Edible Insects Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Edible Insects Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global edible insects market is expected to register a CAGR of 20% during the forecast period (2022-2027).

During COVID-19, The edible insects market, much like any other meat products manufacturing market, has faced a major setback during the pandemic including the risk of continuation of production, distribution, transportation, and other supply chain activities. However, owing to the rising health awareness in the wake of the pandemic, people have been looking for better nutritional supplements to maintain their general well-being. Hence, there has been a shift to edible insects due to their high nutritional value and better affordability.

Asia-Pacific is the biggest and the leading continent in consuming edible insects. Within the Asian region, countries like China, Thailand, and Japan account for the major share of edible insect consumption. High protein content, low cost of a farming, ever-increasing population, rise in health and fitness conscious population are all factors that drive this market.

In many developing nations, edible insects are an excellent food source for malnourished kids. By product type, beetles are the most sought-after invertebrates and add up to a major share of the market owing to their superior taste over others and better nutritional value.

The powder segment is also another sought after sector as they are convenient for consumption, easily accessible and have a broad application.

The accessibility and affordability of edible insects are really high. They can be easily cultivated and procured and can be incorporated into the daily diet as additives in various forms or as a whole, thereby enhancing the overall nutritional quality of the food. In addition to that, these call for minimal processing post-harvest, thus providing a highly economical alternative to the animal products which are today coupled with the rising number of diseases. Among the edible insects, beetles constitute the largest volume share. Insects are sustainable sources of amino acids and proteins. They are also rich in Omega-3, minerals, and iron. They make the perfect supplements for sportspersons. This rapid addition of insects in the food and beverage industry along with the shifting trend towards sustainable practices are likely to give a major push to the market.

Europe commanded the largest share of the edible insects market in 2020. Well-established production capacity for edible insect processing and ingredient manufacturing in the region, the presence of insect diversity, huge availability, positive attitude towards the consumption of insects as food & feed, the positive outlook towards the related product approval and commercial launch, and the presence of key market players in the region are the prime factors that account for its largest share in the edible insects market.

The edible insects market is a highly fragmented market and the active players include Kreca EntoFood BV, Enviroflight, Exo Inc, Entomo Farms Ltd, Thailand Unique. The major players are primarily focussing on investing inR&D and also in enhancing their production capacities to cope with the ever-increasing demand and to stay relevant in the market.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support