Edible insects market is projected to grow at a CAGR of 19.52% during the forecast period, reaching a total market size of US$2.279 billion in 2024 from US$0.782 billion in 2018. Insects are often considered a nuisance for human beings, but its benefits are largely unknown to the people. Insects provide food at a low environmental cost, plays a fundamental role in nature, and contribute positively to the livelihood. There was a time when the insect was treated as a famine food, but now the trend has shifted. Now, the insects are not just used in the scarcity of food, but it has become a food culture of many countries. Its amino acid content and essential vitamins content have made it be even used as dog food. The edible insects market is growing owing to the growing population and decreasing food resources, which opens up the need for finding sustainable and environment-friendly food production methods with high nutrition. The increasing acceptance of insects as food, decreasing fear for trying new foods, and the growing demand for an alternative source of animal protein has also propelled the market growth. Furthermore, the development of new technologies for the harvesting of insects and the minimal risk of disease transfer as compared to animal food is also boosting the market growth. However, the lack of distribution and networking channels, negative perceptions about insect consumption, lack of awareness, and various legislative requirements act as a concern for the market.
The Edible Insects Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by product type, application, insect type, and geography.
The edible insects market has been segmented based on product type, application, insect type, and geography. Based on product type the market has been segmented into whole insect and insect powder. By application, the market has been classified into animal feed and human food. By insect type, the market is classified as crickets, black soldier fly, mealworms, grasshoppers, and others
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the edible insects market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the edible insects market.