Protein is not only a must for those who build muscles but is also essential for a human body conducting daily life, as it is a vital component of every cell in the body and is used to build and repair tissues. And certain insects make for a delicious protein-rich diet. As the awareness regarding the edible insects expands, the demand in the market for the same is projected to expand at a formidable CAGR during the forecast period of 2016 to 2024, according to a recent business intelligence study by Transparency Market Research (TMR).
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For this research report, titled “Edible Insects Market – Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016 – 2024,” extensive study was conducted by the analyst who utilized industry standard methodologies, which included primary and secondary assessments, compilation of data from reliable sources, and interviews with industry experts. The report has been developed to aid as a business tool for a pool of clientele including growers of edible insects, importers, exporters, and suppliers of edible insects, government, research organizations, and universities, and other industry bodies.
The report includes chapters that segments the market for edible insects into smaller aspects and throws light on the magnitude of demand that can be expected out of different regions and countries. Figurative data for each of the segments and regions has been provided in terms of US dollar million. The report also analyzes different factors such as drivers, restraints, and challenges that will determine the future of the edible insects market as well as identifies some of the trends that are emerging.
Expanding awareness level among the urban populations regarding the nutritious values of insects in terms of human consumption, availability of raw materials and transportation methods, and mushrooming of organizations who farm these specific insects are some of the key factors driving the demand in the global edible insects market. On the other hand, strong lack of knowledge outside the geographical boundaries, limitation in technology, and lack of a clear regulatory are some of the obstructing hindering the prosperity of this market.
Based on product type, the market for edible insects can be segmented into grasshopers, locusts, and crickets, caterpillars, beetles, bees, wasps, and ants, sacle insects and true bugs, and others. As of now, beetle edible bugs account for the majority of the demand share, primarily gaining traction from customer’s shift off protein from other sources such as beef and chicken. In addition to protein, edible insects also contain essential amino acids, and product innovation by the players is promising great for the future of this market. Application-wise, the market can be bifurcated into snacks, bars, flours, and others.
Geographically, China and Thailand currently dominate the demand in terms of countries, making Asia Pacific the key region for the stockholders connected to the value chain of the edible insects market. In Thailand alone, more than 200 different bugs are consumed! The European edible insects market is driven by the countries of the U.K., France, and Netherlands.
Kreca, EnviroFlight, HaoCheng Mealworm Inc., and AgriProtein are some of the notable players in the global edible insects market.