Edible Insects Market Size Set to Exceed USD 520mn by 2023, With Over 40% Growth From 2016 to 2023: Global Market Insights Inc.

Jul 05, 2016, 06:30 ET from Global Market Insights Inc.

OCEAN VIEW, Delaware, July 5, 2016 /PRNewswire/ --

Global Edible Insects Market size is poised to exceed USD 522 million by 2023, as per the latest research report by Global Market Insights, Inc. Increasingly positive outlook on insect or bug consumption, as a healthy, alternative and sustainable protein source will drive demand.

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Beetles dominated demand and were valued at USD 9.7 million in 2015. Key human consumption patterns involve the use of insects as a whole or in powder form for flour, protein bars and other snacks. Grasshoppers, locusts and crickets could see significant demand gains, estimated at more than 42% CAGR up to 2023. Pet foods have seen increasing use of grasshoppers as dried, whole or frozen form for fish, turtles, birds and pets.

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Food products use cricket, mealworm and grasshopper powders, rich in protein content having all essential mineral and amino acids. Black soldier fly larvae and maggots considered as substitute in fishmeal feed in aquaculture industry, are consumed either whole or as processed meal. Grasshoppers, beetles, crickets, cockroaches, termites, scale insects, flies, bees, wasps and ants are food sources for poultry which may fuel edible insects market growth.

A robust and clearly define regulatory guideline for registration, classification and commercialization of insect-based foods will be critical for industry evolution. Presently, while bug-based foods are sold across the U.S. as well as EU, participants are somewhat in the dark with respect to labelling and selling guidelines.

Browse key industry insights spread across 86 pages with 72 market data tables & 10 figures & charts from the report, "Edible Insects Market Size By Product (Beetles, Caterpillars, Grasshoppers, Bees, Wasps, Ants, Scale Insects & True Bugs), By Application (Flour, Protein Bars, Snacks), Industry Analysis Report, Regional Outlook (U.S., Belgium, Netherlands, UK, France, China, Thailand, Vietnam, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023" in detail along with the table of contents: 

https://www.gminsights.com/industry-analysis/edible-insects-market

Key insights from the report include: 

Global edible insects market size will exceed USD 522 million in sales by 2023, with estimated gains at 42% CAGR. Bug-based flour and energy bars together saw over 54% of all edible insects market share in 2015.

APAC, dominated by Thailand, China and Vietnam edible insects market size, was dominant and generated more than USD 12 million in 2015. Insect farming, low raw material cost and transportation cost are influencing industry growth.

Europe, led by UK, Belgium, France and Netherlands edible insects market share may see sales of more than USD 46 million by 2023. The EU allows use of insect feed for fish in aquaculture which may drive regional industry growth.

North America, led by U.S. edible insects market size, may grow significantly. Strong consumer awareness levels and acceptance will drive regional growth. Beetles and caterpillars together were responsible for more than 45% of regional sales in 2015.

Brazil and Mexico are largest LATAM markets, as insects have been traditionally consumed not only as a source of food but also due to their medicinal properties. Bug-based flour accounted for over 40% of regional sales in 2015.

Edible insects market share is fairly competitive. HaoCheng Mealworm Inc, AgriProtein EnviroFlight, and Kreca are among major industry players. Other significant companies include Proti-Farm, Chapul Inc, Eat Grub, Bitty Foods, Micronutris, Edible Inc, and Thailand Unique.

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Global Market Insights has segmented the Edible Insects Industry on the basis of product, application and region:

Edible Insects Market Product Analysis (Revenue, USD Million, 2012 - 2023) 

  • Beetles
  • Caterpillars
  • Grasshoppers, locusts and crickets
  • Bees, wasps and ants
  • Scale insects and true bugs
  • Other edible insects

Edible Insects Market Application Analysis (Revenue, USD Million, 2012 - 2023) 

  • Flour
  • Bars
  • Snacks

Edible Insects Market Regional Analysis (Revenue, USD Million, 2012 - 2023) 

  • North America
    • U.S.
  • Europe
    • Belgium
    • France
    • UK
    • Netherlands
  • Asia Pacific
    • China
    • Thailand
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights Inc.