Definition of Edible Insect Food Market

Edible insects are roasted, dried, and powdered to create a high-protein, low-calorie flour. Beetles, locusts, crickets, and ants are the most common edible insects that are used for edible food purposes. They have compatibility with a wide range of natural ingredients and flavors owing to which powders are widely used in the preparation of low-calorie energy bars and snacks. Moreover, edible insects can be consumed in processed food products such as snacks, pasta, and patties or as a whole.

Global Edible Insect Food Market: Key Insights

Global Edible Insect Food Market Highlights Over 2023 - 2035

The global edible insect food market is estimated to garner a revenue of USD 24 Billion by the end of 2035 by growing at a CAGR of ~29% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 5 Billion in the year 2022. The growth of the market can be attributed to the increasing consumption of edible insects among people across the globe. Furthermore, they are consumed by people for providing more vitamins and protein to their bodies and have played an important role in human nutrition.  More than 2 Billion people across the globe eat bugs on regular bases which accounted for more than 25 percent of the global population in the year 2021.

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Edible insects refer to insects that are considered feed for livestock and food for human consumption. There are edible insects in the form of bees, ants, tree bugs, caterpillars, beetles, grasshoppers, and others. Moreover, some edible insects provide a reasonable amount of minerals such as Na, Fe, Mn, P, and others as well as vitamins such as Vitamin A, C, D, and others. They are also rich in high protein that can be adopted as a good replacement for animal meat which has higher greenhouse emissions. Hence, growing greenhouse emissions from the poultry industries are projected to surge the growth of the global edible insect food market. More than 80 percent of the greenhouse emissions can be reduced by replacing edible insects with poultry animals such as pigs, meat, and others

Global Edible Insect Food Market: Growth Drivers and Challenges

Growth Drivers

• Rising Need for High Protein in the Elderly Population- To fight chronic disease and improve the immunity system, there is a need for higher protein in the elderly population. Therefore, it is anticipated to surge the growth of the global edible insect food market.  According to the statistics reported by World Health Organization, one in six people around the world will be aged 60 years or above by the end of 2030.

• Increasing Awareness Among People Related to Health–More than 65 percent of Millennials have started thinking about their health every day.

• Low Risk of Disease Transfer– As per the U.S Food and Drug Administration, nearly one in every 25 packages of chicken at the grocery store is affected with Salmonella bacteria.

• Rising Insect Farming– There were more than 650 recorded species of edible insects around the world in the year 2019.

Challenges

• Lack of Awareness Related to the Edible Insect Food Benefits- There is a lack of awareness among people about the vitamins and protein provided by edible insect food to them. Moreover, some countries are still dependent on meat, chicken, and other forms for their protein and vitamin source.

• Lack of Legal Framework for the Consumption

• High Cost for the Plant-Based Protein

The global edible insect food market is segmented and analyzed for demand and supply by product type into insect protein bars & shakes, powder, oil, beverages, whole insects, and others. Out of these, the insect protein bars & shakes segment is anticipated to hold the largest share over the forecast period owing to the essential protein required by humans to have a healthy body. Moreover, protein helps to repair body cells and make new ones and it is expected to increase the growth of the segment in the market. For instance, crickets, edible insect provides two or three times higher complete protein than beef steak on the same weight basis.

Global Edible Insect Food Market Regional Synopsis

Regionally, the global edible insect food market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2035 on the back of a rising change in the attitude of people towards insects as they are adopting environmentally friendly protein-rich food products. Moreover, there is a high prevalence of insect farmers for the growth of insects that can be used for the manufacturing of insect-based food products. As per a survey conducted in 2018, more than 70 percent of Americans would eat insects in the future.

Market Segmentation

Our in-depth analysis of the global edible insect food market includes the following segments:

Key Companies Dominating the Global Edible Insect Food Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global edible insect food market that are included in our report are EnviroFlight Corporation, Nutrition Technologies, Reese (World Finer Foods), InnovaFeed SAS, Protix B.V., Insect (SAS), Entomo Farms, HiProMine S.A., Protenga Pte Ltd, JR Unique Foods Ltd., and others.

Global Edible Insect Food Market: Latest Developments

• June 2022: InnovaFeed SAS, announced the extension of its partnership with Cargill to bring healthy novel ingredients to aquafarmers.

• July 2020: Protenga Pte Ltd announced the close of its last round of seed investment by raising US$1.6 million with UK agritech company Roslin Technologies and Enterprise Singapore's investment arm, SEEDS Capital.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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