SEATTLE, May 22, 2020 (GLOBE NEWSWIRE) -- Edible insects are consumable insects and are rich source of nutrients such as amino acids omega-3, iron, minerals, and essential minerals. Edible insects are roasted, powdered, and dried to prepare high protein and low-calorie flour which is further used to produce snacks, protein bars, low-calorie beverages, trans-fat flours, and energy bars. Edible insects also find applications in animal feed, aquaculture, and poultry industries. Beetles, Hymenoptera, scale insects, termites, orthoptera, grasshoppers, tree bugs, and caterpillar are some of the common edible insects that are consumed worldwide.

The global edible insects market is estimated to account for US$ 500 Mn in terms of value in 2019 and is predicted to grow at a CAGR of 6.7% during the forecast period (2020 to 2027).

Market Drivers:

Increasing harvesting of edible insects in order to meet the rising demand around the globe is expected to augment the market growth of the edible insects. Growing demand for high protein and low-fat food source is also contributing to the market growth of edible insects. Rising dietary needs due to the growing prevalence of chronic disease coupled with the increasing demand for low-calorie energy bars and snacks is further projected to augment the market growth of edible insects.

Edible insects are a sustainable source of protein and amino acids which makes them ideal for manufacturing low calorie and nutritious flour which is likely to raise their demand. Growing demand for edible insect protein in the food &beverage industry is again accelerating the market growth of edible insects. Low environmental impact and rising demand for protein supplements are some of the other major factors fueling the market growth of edible insects over the forecast period. 

Market Opportunities:

The growing use of edible insects in the functional foods is anticipated to provide potential growth opportunities to the market of edible insects. Rising health consciousness among populations coupled with the growing nutritional benefits of edible insects is another major factor expected to provide lucrative growth opportunities to the market of edible insects. Minimal cost for farming of edible insects is again creating a huge demand for the market of edible insects.

Rising demand for powder form of edible insects due to its vast application and easy availability is expected to augment the market growth of the edible insects. Increasing application of powder form of edible insects in fast food such as cheese and pizza is again expected to fuel the market growth. Moreover, the growing demand for cricket flour as it is gluten-free and is widely used for preparing various food products is further anticipated to foster market growth.

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Key Takeaways:

Among insect type, beetles accounted for a largest market share in global edible insects market in 2019. This is attributed to wide availability and high nutritional value of edible beetles. According to National Geographic, beetles are considered as one of richest insect but it varies from insect to insect. For instance, a giant water beetle supplies approximate 20 grams of proteins per 3.5 ounce while the same amount of June beetle supplies 13 grams.

On the basis of product type, as a whole dominated the global edible insects market in 2019, accounting for 65% of share in terms of revenue followed by as an ingredient.

Among region, Asia Pacific region accounted for a largest market share in global edible insects market in 2019 in terms of revenue. This is owing to growing awareness related to high nutritional value of edible insects such as zinc, iron, calcium and fatty acid.

Market Trends:

Rising demand for protein bars among athletes and sportspersons is expected to augment the market growth of the edible insects. Proteins bars are highly nutritious and gluten-free product thus gaining huge demand among health-conscious people. Changing lifestyles due to the growing health wellness trend coupled with the growing demand for healthy food is expected to augment the market growth of the edible insects over the forecast period.

Competitive Landscape:
1. Thailand Unique
2. Kreca
3. Nordic Insect Economy Ltd.
4. Entomo Farms
5. Enviro Flight,LLC
6. Proti-Farm
7. Exo Inc.
8. Entotech
9. Deli Bugs Ltd.
10. Eat Grub Ltd.

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Market Segmentation:

By Product Type

• As a Whole

• • Steam or Fried
  • Raw
  • BBQ
• As an Ingredient
  • Drinks
  • Insect Confectionery
  • Snack and Backed Products
  • Others

By Insects Type

• Beetles
• Caterpillars
• Hymenoptera (Includes Wasps, Bees, and Ants)
• Orthoptera (Cricket, Grasshopper, and Locusts)
• True Bugs
• Others (Termites, Dragonflies, Flies, and etc.)

By Region

• North America
• Latin America
• Asia Pacific
• Europe
• MEA