The global edible insects market size is anticipated to register a revenue of USD 1.4 billion by the year 2025, according to a new report by Million Insights. It is expected to grow with 19.7% CAGR over the forecasted period, 2019 to 2025. This growth can be attributed to the rising demand for edible insects, rising health consciousness among the millennials, the presence of essential nutrients and willingness to taste a new variety of flavors.
The rising awareness about the health benefits on consumption of edible insects such as decreasing the level of obesity and high nutritional content is anticipated to boost the market growth in the upcoming years. In the developing countries like South Africa, such food products are considered as best for patients suffering from malnutrition as they are easily digestible. This factor is expected to fuel the demand for such products further.
In 2018, the region of North America was the largest regional market holding a share of 25%. This growth can be attributed to the rising awareness about the health benefits associated with the consumption of such products. Also, increasing disposable income, rapid urbanization and willingness to spend more on such products is expected to drive the edible insect market across this region. The region of Europe is anticipated to witness the fastest CAGR of 20% during the forecasted period, from 2019 to 2025. Rising farming of such invertebrates owing to the increasing demand for protein-rich food is expected to drive the regional market.
During 2018, the product type of beetles held the largest share of 30% in the global market. The property of these beetles to help in biodegradation of dead plants with the presence of larvae is anticipated to boost their demand in the upcoming years. The product segment of cricket is expected to grow at the fastest CAGR of 20.9% during the forecasted period, 2019 to 2025. As cricket has less emission in the production process, low cost for production and requires less water, it can be easily produced and consumed.
The powder application segment held a share of more than 40% and is anticipated to witness the fastest growth during the forecasted period. The rising availability of powdered form coupled with the increasing number of applications is expected to drive the market demand in the upcoming years. Also, cricket flour is being used in the manufacturing of various food products owing to its gluten-free nature.
The key players in the market of edible insects are Beetle Jelly, Bugsy Bros, Haocheng, Bugs in Mugs, Bug foundation, Crickester, Eddiebug, Insectables, Insecteo, and Gran Mitla. They are continuously investing in R&Ds to increase the nutritional value of the products using various techniques and by adding additives.
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Further key findings from the report suggest:
• In 2018, the powder type in the application segment accounted for around 40% share in the global edible insects market.
• In 2018, the product type of beetles was the most preferred one accounting for share of more than 30%.
• The cricket type of product segment is expected to be the fastest growing product segment with a CAGR of 20.9% owing to its high protein content and ease of availability.
Million Insights has segmented the global edible insects market on the basis of product, application, and region:
Edible Insects Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
Edible Insects Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Protein Bars
Edible Insects Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
• South Africa