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Edible insects market forecast at $1.5 billion by 2026
Source：Global Market Insights, Inc.
Date Published：2/21/2020 10:02:28 AM
Global Market Insights, Inc. has released a 170-page report analysing the global edible insects market, including extensive data on outlook by application, the products, price trends, and competition. The firm expects the market value for edible insects to achieve $1.5 billion by 2026, growing at a CAGR of over 47%. This as current trends point to the rapid consumption of high protein and low-calorie ingredients. At the same time tougher competition will see the development of innovative edible insect products.
Cricket and mealworm powders which are rich in protein and nine essential amino acids are being added in snack bars, energy, and protein bars. Industry players are experimenting with various ingredients and flavors to make their product edible in raw form which is likely to encourage consumption. Rapid shift towards adopting high-quality protein powders in daily dietary needs is likely to boost edible insects industry growth.
The rising demand for edible insect powders to prepare healthy snacks is likely to boost market trends. Beetle & ant powders are widely used to fortify snacks such as potato chips, wedges, chocolates, and other confectionery products. These powders contain a pure and high concentration of branched amino acids such as lysine and valine which aid in increasing immunity and muscle growth which should boost the outlook for the edible insects market.
Edible insect ingredients in different forms will be used in meat alternatives, cheese fortification, and more. (Photo: Dmitriy Melnikov I Dreamstime.com)
Some major findings of the edible insects market report include:
- The demand for edible insects is increasing globally owing to rich concentration of nine essential amino acids and easy digestibility
- Changing dietary patterns towards low calorie and high protein sources owing to increasing consumer inclination to consume nutritious diets should propel the global industry trends
- Rising awareness on potential benefits of edible insects products and increasing demand for naturally fortified ingredients should boost market demand
- Major edible insects market players include Exo Protein, Gathr Foods, Crowbar Protein, Crik Nutrition, Cricket Flours, Crickers, and Bugsolutely
- Companies are rapidly investing in R&D to capitalize on changing dietary needs and shift towards edible insect preparations
- Industry players are developing novel techniques to market their products by offering free samples, discounts, and attractive packaging
- Stringent regulations in North & Europe for food manufacturers towards the use of edible insects in bakery, cheese, and other food preparations to protect consumer interest is making industry players to provide innovative, safe, and high-quality solutions
- Manufacturers are rapidly adopting new product development by introducing beta glucan-based food items such as bakery preparations, snacks, and beverages
- Rapid adoption in the baking industry to include edible insects flours to prepare high quality & nutritious bread products to boost product demand
- Increasing prevalence of livestock diseases is making consumers opt for safe, economical, low calorie, and protein-rich alternative sources which are likely to boost the edible insects market share.
Rising living standards supported by high per capita income and increasing awareness on potential benefits of edible insects should boost market demand in Europe. Industry players in Europe are rapidly using edible insect powders to fortify cheese, bakery & confectionery products and investing in marketing initiatives to increase popularity. Additionally, emerging health trends on fitness, adoption of high protein and low-calorie keto diets is likely to boost the market statistics.
Several market players are engaged in launching new edible insect products by developing advanced farming and extraction techniques to lower costs. Various manufacturers are entering into joint ventures with supermarkets, stores, and distributors to increase their product penetration and reach a wide customer base. Furthermore, rapid investment in new product development to strengthen brand recognition and regional presence is likely to fuel the edible insects market outlook.
Access the report: “Edible Insects Market Outlook By Application (Flour, Protein Bars, Snacks), Products (Beetles, Caterpillars, Grasshoppers, Bees, Wasps, Ants, Scale Insects & True Bugs), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2026