The edible insects market is projected to grow by USD 11.42 Billion from 2024-2028, with AI driving market evolution and global food shortages boosting demand - Technavio

NEW YORK , Sept. 23, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global edible insects market size is estimated to grow by USD 11.42 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  46.02%  during the forecast period. Growing food shortage across the globe is driving market growth, with a trend towards use of edible insects in processed foods  However, low acceptance of edible insects as a food source  poses a challenge.Key market players include All Things Bugs LLC, Armstrong Crickets Georgia, Aspire Food Group, Beta Hatch, Bioflytech, Darling Ingredients Inc., Eat Grub, Edible Bug Shop, Entomo Farms, Bugs Asia Co. Ltd., Hargol FoodTech, HEXAFLY, Innovafeed SAS, JR Unique Foods Ltd., MealFood Europe SL, nextProtein SA, Nutrition Technologies, Protenga Pte. Ltd., Protix BV, and Ynsect SAS.

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Market Driver

Edible insect processing involves transforming their form to enhance acceptance, while retaining nutritional value. Common processing methods include lipid extraction, crushing, and low-temperature processing. The resulting products, such as insect flour, protein powders, and paste, broaden market appeal. This trend towards processed edible insect foods is driving market expansion during the forecast period. 

Edible insects are gaining popularity as a trendy and sustainable alternative protein source. Companies like Six Foods, Nutribug, and Agriprotein Technologies are leading the way with new product developments, such as protein bars made from mealworms and cricket-based snacks. These insects are rich in necessary minerals and vitamins, making them an attractive option for those following paleo diets or seeking plant-based protein. Despite psychological barriers, the market for edible insects is growing, with retail outlets like Thailand Unique and Kreca introducing whole insects in raw form. For sports persons and athletes, the high protein and amino acid content makes them a nutritious choice. However, for those with allergies, it's important to note that insects can cause reactions. Resource scarcity is driving the need for alternative protein sources, and agriculture farming of insects like mealworms, black soldier flies, and ants is on the rise. Insects can also be used as animal feed, reducing the reliance on animal-based protein. BBQ lovers can even try insects as a tasty and protein-rich addition to their grilled dishes. Overall, the edible insect market is a promising sector, offering a nutritious and sustainable solution to changing eating habits. 

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 Market Challenges

• The edible insect market faces challenges due to cultural acceptability and perceptions of hygiene. In many societies, insects are not considered suitable food sources, creating a significant barrier to market growth. The COVID-19 pandemic further intensified this belief, as the virus's origin was linked to bats, reinforcing concerns regarding the unsanitary nature of consuming insects. Consequently, the market for edible insects is projected to experience a decline during the forecast period.
• The edible insect market is experiencing significant growth as agriculture farming faces challenges in meeting the demand for alternative protein sources. Agriprotein Technologies offer sustainable solutions through insect farming, utilizing species like ants, crickets, and black soldier flies. However, allergies and ethical barriers present challenges. Insects are rich in essential nutrients and amino acids, making them ideal for human food and animal feed. Companies like Crik Nutrition, Exo Protein, and Gathr Foods are innovating with insect-based products, from cricket pasta to BBQ alternatives. Insect cultivation practices must adhere to environmental regulations to minimize ecological footprint and greenhouse gas emissions. Insects offer a more sustainable and ethical alternative to traditional animal protein sources, appealing to entotarians and athletes seeking high-protein, low-cholesterol options. Insect meal and powder are also gaining popularity in the food industries for their nutritional benefits and potential use in ketogenic diets.

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Segment Overview 

This edible insects market report extensively covers market segmentation by  

1. Application 
• 1.1 Human consumption
• 1.2 Animal nutrition
• 1.3 Cosmetics and pharmaceuticals
2. Product Type
• 2.1 Whole insects
• 2.2 Insect powder
• 2.3 Insect meal
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Human consumption-  Edible insects represent a promising market due to their nutritional benefits and sustainability. Approximately 2,300 insect species are suitable for human consumption, with a history dating back over 7,000 years in various cultures. Insects offer high protein, fiber, good fats, and essential minerals, making them an excellent food source. For instance, grasshoppers provide protein equivalent to lean ground beef. The Food and Agricultural Organization (FAO) reports that around 2 billion people regularly consume insects. Furthermore, insect farming requires less land than livestock rearing, addressing the global food shortage concern. With an estimated 768 million people experiencing hunger in 2020, the edible insects market is poised for growth in the forecast period.

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Research Analysis

The edible insects market is gaining momentum as alternative protein sources in response to resource scarcity and environmental degradation. Insects have a lower ecological footprint compared to traditional animal farming and produce fewer greenhouse gases. They are rich in essential amino acids and necessary minerals, making them a nutritious addition to human food. The concept of entotarianism, or a diet based on insects, is gaining popularity among consumers. Insect-based products, such as Cricket Pasta, are being introduced in retail outlets, and food industries are exploring their use in various applications. The circular economy principle of using by-products as resources is being applied in the production of insect-based foods. Awareness about the benefits of edible insects is increasing, and they are being recognized as a sustainable and nutritious alternative to animal-derived protein sources for both human consumption and animal feed.

Market Research Overview

The edible insects market is experiencing significant growth due to the increasing awareness of alternative protein sources and changing eating habits. Agriculture farming of insects, such as ants, grasshoppers, crickets, and black soldier flies, is gaining popularity as a sustainable solution to animal-based protein production. Insect farming has a lower ecological footprint than traditional animal farming, producing fewer greenhouse gases and requiring fewer necessary minerals and essential nutrients. Insects are rich in essential amino acids, vitamins, and minerals, making them an ideal source of protein for both human food and animal feed. Companies like Agriprotein Technologies and Crik Nutrition are leading the way in new product development, offering a range of insect-based products, from dried insects and insect meal to protein powders and protein bars. Allergies to animal-based protein and ethical barriers are driving some consumers towards entotarianism, or a diet consisting solely of insects. Insects are also gaining popularity among athletes and those following ketogenic or paleo diets for their high protein content and nutritional benefits. BBQ enthusiasts are even exploring the use of insects as a tasty alternative to traditional meats, with companies like Six Foods and Gathr Foods offering insect-based BBQ options. The future of the edible insects market looks bright, with continued innovation and the potential to address resource scarcity and environmental regulations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Human Consumption
• Animal Nutrition
• Cosmetics And Pharmaceuticals
• Product Type
• Whole Insects
• Insect Powder
• Insect Meal
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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