Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global edible insects market size is poised to expand at a considerable rate owing to the numerous health and environmental advantages offered by edible insects, which are increasing their consumption across the globe. According to the UN Food and Agriculture Organization (FAO), edible insects such as wasps, beetles, and grasshoppers contain essential nutrients required by the human body, including amino acids, vitamins, and quality proteins. Furthermore, the FAO states that these organisms have an exceptionally high food conversion rate. For example, crickets need four times less feed than sheep and six times less than cattle to produce the same amount of protein. As a result, these insects emit lesser ammonia and fewer greenhouse gases compared to traditional livestock animals. This also means that edible insects are a direct source of pure protein and can also be used indirectly in other foods. Thus, the spectrum of benefits from edible insects is wide-ranging, thereby boosting their uptake among people.
The edible insects market has been gaining increasing attention in recent years, as insects have been identified as a sustainable and environmentally friendly source of protein. Insects are already part of the diet of approximately 2 billion people worldwide and are a traditional food in many cultures.
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List of Players Profiled in the Edible Insects Market Report:
- Beta Hatch Inc. (US)
- Aspire Food Group (US)
- All Things Bugs, LLC (US)
- Coalo Vally Farms (US)
- Haocheng Mealworm Inc. (China)
- JR Unique Foods Ltd.
- Kreca Ento-Food BV (The Netherlands)
- Bühler Holding AG (Switzerland)
- Global Bugs Asia Co., Ltd. (Thailand)
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By Insect Type., By Product Type, By End-Use, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
The edible insects market is expected to grow significantly in the coming years, driven by factors such as increasing demand for sustainable and healthy protein sources, rising concerns about the environmental impact of conventional livestock farming, and growing interest in exotic and novel food products.
Insects are high in protein, vitamins, and minerals, and require far less water, land, and feed than traditional livestock such as cows and pigs. In addition, insects produce fewer greenhouse gases and generate less waste than conventional livestock.
The most commonly consumed edible insects include crickets, mealworms, and grasshoppers, although there are over 1,900 species of insects that are edible and many more that are yet to be discovered as potential food sources. The edible insects market is still in its early stages, but is expected to grow rapidly in the coming years, particularly in countries such as the United States and Europe where insect consumption is still relatively low.
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Market Restraint
Certain Risks Associated with Eating Bugs May Inhibit Their Consumption
The edible insects market growth is premised on the fact that eating bugs has proven health benefits and furthers the cause of sustainable food production. However, there are certain risks associated with this practice, which may hinder the growth of this market. For example, the European Food Safety Authority (EFSA) found in a study that farmed insects used in animal feed and for human consumption can have potential chemical and biological hazards if the husbandry technique employed to breed them is not proper. Another drawback of consuming insects is the danger of developing allergies to various proteins, which may vary from region to region. Moreover, some insects release toxins as a form of defense mechanism, which can prove fatal for human in some cases. For example, beetles produce steroids and if humans ingest it large quantities, it can lead to grave conditions and diseases such as infertility and liver cancer. Thus, excessive intake of insects or insect-based foods can prove to be extremely harmful and this factor may stall the growth of this market.
Regional Analysis
North America and Europe to Collectively Dominate the Market
Among regions, North America and Europe are foreseen to command the edible insects market share in the forthcoming years owing to increasing preference high-protein, eco-friendly diet regimes. In addition to this, higher awareness regarding sustainable agriculture and food cultivation practices in these regions will further augment the market. The market in Asia-Pacific is expected to grow considerably as insects form part of the staple diets in East and Southeast Asian countries such as Vietnam and China. Moreover, insect farming is a traditional practice in these countries and, coupled with growing demand for naturally-derived convenience food items, this factor will propel the market in Asia-Pacific.
Competitive Landscape
Strategic Alliances among Major Players to Spur Market Competition
The competitive landscape of this market is set to heat up as key competitors increasingly collaborate with each other to expand their offerings. These collaborations are allowing companies to explore new growth areas and tap opportunities to strengthen their market position, both regionally and globally.
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Industry Developments:
- March 2019: Switzerland-based Bühler Insect Technology Solutions partnered with Sweden-based Alfa Laval to develop and deliver advanced solutions in the insect protein domain. The collaboration will be based on the expertise of the two companies in their respective fields and will be aimed at designing solutions to aid insect product-makers to scale up their production to meet the growing demand.
- April 2018: Seattle-based insect production start-up, Beta Hatch, raised USD 2 million in a new round of funding from Wilbur-Ellis, Element 8 Fund, Keiretsu Capital, NQV8, and Frontier Angels. This funding will enable Beta Hatch to enhance its efforts at producing sustainable protein for animal feed as well as intensify its focus on R&D operations to come up with innovative solutions.
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