Edible Insects Market – Global Market Share, Trends, Analysis ,Forecast 2016 – 2024
Insect are often considered as pest for animals and crops. However they are fundamental part of nature and are a source of food at low cost. Insects are not merely famine food eaten at times of scarcity or situation when harvesting of conventional food becomes difficult. Edible insect as food and feed has emerged as agile issue due to rising cost of animal protein, food and feed insecurity, growing population and rising demand for protein among the middle class. The consumption of insects or entomophagy contributes to positive health and livelihood.
The edible insect market can be segmented by type as- Mealworm, Grasshoppers, Locusts, Caterpillar, Termites, Beetles and Others. Moreover it can also be segmented by application type such as- Human food, Animal feed (Poultry and Aquaculture) and Others. Geographically the market can be segmented as- North America, APAC, Europe and Rest of the World (RoW) regions.
Palatability of insect and presence of edible insects in local food culture are the driving forces which are shaping the global edible insects market. Moreover insects are rich source of protein and are low cost substitute for animal proteins. Lack of legal framework governing the insect consumption and deficit of networking and distribution channel among producers are the restraining factors hindering the growth of edible insects market. Moreover consumer awareness and negative perception about insect consumption is another growth barrier.
Asia- Pacific region has shown growth in edible insects sector. Countries such as China, Bangladesh, India, Malaysia and Sri Lanka contribute to this growth along with Africa (Rest of the World (RoW)). The global edible insect market is expected to grow over next six years with a significant growth rate.
Some of the key player of the edible insects market are- EnviroFlight, LLC, Kreca V.O.F., AgriProtein Technologies, Reese Finer Foods Inc, HaoCheng Mealworm Inc.
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