are expected to restrain the future growth of this market marginally.
To provide an efficient and accurate analysis, Meticulous Research® has segmented this market by product (whole insects, insect powder, insect meal, and insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worm, grasshoppers, ants, silkworms, cicadas, and other insect types), application (processed whole insects, animal and pet feed products, processed insect powder, insect protein bars and protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, other applications), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at country levels.
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The global edible insects market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, the Asia-Pacific region commanded the largest share of the global edible insects market, followed by Europe and North America. The large share of the APAC region is mainly due to a well-established commercial farming market for edible insects, especially in Thailand, presence of insect diversity & huge production, positive attitude towards the insect as food & feed, absence of regulatory barriers on using insects as food & feed, and the presence of key market players in the region. Moreover, the rising adoption of edible insects in many application areas with the growing awareness about the health benefits of edible insects and the emerging trend of healthy food & food ingredients are projected to create more traction in the APAC edible insects market. However, the North American region is slated to register the highest CAGR during the forecast period, primarily due to the growing demand for environment-friendly high-protein diets, aversion to highly processed foods, increasing demand for insect-based foods, presence of a large number of insect-based food product manufacturers, and growing concerns about meat production.
Based on product, the edible insects market is segmented into whole insects, insect powder, insect meal, and insect oil. In 2020, the whole insects segment accounted for the largest share of the overall edible insects market (In terms of value). The largest share of this segment is primarily attributed to the easy availability of whole insects, lower costs than processed insects, and unavailability of processing techniques in some regions. However, the insect powder segment is projected to be the fastest-growing market during the forecast period. Insect powder is easy to handle, transport, and store, enhancing its shelf life due to the absence of water content.
Based on insect type, the edible insects market is segmented into crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects. In terms of value, in 2020, the crickets segment commanded the largest share of the overall edible insects market. The high nutritional value of crickets; easy farming & processing; their incorporation into various food recipes & products; and increasing demand for cricket-based products, such as protein powders, protein bars, and snacks are some of the major factors responsible for the dominant position and rapid growth of this segment.
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Based on application, the edible insects market is segmented into processed whole insects, processed insect powder, animal and pet feed products, insect protein bars and protein shakes, insect baked products and snacks, insect confectioneries, insect beverages, and other applications. In 2020, the processed whole insects segment is expected to command the largest share of the overall edible insects market. The large share of this segment is mainly attributed to the huge availability of whole insects, growing consumption of insect-based foods, the high nutritional value of insects, and the growing demand for environment-friendly, alternative protein sources. However, the insect protein bars & protein shake segment is expected to register the fastest CAGR during the forecast period, owing to the increasing inclination towards fitness & wellness; rising number of health clubs & fitness centers preferring & serving insect powder; the emergence of several startups producing insect protein bars & shakes; and busy lifestyles, demanding highly nutritious & convenient food.
Based on end use, the edible insects market is segmented into human consumption and animal nutrition. In terms of value, the human consumption segment is expected to dominate the overall edible insects market. The dominant position of this segment is mainly attributed to the increasing demand for animal-based food to feed the exponentially growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.
The report provides detailed company profiles covering financials, growth strategies, product portfolios, and geographic presence of the key players in this market, including Protifarm Holding NV, EntomoFarms, Haocheng Mealworms Inc., Agriprotein (Insect Technology Group Holdings U.K. Ltd.), Ynsect SAS, Deli Bugs Ltd., Hargol FoodTech, Aspire Food Group, All Things Bugs, LLC, Tiny Farms, Global Bugs Asia Co., Ltd., Beta Hatch Inc., EntoCube Ltd., Rocky Mountain Micro Ranch, Armstrong Cricket Farm Georgia, Cowboy Cricket Farms, ENTOBEL HOLDING PTE. LTD, Entofood Sdn Bhd, EnviroFlight Corporation, SFly Comgraf SAS, Hexafly, F4F SpA, Protix B.V., Enterra Corporation, InnovaFeed, Nutrition Technologies Group, Protenga Pte Ltd., and nextProtein S.A.S., among many other local and regional players.
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Scope of the Report:
Edible Insects Market, by Product
Whole Insects
Insect Powder
Insect Meal
Insect Oil
Edible Insects Market, by Insect Type
Crickets
Mealworms
Black Soldier Flies
Buffalo Worms
Grasshoppers
Ants
Silkworms
Cicadas
Others
Edible Insects Market, by Application
Processed Whole Insects
Animal and Pet Feed Products
Processed Insect Powder
Insect Protein Bars and Protein Shakes
Insect Baked Products and Snacks
Insect Confectionaries
Insect Beverages
Others
Edible Insects Market, by End Use
Human Consumption
Animal Nutrition
Edible Insects Market, by Geography
Asia-Pacific (APAC) Thailand China South Korea Vietnam RoAPAC
Europe The Netherlands Belgium France U.K. Denmark Finland Germany Rest of Europe
North America U.S. Canada
Latin America
Middle East and Africa.
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