NEW YORK, August 11, 2016 /PRNewswire/ --
According to a new report published by Persistence Market Research (PMR): in terms of value, the global edible insects market is anticipated to expand at a CAGR of 6.1% during the forecast period and is expected to account for US$ 722.9 Mn by 2024 end. Orthoptera (cricket, grasshopper, and locusts) segment is projected to register a CAGR of 8.1% over the forecast period, driven by rising demand for cricket granola bars, cricket crackers, cricket cookies, and cricket chocolates. Of the various edible insect type products, the beetle's segment is estimated to account for approximately 30.8% share of the global market share in 2016, and caterpillars segment is estimated to account for 17.9% share.
Global Edible Insects Market growth, mainly driven by Low Production Cost of Insect Products as Compared to Beef, Chicken, or Pork.
This report covers trends driving segments and offers analysis and insights of the potential of the edible insects market in specific regions. Markets in Europe and North America are expected to register highest CAGR between 2016 and 2024, accounting for 7.3% and 6.9% respectively. In value terms, APAC contributed the highest revenue to the global edible insects market, while MEA accounted for 28.4% market share in 2015 and is expected to account for 28.9% market share by 2024. Increasing consumer awareness in MEA about the benefits attached with consumption of edible insects is increasing fueling demand for such products over the forecast period.
Key players in the global edible insects market include Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms (Formerly Next Millennium Farms), Enviro Flight, LLC, Proti-Farm, Exo Inc., Entotech, Deli Bugs Ltd., and Eat Grub Ltd.
On the basis of product type, the market is segmented into a product as a whole and product as an ingredient. Product as a whole segment is further sub-segmented into steam or fried, raw and BBQ. As an ingredient segment is sub-segmented into drinks, insect confectionery, snack and baked products, and others. The global market is driven by low capital investment, rapid growth in global population, alternatives for egg and dairy proteins, ease of harvesting and processing, low disease risk and food safety, less land for farming, and lower water consumption.
On the basis of insect type, the market is segmented into beetles, caterpillar, hymenoptera, orthoptera, tree bugs, and others. Orthoptera and tree bugs segments are expected to account for relatively high CAGRs of 8.1% and 7.3% respectively during the forecast period.
Insect rearing involves low capital investment as compared to that needed for another conventional livestock rearing such as cattle, swine, and chicken. Substantial increase in global population and decreasing resources are other factors expected to drive demand for alternative food sources. According to United Nations, global population in 2050 is expected to reach 9 billion, significantly outgrowing existing food resources. Insects contain high protein and amino acids and can be a sustainable food source in future.
To view report description and analysis: http://www.persistencemarketresearch.com/market-research/edible-insects-market.asp
Insects are a highly nutritious and a healthy food source with a high content of nutrients (fats, proteins, vitamins, fiber, and minerals) required by humans. Some individuals cannot palate egg, milk, or soy- derived protein due to allergic reactions. For example, milk sugar or lactose can cause severe allergic reactions that result in gastrointestinal side effects such as nausea, bloating, diarrhea etc. Insects contain high protein and amino acids, due to which some manufacturers add insect protein to various food products. Insect protein is organic and contains no artificial colors, sweeteners or fillers. Insects have high growth and feed conversion rates and low environmental footprint over their entire lifecycle. Insects are found across the globe and reproduce very rapidly. Farming and harvesting of edible insects provide farmers entrepreneurship opportunities across all economies. Insects provide a cheap source of food and can be reared to cater to the low-income population growth. These activities can directly improve diets and provide cash income through sales of excess produce as street food.
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