In a recent published report, Kenneth Research has updated the market report for Edible Insects Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Edible Insects Market products.
Edible Insects Market: Introduction
Edible insects are those insects that are taken into account for the purpose of animal as well as human feed. The demand for edible insects are increasing as they are rich in Calcium, Phosphorous, Protein, Magnesium, Iron and Zinc, which makes them ideal to be used in manufacturing nutritive food items.
The Global Edible Insects Market is anticipated to grow significantly over the forecast period, owing to increase in population especially in developing countries, which has generated the demand for affordable protein-rich food. According to the United Nations Department of Economic and Social Affairs, the world population is expected to reach 8.5 billion by 2030. High cost of animal and plant based protein is aiding the growth of global edible insects market, as they are cost effective.
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Furthermore, less complexity associated in the manufacturing of food products made up of edible insects protein, coupled with increased governmental support to edible insect-based food production are escalating the growth of edible insects market.
According to Food and Agriculture Organization of the United Nations, insects are capable of converting food at a faster rate, for instance, crickets require four times less feed than sheep and six times less feed than cattle for the production of similar amount of protein. However, lack of awareness towards the benefits of consumption of edible insects, allergies among some individuals and psychological barriers related to insect consumption can hinder the growth of the global edible insects market.
By Insects Type:
Beetles are anticipated to be the most widely used edible insects over the forecast period, owing to the availability of a number of beetle species such as ground beetles, Rove beetles, water beetles and others, coupled with health benefits associated with consumption of beetles.
Crucial role played by beetles in biodegradation and their ability to convert tree cellulose into digestible fat are fueling the growth of edible beetles based food products. The demand for mopane caterpillars are anticipated to rise over the forecast period owing to the high iron content present in them along with their higher economical value. According to the World Health Organization (WHO), nearly one-third of the world population is affected by iron deficiency anemia, which creates a huge demand for iron-rich diet.
On the basis of application, animal feed is expected to hold the largest market share due to their higher adaptation for animal feeding. Escalation in prices of soybean meal and fishmeal is driving the demand for cost-effective and sustainable feed solutions for animals, which is creating great scope for the growth of edible insects market in animal feeding.
Lower capital investment and less water required for the production of edible insect based animal feed will boost the growth of edible insects market over the forecast period. Rising demand for cost-effective protein-rich snacks, especially in poor countries such as Pakistan, Bangladesh, Zambia and others are anticipated to encourage the edible insect food products manufacturers to manufacture snacks made up of insect protein, which will further aid the growth of edible insects market.
North America is expected to hold the major revenue share in the global edible insects market over the forecast period, due to rising demand for sustainable feed in the region as well as higher adaptation of edible insects by the population of US and Canada. Rising concern over production and consumption of meat for fulfillment of protein requirement is driving the growth of edible insects market.
Furthermore, presence of prominent players such as EnviroFlight and Aspire Food Group are contributing to the growth of edible insects market in the region. Asia Pacific region is projected to be the fastest growing region for the edible insects market, as the population in Asian countries such as China and India is increasing at a faster pace, which in turn is generating the demand for cost-effective nutritive food to feed the population.
Availability of some insects such as beetles and crickets in abundance and their use in the production of food items such as smoothies and breads are driving the growth for edible insects market in the region.
Key market players operating in Edible insects market include Haocheng Mealworm Inc., Reese Finer Foods Inc., AgriProtein Technologies, EnviroFlight LLC., Kreca V.O.F LLC., Ynsect, Exo Inc., Thailand Unique, Entomo Farms Ltd., Bitty Foods LLC, and Aspire Food Group.
Prominent market players are focusing on merger & acquisition activities to strengthen their product portfolio and maintain their prominence in the market. For instance, in March 2018, Aspire Food Group, USA based company that specializes in edible insect farming technology acquired Exo Inc., manufacturer of protein bars made up of cricket. This merger aimed at combining Aspire’s farming operations with Exo’s product line to develop new products.
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