Edible Insects Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Whole Insect, Insect Powder), By Application (Animal Feed, Human Food), By Insect Type (Black Soldier Fly, Mealworms, Grasshoppers, Others), And By Geography – Forecast From 2022 To 2027

The edible insect market is projected to grow at a compound annual growth rate of 17.58% to reach US$3.376 billion by 2027, from US$1.087 billion in 2020. The growing population and the emerging need for a sustainable food chain to meet the increasing nutritional demand of the population are projected to push the growth of the edible insect market during the forecast period. Also, the evolving alternative protein sector and increasing investments and strategic collaborations are further anticipated to push the edible insects market growth in the coming years. The high food conversion rate by insects is projected to mitigate the burdening livestock feed demand thereby pushing edible insects to be one of the preferred food alternatives for meeting one’s nutritional needs. High nutritional value combined with minimal feed intake is a prominent factor in propelling the demand and market growth of the edible insect market.

Additionally, growing global interest in alternative protein and food sources is further projected to push the growth of the market. For instance, in October 2021, the South Korean Ministry of Food and Drug Safety (MFDS), and Rural Development Administration (RDA), approved the addition of locusts to the country’s edible insects list. The growing sustainable and efficient nutritional demand, innovations, and investments in the alternative protein sector and the high nutritional value clubbed with high food conversion in edible insects are major drivers in propelling the overall edible insects market growth on a global scale during the forecast period.

Based on application the edible insect market is segmented into animal feed and human feed. The animal feed market is expected to grow at a CAGR of XX% to attain a market size of US$XX billion by 2027. The changing trends, increasing acceptance, and use of edible insects as a high-profile source in pet food are steadily changing the animal feed market landscape. The sustainable outlook, potential economic benefits, and high nutrition profile associated with the edible insects market make it the best alternative to traditional food. Though the market is still at a nascent stage, the aforementioned factors and the growing population of pet owners are serving as a perfect market entry point into the edible Insect animal feed market. According to the Pet Food Manufacturers Association, 40% and 67% of UK and US households owned a pet in 2019. Additionally, according to the statistics derived by the said organization, the UK pet food market in 2021 was worth about £3.2 billion.

Growing investments in the alternative protein sector and high food conversion in edible insect is driving the market growth. Growing investments in innovative and new food products are projected to push the overall growth of the edible insect market. In August 2020, Ento, a Malaysia-based alternative company announced the launch of its IPO. The company specializes in food technology and the distribution of edible insects like crickets and larvae for consumption by human beings. Additionally, in March 2022, South Korean Lotte Confectionery Co. invested in Canada’s edible insect protein producer, Aspire Food Group. The investment was made via a venture capital fund with a focus on technology and product development by Lotte Confectionary with cooperation from Aspire Food Group. Investments and IPO launches are anticipated to push the market growth for the edible insect market. Furthermore, as per the Food and Agriculture Organization of the United Nations (FAO), a cricket needs 6 times less feed than cattle while 4 times less feed than sheep, and 2 times lesser feed requirements than pigs and chickens to produce the same amount of protein. The rising population and growing stress on agricultural lands are anticipated to shift the consumption habits and type of food intake from a lower food conversion creature to a higher food conversion one like the edible insects. Moreover, as per FAO, edible insects contain a high amount of protein, vitamins, and amino acids for the human population. The increasing need for a sustainable food chain to meet the rising population’s nutritional requirements, growing investments in the alternative protein sector, and the high nutritional value possessed by edible insects are anticipated to propel the overall market growth for the edible insect global market during the forecast period. 

COVID-19 Impact on the Edible Insects Market

The COVID-19 pandemic impacted the global edible insect market by lowering its market potential. The robust outbreak of the virus and its exponential spread resulted in the implementation of nationwide lockdowns and trade restrictions which hampered the market. Supply chain constraints amid trade restrictions further constrained the market. Moreover, increased health and diet consciousness along with the burgeoning growth of plant-based food diets resulted in a switch from insect-protein to plant-protein, further contracting the market size. Furthermore, rising veganism and vegetarianism also restricted the market during the outbreak of the virus.

The COVID-19 virus lowered the market value of edible insects to US$1.087 billion in 2020, compared with the US$1.192 billion projected potential for non-COVID-19 2020. However, in the long run, the market is projected to revive and attain a value of US$3.376 billion by 2027, compared to its non-COVID-19 2027 potential of US$3.389 billion.

The outbreak of the virus resulted in a fall in the short-run CAGR, which is calculated at 13.39% compared to the short-run, non-COVID-19 CAGR of 17.42%. However, it is anticipated that in the long run, the market will revive at a fruitful pace.

Edible Insects Market Scope:

Segmentation

• By Product
  • Whole Insect
  • Insect Powder
• By Application
  • Animal Feed
  • Human Food
• By Insect Type
  • Black Soldier Fly
  • Mealworms
  • Grasshoppers
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others