Edible Insects to Exceed Worth by $522 Million in 2023
The Global Market Insights state that the global edible insects market is set to surpass $522 million by 2023. The market sees an increasingly positive perspective for insect consumption, maintaining that its properties as a nutritious, alternative and viable protein source will drive sales.
Beetles dominated demand and were valued at $9.7 million in 2015. Key human consumption patterns involve the use of insects as a whole or in powder form for flour, protein bars and other snacks. Grasshoppers, locusts and crickets could see significant demand gains, the report notes, estimated at more than 42% CAGR up to 2023. Pet foods have seen increasing use of grasshoppers as dried, whole or frozen form for fish, turtles, birds and pets.
Food products use cricket, mealworm and grasshopper powders, rich in protein content having all essential mineral and amino acids. Black soldier fly larvae and maggots considered as substitute in fishmeal feed in the aquaculture industry are consumed either whole or as processed meal. Grasshoppers, beetles, crickets, cockroaches, termites, scale insects, flies, bees, wasps and ants are food sources for poultry which may fuel edible insect market growth.
A robust and clearly define regulatory guideline for registration, classification and commercialization of insect-based foods will be critical for industry evolution, believe the researchers. Presently, while bug-based foods are sold across the U.S. as well as the EU, the company believes that participants are somewhat in the dark with respect to labelling and selling guidelines.
The report says that the APAC edible insects market, dominated by Thailand, China and Vietnam, size, generated more than $12 million in 2015. Insect farming, low raw material cost and transportation cost are influencing industry growth.
The European edible insects market, led by the UK, Belgium, France and the Netherlands, may see sales of more than $46 million by 2023. The EU allows use of insect feed for fish in aquaculture which may drive regional industry growth.
The North American edible insects market may grow significantly. Strong consumer awareness levels and acceptance will drive regional growth. Beetles and caterpillars together were responsible for more than 45% of regional sales in 2015.
Brazil and Mexico are the largest LATAM markets, as insects have been traditionally consumed not only as a source of food but also for their medicinal properties. Bug-based flour accounted for over 40% of regional sales in 2015.
The report segments the market by insect type, application and geography.
The edible insect market can be classified by type such as: Mealworm, Grasshoppers, Locusts, Caterpillar, Termites, Beetles and Others. Edible insects can also be categorized by application type such as: Human food, Animal feed (Poultry and Aquaculture) and Others. In terms of regions, the market can be classified as: North America, APAC, Europe and Rest of the World (RoW) regions.
