Persistence
Market Research (PMR) delivers key insights on the global edible
insects market in its upcoming outlook titled, “Edible Insects
Market: Global Industry Analysis and Forecast, 2016 – 2024”. In
terms of value, the global
edible insects market is projected to register a healthy CAGR
of 6.1% during the forecast period due to various factors, regarding
which PMR offers vital insights in detail.
On
the basis of product type, the market is segmented into a product as
a whole and product as an ingredient. Product as a whole segment is
further sub-segmented into steam or fried, raw and BBQ. As an
ingredient segment is sub-segmented into drinks, insect
confectionery, snack and baked products, and others. The global
market is driven by low capital investment, rapid growth in global
population, alternatives for egg and dairy proteins, ease of
harvesting and processing, low disease risk and food safety, less
land for farming, and lower water consumption.
On
the basis of insect type, the market is segmented into beetles,
caterpillar, hymenoptera, orthoptera, tree bugs, and others.
Orthoptera and tree bugs segments are expected to account for
relatively high CAGRs of 8.1% and 7.3% respectively during the
forecast period.
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Insect
rearing involves low capital investment as compared to that needed
for another conventional livestock rearing such as cattle, swine, and
chicken. Substantial increase in global population and decreasing
resources are other factors expected to drive demand for alternative
food sources. According to United Nations, global population in 2050
is expected to reach 9 billion, significantly outgrowing existing
food resources. Insects contain high protein and amino acids and can
be a sustainable food source in future.
Insects
are a highly nutritious and a healthy food source with a high content
of nutrients (fats, proteins, vitamins, fiber, and minerals) required
by humans. Some individuals cannot palate egg, milk, or soy- derived
protein due to allergic reactions. For example, milk sugar or lactose
can cause severe allergic reactions that result in gastrointestinal
side effects such as nausea, bloating, diarrhea etc. Insects contain
high protein and amino acids, due to which some manufacturers add
insect protein to various food products. Insect protein is organic
and contains no artificial colors, sweeteners or fillers. Insects
have high growth and feed conversion rates and low environmental
footprint over their entire lifecycle. Insects are found across the
globe and reproduce very rapidly. Farming and harvesting of edible
insects provide farmers entrepreneurship opportunities across all
economies. Insects provide a cheap source of food and can be reared
to cater to the low-income population growth. These activities can
directly improve diets and provide cash income through sales of
excess produce as street food.
This
report covers trends driving segments and offers analysis and
insights of the potential of the edible insects market in specific
regions. Markets in Europe and North America are expected to register
highest CAGR between 2016 and 2024, accounting for 7.3% and 6.9%
respectively. In value terms, APAC contributed the highest revenue to
the global edible insects market, while MEA accounted for 28.4%
market share in 2015 and is expected to account for 28.9% market
share by 2024. Increasing consumer awareness in MEA about the
benefits attached with consumption of edible insects is increasing
fueling demand for such products over the forecast period.
Key
players in the global edible insects market include Thailand Unique,
Kreca, Nordic Insect Economy Ltd., Entomo Farms (Formerly Next
Millennium Farms), Enviro Flight, LLC, Proti-Farm, Exo Inc.,
Entotech, Deli Bugs Ltd., and Eat Grub Ltd.
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