Edible Insects Market Strategies, Trends, and Forecast by 2031
The edible insects market is expected to register a CAGR of 10% during 2023–2031. Sustainability concerns and rising inclination towards alternative protein sources are likely to remain key market trend.
Edible Insects Market Analysis:
- The edible insect market is growing fast. Interest in exotic and novel food experiences is a major driving factor. Another driver is the environmental benefits of edible insect food: they emit less greenhouse gases, create less water pollution and use much less land than traditional livestock farming.
- The potential of the edible insect market in the Western world is only just emerging. Two billion people already consume insects worldwide, but edible insects are not yet widely consumed in the West.
- in April 2023, Nutrition Technologies Group, an American startup active in the insect-based food sector, signed a trade deal of up to USD 100 million with the Japanese Sumitomo Corporation Group to expand distribution of its pet food and aquafeed products in Japan. Such commercial agreements are a way to capitalize on the rising demand for protein alternatives and create new markets.
Edible Insects Market Overview
- The market demand for edible insects is projected to grow at a rapid rate in the next decade due to reasons such as the increasing demand for insect protein in the animal feed industry, the benefits to the environment, and the low risk of spreading zoonotic diseases.
- Besides, insect farming and cultivated practices are helping make the intensifying production efforts to keep up with the demand.
- Demand for edible insects is emerging, but there are some barriers to overcome, including ethical issues from tradition and culture, the lack of awareness, and regulations.
- Nevertheless, the environmental costs of traditional livestock farming are becoming increasingly evident, and consumers are turning to edible insects as an alternative source of protein with a much smaller environmental footprint.
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Edible Insects Market: Strategic Insights
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Edible Insects Market: Strategic Insights
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Edible Insects Market Drivers and Opportunities
Rising Demand for Insect Protein
- Insect protein offers several benefits as an alternative source to traditional protein. Insects are high in proteins, vitamins, minerals and essential amino acids. They are a good source of protein with similar content to conventional animal products. Insects also contain high amounts of micronutrients and antioxidants, making them a nutritious choice.
- Insect farming needs less land, water and feed than the traditional livestock; insects have less food conversion inputs and have lower greenhouse gas emissions when compared to livestock – more sustainable source of proteins.
- Replacing traditional protein sources such as fish meal in animal feed with alternative protein source provided by insects support sustainable aquaculture.
- Thus, rising demand for edible insect an alternative protein source is driving the market growth.
Opportunities
Increasing Sustainability Concerns
- Insects for food are a good solution as they are much more sustainable than more traditional protein sources that currently come from animals, reducing pressure on the environment and the need to feed more people on a global scale.
- Increasingly, consumers are taking environmental factors into consideration and trying to eat foods with a smaller footprint. Edible insects use less land, water and feed than traditional livestock products; they also produce fewer greenhouse gases and have a higher food conversion efficiency.
- Moreover, the nutritional value of insects as protein contributes to the demand. Edible insects are an excellent source of proteins, vitamins, minerals, essential amino acids. They could be an excellent supplement for a human diet, thanks to their fairly high levels of protein, vitamins, minerals and essential amino acids.
- Thus, increasing sustainability concerns and nutrition benefits of insects are expected to open new opportunities in the market in the coming years.
Edible Insects Market Segmentation
The scope of the global edible insects market has been segmented on the based-on insect type, form, and distribution channel.
- Based on insect type, the edible insects market is divided into crickets, grasshoppers, beetles, caterpillars, and others.
- On the basis of form, the market is divided into whole insects, powders, and others.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
Edible Insects Market Share Analysis by Geography
- Edible Insects Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering edible insects market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the edible insects market in these regions.
Edible Insects Market Report Scope
Edible Insects Market News and Recent Developments:
The edible insects market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies, has reached an agreement for a two-fold investment with Protix, the leading global insect ingredients company. The strategic investment will support the growth of the emerging insect ingredient industry and expand the use of insect ingredient solutions to create more efficient sustainable proteins and lipids for use in the global food system. The agreement combines Tyson Foods’ global scale, experience and network with Protix’s technology and market leadership to meet current market demand and scale production of insect ingredients. (Source – Tyson Foods, Press Release, Oct 2023)
- Vietnamese edible insect startup Cricket One has opened what it claims is Asia’s largest cricket processing facility and closed a series A round for an undisclosed “seven-figure” sum. The round was led by Singapore-based investor Robert Alexander Stone and supported by Cub Capital along with a Singapore-based family office. The new facility, in Binh Phuoc, north of Saigon, will initially process 1,000 metric tons a year, increasing to 10,000 tons over the next five years. (Source – Cricket One, Newsletter, Sept 2023)
Edible Insects Market Report Coverage and Deliverables
The “Edible Insects Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Edible Insects market size and forecast at global, regional and country levels for all the key market segments covered under the scope.
- Edible Insects market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Edible Insects market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the edible insects market.
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Frequently Asked Questions
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
All Things Bugs LLC, Aspire Food Group, Bitty Foods, Bugsolutely Ltd, Entomofarms, Circle Harvest, Wurmfarm, Kreca Ento-Food BV, Protifarm Holding NV, and Eat Criche are among the leading players operating in the edible insects market.
Rising demand for insect protein is driving the edible insects market growth.
Environmental sustainability and high nutritional value of edible insect are likely to remain the key trends in the market.
The global edible insects market is estimated to grow above 10% during the forecast period 2023-2031.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Edible Insects Market - By Insect Type
1.3.2 Edible Insects Market - By Product Type
1.3.3 Edible Insects Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. EDIBLE INSECTS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. EDIBLE INSECTS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. EDIBLE INSECTS MARKET - GLOBAL MARKET ANALYSIS
6.1. EDIBLE INSECTS - GLOBAL MARKET OVERVIEW
6.2. EDIBLE INSECTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. EDIBLE INSECTS MARKET - REVENUE AND FORECASTS TO 2028 - INSECT TYPE
7.1. OVERVIEW
7.2. INSECT TYPE MARKET FORECASTS AND ANALYSIS
7.3. CRICKETS
7.3.1. Overview
7.3.2. Crickets Market Forecast and Analysis
7.4. MEALWORMS
7.4.1. Overview
7.4.2. Mealworms Market Forecast and Analysis
7.5. BLACK SOLDIER FLIES
7.5.1. Overview
7.5.2. Black Soldier Flies Market Forecast and Analysis
7.6. GRASSHOPPERS
7.6.1. Overview
7.6.2. Grasshoppers Market Forecast and Analysis
7.7. SILKWORM
7.7.1. Overview
7.7.2. Silkworm Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. EDIBLE INSECTS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
8.1. OVERVIEW
8.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
8.3. WHOLE INSECTS
8.3.1. Overview
8.3.2. Whole Insects Market Forecast and Analysis
8.4. INSECT POWDER
8.4.1. Overview
8.4.2. Insect Powder Market Forecast and Analysis
8.5. INSECT MEAL
8.5.1. Overview
8.5.2. Insect Meal Market Forecast and Analysis
8.6. INSECT PROTEIN BARS AND PROTEIN SHAKES
8.6.1. Overview
8.6.2. Insect Protein Bars and Protein Shakes Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. EDIBLE INSECTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Edible Insects Market Overview
9.1.2 North America Edible Insects Market Forecasts and Analysis
9.1.3 North America Edible Insects Market Forecasts and Analysis - By Insect Type
9.1.4 North America Edible Insects Market Forecasts and Analysis - By Product Type
9.1.5 North America Edible Insects Market Forecasts and Analysis - By Countries
9.1.5.1 United States Edible Insects Market
9.1.5.1.1 United States Edible Insects Market by Insect Type
9.1.5.1.2 United States Edible Insects Market by Product Type
9.1.5.2 Canada Edible Insects Market
9.1.5.2.1 Canada Edible Insects Market by Insect Type
9.1.5.2.2 Canada Edible Insects Market by Product Type
9.1.5.3 Mexico Edible Insects Market
9.1.5.3.1 Mexico Edible Insects Market by Insect Type
9.1.5.3.2 Mexico Edible Insects Market by Product Type
9.2. EUROPE
9.2.1 Europe Edible Insects Market Overview
9.2.2 Europe Edible Insects Market Forecasts and Analysis
9.2.3 Europe Edible Insects Market Forecasts and Analysis - By Insect Type
9.2.4 Europe Edible Insects Market Forecasts and Analysis - By Product Type
9.2.5 Europe Edible Insects Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Edible Insects Market
9.2.5.1.1 Germany Edible Insects Market by Insect Type
9.2.5.1.2 Germany Edible Insects Market by Product Type
9.2.5.2 France Edible Insects Market
9.2.5.2.1 France Edible Insects Market by Insect Type
9.2.5.2.2 France Edible Insects Market by Product Type
9.2.5.3 Italy Edible Insects Market
9.2.5.3.1 Italy Edible Insects Market by Insect Type
9.2.5.3.2 Italy Edible Insects Market by Product Type
9.2.5.4 United Kingdom Edible Insects Market
9.2.5.4.1 United Kingdom Edible Insects Market by Insect Type
9.2.5.4.2 United Kingdom Edible Insects Market by Product Type
9.2.5.5 Russia Edible Insects Market
9.2.5.5.1 Russia Edible Insects Market by Insect Type
9.2.5.5.2 Russia Edible Insects Market by Product Type
9.2.5.6 Rest of Europe Edible Insects Market
9.2.5.6.1 Rest of Europe Edible Insects Market by Insect Type
9.2.5.6.2 Rest of Europe Edible Insects Market by Product Type
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Edible Insects Market Overview
9.3.2 Asia-Pacific Edible Insects Market Forecasts and Analysis
9.3.3 Asia-Pacific Edible Insects Market Forecasts and Analysis - By Insect Type
9.3.4 Asia-Pacific Edible Insects Market Forecasts and Analysis - By Product Type
9.3.5 Asia-Pacific Edible Insects Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Edible Insects Market
9.3.5.1.1 Australia Edible Insects Market by Insect Type
9.3.5.1.2 Australia Edible Insects Market by Product Type
9.3.5.2 China Edible Insects Market
9.3.5.2.1 China Edible Insects Market by Insect Type
9.3.5.2.2 China Edible Insects Market by Product Type
9.3.5.3 India Edible Insects Market
9.3.5.3.1 India Edible Insects Market by Insect Type
9.3.5.3.2 India Edible Insects Market by Product Type
9.3.5.4 Japan Edible Insects Market
9.3.5.4.1 Japan Edible Insects Market by Insect Type
9.3.5.4.2 Japan Edible Insects Market by Product Type
9.3.5.5 South Korea Edible Insects Market
9.3.5.5.1 South Korea Edible Insects Market by Insect Type
9.3.5.5.2 South Korea Edible Insects Market by Product Type
9.3.5.6 Rest of Asia-Pacific Edible Insects Market
9.3.5.6.1 Rest of Asia-Pacific Edible Insects Market by Insect Type
9.3.5.6.2 Rest of Asia-Pacific Edible Insects Market by Product Type
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Edible Insects Market Overview
9.4.2 Middle East and Africa Edible Insects Market Forecasts and Analysis
9.4.3 Middle East and Africa Edible Insects Market Forecasts and Analysis - By Insect Type
9.4.4 Middle East and Africa Edible Insects Market Forecasts and Analysis - By Product Type
9.4.5 Middle East and Africa Edible Insects Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Edible Insects Market
9.4.5.1.1 South Africa Edible Insects Market by Insect Type
9.4.5.1.2 South Africa Edible Insects Market by Product Type
9.4.5.2 Saudi Arabia Edible Insects Market
9.4.5.2.1 Saudi Arabia Edible Insects Market by Insect Type
9.4.5.2.2 Saudi Arabia Edible Insects Market by Product Type
9.4.5.3 U.A.E Edible Insects Market
9.4.5.3.1 U.A.E Edible Insects Market by Insect Type
9.4.5.3.2 U.A.E Edible Insects Market by Product Type
9.4.5.4 Rest of Middle East and Africa Edible Insects Market
9.4.5.4.1 Rest of Middle East and Africa Edible Insects Market by Insect Type
9.4.5.4.2 Rest of Middle East and Africa Edible Insects Market by Product Type
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Edible Insects Market Overview
9.5.2 South and Central America Edible Insects Market Forecasts and Analysis
9.5.3 South and Central America Edible Insects Market Forecasts and Analysis - By Insect Type
9.5.4 South and Central America Edible Insects Market Forecasts and Analysis - By Product Type
9.5.5 South and Central America Edible Insects Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Edible Insects Market
9.5.5.1.1 Brazil Edible Insects Market by Insect Type
9.5.5.1.2 Brazil Edible Insects Market by Product Type
9.5.5.2 Argentina Edible Insects Market
9.5.5.2.1 Argentina Edible Insects Market by Insect Type
9.5.5.2.2 Argentina Edible Insects Market by Product Type
9.5.5.3 Rest of South and Central America Edible Insects Market
9.5.5.3.1 Rest of South and Central America Edible Insects Market by Insect Type
9.5.5.3.2 Rest of South and Central America Edible Insects Market by Product Type
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. EDIBLE INSECTS MARKET, KEY COMPANY PROFILES
11.1. ALL THINGS BUGS, LLC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ASPIRE FOOD GROUP
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BITTY FOODS
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BUGSOLUTELY LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. CRICKE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. CRICKET LAB
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ENTOMOFARMS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. EXO INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. KRECA ENTO-FOOD BV
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. PROTIFARM HOLDING NV
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. All Things Bugs, LLC
2. Aspire Food Group
3. Bitty Foods
4. Bugsolutely Ltd
5. Cricke
6. Cricket Lab
7. EntomoFarms
8. Exo Inc.
9. Kreca Ento-Food BV
10. Protifarm Holding NV
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.