Persistence Market Research offers an eight-year forecast on the global edible insects market between 2016 and 2024. In terms of value, the market is expected to register a CAGR of 6.1% during the projected period. The primary objective of the report is to offer key insights on the advancements in the global edible insects market. The study demonstrates market dynamics expected to influence the current environment and future status of the global edible insects market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts and opportunities for manufacturers operating in the global edible insects market.
Of total arable land, 70% of the land is used for meat production – either as pasture land or for growing feed for livestock. Insect farming requires less land in comparison to other types of farming and entails various techniques such as vertical farming etc. Need for less land is one of the primary drivers, expected to drive the growth of the global edible insects market over the forecast period. Insects can be reared in any climate, and require comparatively less water, feed, and energy as that needed for rearing livestock such as cattle, swine/pigs and poultry. Substantial increase in global population and decreasing resources are factors expected to drive demand for alternative food sources. Insects can be found across the globe and they reproduce relatively quickly. Farming and harvesting of edible insects provide farmers entrepreneurship opportunities across all economies. These factors are expected to bolster the growth of the global edible insects market over the next five to six years.
A section of the report discusses insect breeding containers and techniques. The four types of breeding containers used for breeding edible insects include concrete cylinder pens, which enables production of around 2–4 kg of crickets, concrete block pens allows production of around 25–30 kg of crickets, plywood boxes enables production of 20–30 kg of crickets and plastic drawers enables production of 6–8 kg of crickets. Cricket production cost (harvesting cycle per plastic drawer) and income and net profit per harvesting cycle by farmers are also discussed in the report.
The report discusses market share by each product type segment including as a whole segment (includes sub-segments: steam or fried, raw and BBQ) and as an ingredient (includes sub-segments: drinks, insect confectionery, snack and baked products and others) and insects type segments such as beetles, caterpillars, hymenoptera (includes sub-segments: wasps, bees and ants), orthoptera segment (includes sub-segments: cricket, grasshopper and locusts), true bugs segment and others segment (includes sub-segments: termites, dragonflies, flies etc.). A section of the report highlights region-wise edible insects demand. The report provides a market outlook for 2016–2024 and sets the forecast within the context of the global edible insect ecosystem, including various new technological developments as well as product offerings in the global edible insects market. This study discusses key trends contributing to the growth of the global edible insects market, as well as analyses the degree to which drivers are influencing the growth of the overall market. Key regions assessed in this report include North America, Latin America, Europe, Asia-Pacific and the Middle East and Africa.
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Key players covered in the report include edible insect’s suppliers and manufacturers. Detailed profiles of various companies are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the edible insect’s space. Key players in the global edible insects market include farmers and ingredient manufacturers. Few companies operating in the global edible insects market are Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms, Enviro Flight, LLC, Proti- Farm, Exo Inc., Entotech, Deli Bugs Ltd. and Eat Grub Ltd.
Key Segments Covered
On the basis of insect type, the market is segmented into beetles, caterpillars, hymenoptera, orthoptera, true bugs and others. Orthoptera insect type segment is expected to register CAGR of 8.1% over the forecast period. A detailed analysis has been provided for each segment in terms of market size.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyses on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.
Also, another key feature of this report is the analysis of all key segments in terms of the absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global edible insects market.
Key Regions/Countries Covered
In terms of value, the global edible insects market is anticipated to expand at a CAGR of 6.1% during the forecast period and is expected to account for US$ 722.9 Mn by 2024 end. Orthoptera (cricket, grasshopper, and locusts) segment is projected to register a CAGR of 8.1% over the forecast period, driven by rising demand for cricket granola bars, cricket crackers, cricket cookies, and cricket chocolates. Of the various edible insect type products, the beetle's segment is estimated to account for approximately 30.8% share of the global market share in 2016, and caterpillars segment is estimated to account for 17.9% share.
In the APAC region, beetles segment accounted for largest market share at 34.1% in 2015. Revenue contribution by this segment to the APAC edible insect market is expected to increase at a CAGR of 5.2% from 2016 to 2024. In terms of value, the beetles segment in the Europe edible insects market accounted for 29.0% share in 2015. Demand for edible insects in countries in Europe is on the rise, primarily owing to factors such as low risk of disease – as transmission of zoonotic diseases (diseases transmitted from animals to humans) such as H1N1 (bird flu) and BSE (mad cow disease) is low with regard to insects – and higher protein and nutrients and micronutrients such as copper, iron, magnesium, manganese, phosphorus, selenium and zinc, and fatty acids in comparison to meat and fish products. Insects are particularly important as a food supplement for undernourished children owing to easier digestibility.
Beetles are most expensive in the edible insects market, and revenue from the beetle segment fell by 30.9% to 29.2% between 2015 and 2024. The beetle segment in the market in MEA accounted for 35.5% revenue share in 2015. The segment in the market in South Africa, despite accounting for a major share of 42.2% in 2015, is expected to witness a significant increase in terms of revenue share over the next five years. The global edible insects market is broadly segmented on the basis of product type into as a whole and as an ingredient segments. Product as a whole segment is sub-segmented into steam or fried, raw, and BBQ. Ingredient product type is sub-segmented into drinks, insect confectionery, snack and baked products, and others.
On the basis of insect type, the global edible insect market is segmented into beetles, caterpillars, hymenoptera (wasps, bees, and ants), orthoptera (cricket, grasshopper, and locusts), true bugs, and others (termites, dragonflies, flies, and etc.) segments.
The most commonly and commercially consumed product type of edible insect is as a whole. The as a whole segment accounted for 65.3% share of the global market in 2015. Insects are majorly consumed as a whole, which is usually raw. As an ingredient, edible insects are consumed majorly as snacks and baked products. A major trend in the global edible insects market is increasing applications of edible insects in protein bars and shakes, increasing the availability of flavored food products using edible insect proteins, availability of mixed insect pack and usage as a coloring agent in food products.
Europe is the fastest growing market in the global edible insects industry, and the market in this region is expected to register a CAGR of 7.3% in terms of revenue over the forecast period. Among countries in Europe, the market in EU5 is expected to witness highest uptake of edible insects, followed by rest of Europe over the forecast period.