The edible insect food market is segmented by type into mealworm, locusts, grasshoppers, caterpillar, beetles, termites and others. Among these segments, the beetle segment is expected to grow with significant rate over the forecast period owing to its properties related to biodegradation. Further, their capability to control water hyacinth incursions is expected to propel the demand for beetle segment in overall edible insect food market.
Additionally, with presence of rich proteins, minerals and vitamins, there is demand for caterpillar edible insects owing to their influence on forest ecosystem. Factors such as these are anticipated to drive the growth of the edible insect food market by noteworthy revenue by the end of forecast period.
The global market of edible insect food is anticipated to reach USD 522.5 Million by the end of 2023 by expanding at a substantial compound annual growth rate of 42.1% over the forecast period. Factors such as fewer greenhouse emissions and lesser requirements of water and land are believed to supplement the growth of Edible Insect Food Market over the forecast period.
Market Segmentation By Region
In the regional segment, Asia Pacific represented the largest market share in global edible insect food market owing to lower cost of transportation and raw material combined with growing insect farming. Further, Europe is anticipated to reach USD 46.2 Million by 2023 by expanding at a robust compound annual growth over the forecast period. U.S dominates the overall North America edible insect food market in 2015 and accounted for 45.3% of beetles and caterpillars sales. Furthermore, Latin America edible insect food market is led by Mexico and Brazil, where edible insects have been conventionally used as food and medicinal source.
Growing Demand for Protein to Augment the Market
With the rise in environmental concerns and high cost and care required for conventional livestock such as pigs, chicken and others, there is an escalated demand for edible insect food due to their ability to convert feed to consumable food more efficiently. Additionally, rising demand of protein from emerging middle class is believed to supplement the growth of edible insect food market across the globe.
However, lack of customer awareness and legal framework regarding edible insect consumption is likely to inhibit the growth of the edible insect food market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The report also provides the existing competitive scenario of some of the key players of the Edible Insect Food market which includes company profiling of:
HaoCheng Mealworm Inc., Reese Finer Foods Inc., Kreca, AgriProtein Technologies, EnviroFlight LLC and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the edible insect food market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.