TMR Analyzes Impact of Outbreak of COVID-19 on Edible Insects Market
Global Edible Insects Market: Overview
Edible insects have gone through a huge transition from being famine food to a food included in the daily diet. At present, insects are not just consumed during scarcity of conventional food products but are also part of the food culture of many countries. Edible insects are not only used as human food but also as animal feed due to the presence of amino acids and essential minerals in them.
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Edible insects such as ants, wasps, bees, flies, scale insects, termites, cockroaches, crickets, beetles, and grasshoppers are rich sources of nutrition for poultry. By type, the global edible insects market is segmented into beetles, termites, caterpillar, locusts, grasshoppers, mealworm, and others. Based on application the market is classified into animal feed (aquaculture and poultry), human food, and others.
The research report provides an in-depth analysis of the growth trajectory of the global edible insects market and the opportunities that are likely to benefit the vendors of edible insects in future. It evaluates the key segments and highlights their share in the global edible insects market. The report further delves into the competitive landscape of the market and provides information about the degree of barriers to entry and exit in the market by utilizing the Porter’s five forces analysis. The study also presents projections on the volume and revenue growth of the global edible insects market. The dynamics that are likely to restrain or drive the growth of the market are also mentioned in the report.
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Global Edible Insects Market: Trends and Opportunities
The growth of the global edible insects market can be attributed to the increasing demand for food products with high protein value among middle class consumers and the rising population across the world. Feed and food insecurity and the high cost of animal protein are factors that have lifted the consumption of edible insects as feed and food. Entomophagy or consumption of insects is considered to have a positive impact on the livelihood and health of consumers.
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The global edible insects market is anticipated to be steered by the growing practice of consuming edible in various local food cultures across the globe. In many developing countries, insects are an important source of food supplement for malnourished children as they can be easily digested. In Europe, the demand for edible insects is considerably high owing to the minimal risk of disease transfer as compared to animals and the presence of micronutrients and nutrients such as fatty acids, zinc, selenium, phosphorus, manganese, magnesium, iron, and copper.
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However, the dearth of distribution and networking channels and absence of a legal framework regarding the consumption of edible insects are factors that are likely to inhibit the growth of the global edible insect market. Furthermore, negative perceptions about insect consumption among consumers and lack of awareness are also likely to impede the growth of the market over the forthcoming years.
Global Edible Insect Market: Regional Outlook
The global edible insect market is segmented into Europe, Asia Pacific, North America, and the Rest of the World. Asia Pacific emerged as the leading region in terms of consumption of edible insects. Countries such as Sri Lanka, Malaysia, India, Bangladesh, and China are the major consumers of edible insects in the region. The edible insect market in Africa is also expected to witness strong growth owing to the demand for edible insects for nutritional value.
Companies Mentioned in the Report
Leading companies operating in the global edible insect market are focusing on large scale publicity of their products and innovative packaging for increasing their consumer base. Some of the companies mentioned in the report are HaoCheng Mealworm Inc., Reese Finer Foods Inc., AgriProtein Technologies, Kreca V.O.F., LLC, and EnviroFlight.
