(Health-NewsWire.Net, August 04, 2022 ) According to a new market research report titled, ‘Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil), Insect Type (Crickets, Black Soldier Fly, Mealworms), and Application (Animal Feed, Protein Bar & Shakes, Bakery, Confectionery) – Global Forecast to 2030’, in terms of value, the edible insects market is expected to record a CAGR of 28.3% from 2022 to 2030 to reach $9.6 billion by 2030. In terms of volume, the edible insects market is expected to record a CAGR of 31.1% from 2022 to 2030 to reach 3,139,035.10 tonnes by 2030.
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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 & sustainable food production methods and food sources with high nutritional content. In this case, edible insects could be a great solution as they satisfy the human need for food and are highly nutritious.
The Impact of COVID-19 on the Edible Insects Market
The COVID-19 pandemic created numerous challenges for the food sector, especially meat products manufacturers across the globe. The meat products manufacturing industry has faced major challenges, such as the risk of continuing production, distribution, transportation, and other supply chain activities, limited workforce, and delays in product development. The rescheduling of private investment financing and public funding initiatives further restricted the development of the food sector. These factors are estimated to impact the meat products industry, driving the demand for alternative protein sources, including edible insects.
The U.S. Department of Agriculture announced that between March and April 2020, the volume of frozen pork in storage declined by 4%, and slaughter rates dropped by 25%. However, many news sources commented that it is still too early to declare a food crisis. Some economists predict that consumers will have significantly fewer options for meat and protein. All these factors could create a snowball effect around the globe. As insects contain high quantities of protein, vitamins, and minerals, they could fill the gap left by U.S. meat producers during the COVID-19 crisis.
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The edible insects market is segmented based on product (whole insect, insect powder, insect meal, insect oil), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, the insect powder segment is expected to grow at the highest CAGR during the forecast period from 2022 to 2030. Increasing health & wellness trends, the rising number of health clubs & fitness centers serving insect powder, the emergence of several start-ups producing insect protein bars & shakes, and busy lifestyles demanding highly nutritious & convenient foods, such as insect powder are some of the major drivers for the growth of this segment.
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Based on insect type, in 2022, the crickets segment is estimated to account for the largest share of the edible insects market. The growth of the crickets segment is attributed to the high nutritional value and easy farming & processing of crickets, their incorporation into various recipes and food products, and the rising demand for cricket-based food products, such as protein powders, protein bars, and snacks.
Based on application, the food & beverage segment is expected to grow at the highest CAGR during the forecast period from 2022 to 2030. The rapid growth of this segment is driven by the growing food shortage worldwide, the increasing consumption of processed whole insects as food, and the rising demand for high-quality alternative protein and amino acid sources among end users.
Based on end use, in 2022, the human consumption segment is projected to account for the largest share of the edible insects market. The large market share of this segment is attributed to the rising demand for insect-based food products to feed the growing global population, the high nutritional value of insects in human nutrition, and the increasing demand for environment-friendly alternative sources of protein.
Based on geography, North America is slated to register the highest CAGR during the forecast period. The increasing demand for edible insect foods in this region is due to the growing demand for environment-friendly protein-rich food products. Moreover, increasing familiarity with insects-as-food, decreasing food neophobia, and altering attitudes towards insects, both in general and as food, are the key factors responsible for the growth of the edible insects market in North America.
Some of the key players operating in the edible insects market include Ÿnsect (SAS) (France), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Entomo Farms (Canada), Hargol FoodTech (Israel), Aspire Food Group (U.S.), All Things Bugs LLC (U.S.), Beta Hatch (U.S.), EntoCube OY (Finland), Armstrong Crickets Georgia (U.S.), Global Bugs Asia Co., Ltd (Thailand), JR Unique Foods (Thailand), Cricket Lab Limited (U.K.), BioflyTech (Spain), TEBRIO (Spain), nextProtein (France), Hexafly (Ireland), HiProMine S.A. (Poland), and Protenga Pte. Ltd. (Singapore).
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