Industry Outlook and Trend Analysis
The Edible Insects Market was worth USD 18.83 million in 2014 and is expected to reach approximately USD 476.80 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 43.20% during the forecast period. Developing concerns regarding health among consumers due to consuming unhealthy food is anticipated to fortify the market development. Switch in interest towards consuming protein rich foods alongside convenience foods and demand for ready-to-eat meals will improve industry development. The products provides several health advantages including dropping down obesity and calories and are exceptionally nutritious even to domesticated animals when given as feed, coming about into expanded market demand. Expanding significance towards cultivating which require least investment alongside reduction in seafood resource and confinements forced by countries on fishing will reinforce the development of the market.
Product Outlook and Trend Analysis
Beetles based edible insects market request is esteemed at about USD 16 million in 2017 and is anticipated to develop over the predictable period. Beetle larvae is useful to clean dead plant matter by separating the organic matter and has an essential part in biodegradation, which is probably going to fuel product request. There are an aggregate of 80 North American beetles in the Insect Identification database and are utilized to control water hyacinth attacks, in this way improving the demand of the market. Caterpillars’ edible insects’ market demand request is anticipated to grow significantly over the forecast period. They are conveniently reaped and rich source of vitamins, proteins and minerals.
Application Outlook and Trend Analysis
In 2017 Edible insects demand from flour application was esteemed over USD 19.5 million and may witness critical additions amid the anticipated time period. Grasshopper and cricket powders are used in food products due to its significant minerals, protein rich content and amino acids which will encourage the growth of the edible insects market. Cricket flour is gluten free and is utilized in food products which boost the market growth. Crickets and mealworms are widely used in food products attributable to their rich source in proteins and amino acids.
Regional Outlook and Trend Analysis
North America edible insects market is driven by Canada and the U.S. would enlist major development over the forecast period. Developing interest for high protein foods and repugnance for processed food may additionally surge the demand of the product. Crickets are generally expended in this locale for cultivating methods and in food applications as it can separate the natural issue which will invigorate regional industry development. Asia Pacific driven by Thailand and China may outperform USD 270 million over the forecast period.
The leading players in the market are AgriProtein, Edible Inc, EnviroFlight LLC, Bensbugs, Haocheng Mealworm, Gather Foods LLC, Entomo Farms and Bitty Foods. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Edible Insects Market is segmented based on regions as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?