Introduction:
Edible insects have been consumed by humans for centuries, but it is only in recent times that they have gained attention as a potential solution to global food insecurity and environmental issues. The edible insects market is still in its early stages of development, but it is projected to grow significantly in the coming years. This report provides an overview of the current state of the edible insects market, including its size, growth potential, key players, and challenges.
Companies are also researching on all the insects as the source of vitamins, minerals, protein, and fat. New products are also being launched with insects as ingredients. However, the human trial of insect consumption is still being researched on, to identify insects that are suitable for human consumption.
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Market Size and Growth Potential:
Global consumption of market for edible insects stood at around US$ 7,266.4 Mn in 2023, and is slated to increase at a CAGR of 37.5% to reach a valuation of US$ 1,75,392.6 Mn by 2033. The market growth is driven by factors such as increasing awareness about the health and environmental benefits of consuming insects, rising demand for protein-rich foods, and the emergence of insect-based food products in the market.
Edible Insects Industry Research by Category
By Insect Type:
- Beetles
- Hymenoptera
- Orthoptera
- True Bugs
- Others
By Product Type:
- Whole
- Steam or Fried
- Raw
- BBQ
- Ingredient
- Drinks
- Insect Confectionary
- Snacks and Baked Products
- Others
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Key Players:
The edible insects market is still in its early stages, and the key players in the market are mostly small-scale enterprises. However, several large companies have started to invest in the market, and the competition is expected to intensify in the coming years. Some of the key players in the market include:
- Aspire Food Group
- Entomo Farms
- EnviroFlight LLC
- Entotech SAS
- Bugsolutely Ltd.
- Thailand Unique
- Protifarm Holding NV
- Chapul Inc.
- All Things Bugs LLC
- Edible Inc.
Asia Pacific to Lead the Global Edible Insects Market
Asia Pacific (APAC) is expected to lead the global market for edible insects. Asia Pacific has a long history of consuming insects as a food. In Thailand, insects have been a part of the normal diet. Moreover, some edible insects in Thailand are also sold as ingredients to be used in various dishes and to be consumed as snacks. The business of edible insects is flourishing in Asia Pacific as companies are supplying edible insects to supermarkets and small retailers. Similarly, in China, the business of edible insects is also gaining a lot of traction.
Challenges:
Despite the potential of the edible insects market, there are several challenges that need to be addressed to ensure its growth and sustainability. One of the major challenges is the lack of regulations and standards for the production and consumption of insects as food. Many countries do not have specific regulations regarding the safety and quality of insect-based food products, which can hinder consumer acceptance and market growth.
Another challenge is the perception of insects as a taboo food item in many cultures. Insects are often associated with dirt, disease, and poverty, which can make it difficult to promote them as a desirable food option. Additionally, the high cost of insect production and the limited availability of raw materials can also limit market growth.
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Conclusion:
The edible insects market has significant growth potential, driven by factors such as increasing demand for protein-rich foods and growing awareness of the health and environmental benefits of consuming insects. However, addressing the challenges related to regulations, consumer perception, and production costs will be critical to the market’s growth and sustainability. With the right investments and initiatives, the edible insects market has the potential to become a major contributor to sustainable food production and global food security.
Read More Trending “PMR Exclusive Article”-https://www.globenewswire.com/en/news-release/2022/03/03/2396326/0/en/Edible-Insects-for-Animal-Feed-Market-is-projected-to-register-an-exponential-growth-rate-of-39-over-the-forecast-period-of-2020-2030.html
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