Edible InsectsMarket is set to grow from its current market value of more than USD 55 millionto over USD 710 million by 2024; according to a new research report by Global Market Insights. Global human population is anticipated to increase by more than 2 billion by end of 2050 giving rise to food problem. Increase in food production will lead to more pressure on environment. So consumption of edible insects is one of the food alternatives through which one can get high quality protein, amino acids and vitamins at affordable costs.
Edible insects possess high food conversion rate and emit less greenhouse gases than traditional livestock. Furthermore, insect farming is cost effective as compared to cattle farming. Also, these insects are considered as a protein source for direct human consumption. They can be nourished and nurtured in a natural environment.As per Global Market Insights reports, edible insects market size was evaluated at $33.1 million for 2015 and is anticipated to record higher than 40.1% CAGR by end of forecast timeline. Growing acceptance of bug consumption all across the globe is predicted to drive global edible insects industry trends.
Today, there is rise in consumption of insects and bugs due to increasing health concerns among the global population. Bugs find their application in livestock like fish and poultry farms. It is projected that one hectare of land can produce minimum 151 tons of insect proteins every year. Awareness among the customers about fitness coupled with its growing use in food sector are the factors expected to drive the edible insects market expansion.
Edible insects are rich in minerals and contain large amounts of potassium, iron, magnesium, sodium and zinc. Intake of diet rich in mineral content has a positive impact on fighting dreaded ailments. Eatable insects are main source of oils and fats and contain large proportions of polyunsaturated fatty acids. All these aspects are anticipated to expand edible insects market share during forecast timeline.
U.S. Edible Insects Market size, by application, 2012-2023 (USD Million)
Raw substance price is less that has resulted in enhancement in production and this directly affects edible insects market price trends. Cockroach oil is used as industrial lubricant or paint and this can provide new growth avenues for industry players to increase their product applications. However, edible insects can cause harm to health if they are harvested improperly. Limited regulations for edible insects can hinder industry expansion in future.
Global industry is segmented into different products that include bees, scale insects & true bugs, beetles, wasps, caterpillars, ants and grasshoppers.
Beetles segment contributed higher than $9 million for 2015 in terms of revenue. Substituting conventional source of protein like beef or chicken can promote the demand for beetle in coming years.
Grasshoppers are considered as natural food and a rich protein source. The segment can expand substantially and is projected to record greater than 42.6% CAGR. These products are beneficial replacement for poultry and meat intake.
Industry is segmented into applications like snacks, flour and protein bars.
Snacks led the application segment and made a contribution of higher than $11.1 million for 2015. They are rich in amino acids, proteins, zinc, vitamins, calcium and potassium and these features can promote the segment expansion. Cricket based items are consumed as snacks as they are good for health and as they minimize carbohydrates and saturated fats.
Protein bars is projected to record 42.1% CAGR during forecast timeline and cross $166 million mark. They are mainly utilized in preparing smoothies, biscuits, muffins, soups, breads and desserts. Flour applications include mealworm and cricket in powdered form. Other main applications of edible insects are chocolates, protein shake and pasta.
Global edible insects market is segmented into Asia Pacific, North America, Middle East & Africa, Latin America and Europe.
Asia Pacific industry, dominated by Thailand and China, was biggest region with higher than $10.1 million of revenue production for 2015.
Europe edible insects industry is projected to experience heavy expansion during forecast timeline and is dominated by countries like France, UK and Holland.
Latin America, dominated by Brazil, can expand substantially and Brazil edible insects market is anticipated to record 42.1% CAGR and surpass $55.1 million in terms of revenue during forecast timeframe.