Report Overview
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The global edible insects market size was USD 635.3 million in 2022. As per our research, the market is expected to reach USD 1379.9 million in 2028, exhibiting a CAGR of 13.8 % during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the edible insects market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Edible insects are insects that are safe and suitable for human consumption as a source of food. In many cultures around the world, insects have been consumed for thousands of years as a traditional food source. In recent years, edible insects have gained increasing attention in Western countries as a sustainable and nutritious alternative to traditional animal protein sources.
The edible insect market includes various insect species such as crickets, mealworms, grasshoppers, and beetles, which can be sold in various forms such as whole, powdered, or as an ingredient in processed foods. The market also includes products such as insect-based protein bars and snacks, as well as pet food and animal feed.
Thereby, the market is anticipated to rise with a significant CAGR during the forecast period. The market is segmented by type, by application, and by regional expansion of the market. In addition, caterpillar, orthoptera, beetles, true Bugs, are the most popular edible insects in the market. Whereas, hypermarkets/supermarkets, convenience stores, specialty coffee shops, and online retails are the prevalent segment in the market to generate higher demand for edible insects.
COVID-19 Impact: Pandemic Reduces the Demand for Edible Insects
The COVID-19 pandemic has presented challenges for the edible insect market. The disruptions to global supply chains and reduced consumer spending power have impacted insect farmers and producers, making it difficult for them to maintain production levels and meet demand. Additionally, the closure of restaurants and food service industries has reduced demand for edible insects in certain markets. However, the market is predicted to grow yet again as the demand for edible insects have been growing in recent years.
Latest Trends
"Trend of New Insect Farming Technology Inflate the Market Extent"
The market is constantly evolving with new trends and developments emerging all the time. Developing insect farming technology is one of the recent trends. There have been significant advancements in insect farming technology, such as automated feeding systems, vertical farming, and AI-driven monitoring systems. These innovations have increased efficiency and productivity in insect farming and reduced costs. Besides, insect-based pet food has emerged as a new market segment, with many pet food manufacturers incorporating insects such as crickets and mealworms into their products. These products are marketed as sustainable and healthy alternatives to traditional meat-based pet foods which are anticipated to contribute to the edible insects market growth during the forecast 2022-2028.
Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into Caterpillar, Orthoptera, Beetles, True Bugs, and Others.
- By Application Analysis
Based on application, the market can be divided into Hypermarkets/Supermarkets, Convenience Stores, Specialty Coffee Shops, Online Retail, and Others.
Driving Factors
"Growing Demand for Alternative Protein Sources Supports the Market Growth"
Increasing demand for alternative protein sources is one of the main driving factors of the market. As the global population grows, the demand for protein is expected to increase significantly. However, traditional animal protein sources such as beef and pork are not sustainable in the long term. Edible insects provide a highly nutritious and sustainable alternative, as they are rich in protein, vitamins, and minerals which are attributed to aid the demand for edible insects in various applications around the world.
"Rising Awareness of Health and Nutritional Benefits Boost the Demand for Edible Insects"
Rising awareness of health and nutritional benefits is also driving the growth of the market. As edible insects are highly nutritious and contain a range of vitamins and minerals, as well as healthy fats and amino acids. They are also low in fat and cholesterol which make them a healthy food option and are expected to aid the demand for edible insects during the projection period.
Restraining Factors
"Lack of Consumer Acceptance Can Impede the Market Growth"
Despite the nutritional and environmental benefits of edible insects, many consumers are still hesitant to try them. In some cultures, insects are seen as pests and are not considered to be a desirable food source. This lack of acceptance could limit the growth of the market, particularly in Western countries. However, there is still significant potential for growth in the industry, particularly as awareness of the benefits of edible insects.
Regional Insights
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"Asia Pacific leads the Market with Well-Established Commercial Farming Markets"
According to a market review, The Asia-Pacific region is predicted to be the leading market for edible insects in 2022, with several factors contributing to this growth. One major aspect is the well-established commercial farming markets for edible insects, particularly in Thailand and China. The region also benefits from the wide availability of various insect species and significant production capabilities, which are crucial for meeting the growing demand for insect-based products. Furthermore, the presence of key market players in the region is another factor that has contributed to the growth of the industry. These companies are at the forefront of developing new insect-based products and are driving innovation in the sector, which is helping to accelerate the market's growth in the region.
Key Industry Players
"Key Players Offer New Insect-Based Products and Technologies to Lead the Market"
With regard to key players, the edible insects market is relatively new, but there are several key players that are driving the industry forward. These companies are at the forefront of developing new insect-based products and technologies, and they are playing a critical role in stimulating the growth of the market. Moreover, Entomo Farms is a Canadian company that specializes in the sustainable farming of edible insects. The company produces a variety of insect-based products, including cricket flour, roasted crickets, and insect protein bars. Apart from this, some of the other prominent companies such as Thailand Unique, Kreca Ento-Food, Nordic Insect Economy, and others are acknowledged for their largest edible insects market shares worldwide.
List of Market Players Profiled
- Thailand Unique
- Kreca Ento-Food
- Nordic Insect Economy
- Entomo Farms
- Enviro Flight
- Proti-Farm
- EXO
- ENTOTECH
- Deli Bugs
- Eat Grub
Report Coverage
This report defines the edible insects market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 635.3 Million in 2022 |
| Market Size Value By | US$ 1379.9 Million by 2028 |
| Growth Rate | CAGR of 13.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global edible insects market expected to touch by 2028?
The global edible insects market is expected to touch USD 1379.9 million by 2028.
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What CAGR is the edible insects market expected to exhibit during 2022-2028?
The edible insects market is expected to exhibit a CAGR of 13.8% over 2022-2028.
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What are the key driving factors of the edible insects market?
The increasing demand for alternative protein sources and rising awareness of health and nutritional benefits are the driving factors of the edible insects market.
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What are the key players in the edible insects market?
Thailand Unique, Kreca Ento-Food, Nordic Insect Economy, Entomo Farms, Enviro Flight, Proti-Farm, EXO, ENTOTECH, Deli Bugs, and Eat Grub are top players in the edible insects market.
