Global Edible Insects Market, By Insect Type (Beetles, Caterpillars, Hymenoptera, Orthoptera, Others), By Product Type (as a whole (Steam or fried, Raw, BBQ), as an Ingredient (Drinks, Insect confectionery, Snacks or baked products, Others)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global edible insects market is estimated to reach at a value of US$ 669.7 Mn by the end of 2020 and expected to reach at a value of US$ 2,519.8 Mn by 2028 with a significant CAGR of 18.0%.
Insects that can be consumed as a food, or more commonly known as edible insects, have always been a part of human cuisines, although in few communities insects are still considered a matter of inconvenience and nuisance. Notably, it is universally acknowledged that by the year 2050 the world will have to feed the mouths of 9 billion people. In the present times, land is barely available and broadening the field dedicated to agriculture and farming is scarcely a sustainable or viable choice. For that reason, in the future how and what we produce and what we eat should necessarily be re-examined.
There is a crucial need to explore new alternatives of cultivating food. Attributing to such factors, the idea of edible insects is expected to grow and diversify across the world at a rapid pace, which in turn is estimated to propel the growth of the global edible insects market in the forthcoming years.
Other than that, the demand for animal-based food has increased exponentially in the past couple of decades, which further fuels the idea of edible insects in the entire food and beverage industry, worldwide. In addition to that, the growing number of food alternatives across the global markets to explore is also playing a crucial role in boosting the demand of edible insects among the population. Owing to which, the global edible insects market is projected to witness huge breakthroughs over the forecast period.
Moreover, the edible insects are considered to be rich in protein as well as low in fats and ultimately claims to be economical food. All the same, the increased health consciousness among the masses, globally, are further expected to accelerate the growth of the global edible insects market in the near future.
Furthermore, the edible insects can be consumed as a whole in the form dried, roasted or powdered to make it rich in protein which proves to be highly beneficial for the well-being of humans, as well as it can be used as an ingredient in the popular foods like patties, burgers, and other snacks.
By the same token, the easy accessibility and economical processing techniques of edible insects further encourages the idea of edible insects across the world. Therefore, the global edible insects market is projected to witness significant growth in the coming years.
MMC Study identifies some of the key participating players in the edible insect market globally are Thailand Unique, Kreca Ento-Food BV, Nordic Insect Economy Ltd., Entomo Farms Ltd., Enviro Flight, LLC, Proti-Farm, Exo Inc., ENTOTECH, Deli Bugs Ltd., and Eat Grub Ltd., among others.
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