Global Edible Insects Market Thrives on Rising Awareness, Negative Public Perception Remains Prime Concern
Transparency Market Research (TMR) announces a new report in its extensive food and beverage industry intelligence catalog. The report examines the global edible insects market and presents eight-year forecasts for the market’s development till 2024. The report is titled ‘Edible Insects Market – Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016 – 2024.’
Entomophagy, or the consumption of insects for food, is an expanding field and is gaining importance due to the rising awareness about its various benefits. Insects have traditionally been considered as pests in most human societies, and the global spread of the idea of consuming insects as even a novelty food item, let alone as a staple, is relatively recent. While insects have sometimes been consumes as famine or emergency food, the rising global population means that insects may need to become the food of the future.
The increasing monetary and environmental costs of raising conventional meat-producing animals such as cattle, swine, and chicken are the major driver for the global edible insects market. Edible insects such as locusts have a much higher protein percentage in their bodies than any conventionally consumed animals. This leads to much more efficient use of animal feed into meat; for instance, one kilogram of feed produces 12 times more protein from edible insects than from cattle.
Cattle and other conventional dietary favorites also cause much more environmental damage than edible insects due not only to their higher consumption of feed but also higher excretion of greenhouse gases throughout the production chain. The difference between the water consumption of edible insects and conventional livestock is also conspicuous, while many species of edible insects have evolved to be drought-resistant, which means their water consumption is negligible in global terms.
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Further research in the field of edible insects could also lead to the generation of genetically modified species of insects that require even less water than usual. Many edible insects can also be raised on little more than the waste products generated by other livestock, which is a major driver for the global edible insects market. Edible insects can also be healthier than traditional meats, as they contain little fat and high levels of micronutrients and vital minerals such as iron and zinc.
On the other hand, the palatability of insects has been the key issue for the global edible insects market, with consumers choosing to opt for the tastier and better established conventional protein sources instead. However, the presence of entomophagy in several local cultures is helping raise awareness about the palatability of edible insects, which could be a key factor in the global edible insects market’s growth in the coming years.
Regionally, Asia Pacific countries such as India, Sri Lanka, Bangladesh, China, and Malaysia have contributed immensely to the global edible insects market in recent years. Southeast Asian and African countries are expected to remain the major regional players in the global edible insects market in the coming years due to the presence of several insectivorous peoples in these regions.
In terms of the global edible insects market’s competitive dynamics, the report profiles key players such as EnviroFlight LLC, AgriProtein Technologies, HaoCheng Mealworm Inc., Reese Finer Foods Inc.