Jul 27,2021 | Food
Owing to the high nutritional value, easy farming and easy processing, edible insects are roasted, dried and powdered to form a part of various food recipes and products. The increasing inclination towards fitness and wellness, rising number of health clubs and fitness centres preferring and serving insect powder, the emergence of several start-ups producing insect protein powders, protein bars and shakes, and busy lifestyles that demand highly nutritious and convenient foods are some of the major drivers for the growth of this market.
With the huge availability of whole insects, growing consumption of insect-based foods, high nutritional value of insects, and the growing demand for environment-friendly, edible insects are consumed as an alternative protein source. This growth is mainly due to the increasing demand for protein-rich food to feed the exponentially growing global population, the high nutritional value of insects in human nutrition, and the growing demand for environment-friendly alternative sources of protein.
In terms of value, the edible insects market is expected to grow at a CAGR of 26.5% from 2020 to 2027 to reach US$4.63 billion by 2027. Moreover, in terms of volume, the edible insects market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach 13,98,862.6 tonnes by 2027.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges. This market is characterized by more diversified operations, which offer shelf-stable and healthy products, mainly due to the growing emission of greenhouse gases from livestock and poultry, high nutritional value of insects, low environmental impact over their entire life cycle, and low risk of transmitting zoonotic diseases, indicating the strong growth potential of the edible insects market. Emerging economies provide significant opportunities for manufacturers in the edible insects market. However, non-standardized regulatory framework, psychological and ethical barriers to insects as food, and allergies due to insect consumption are expected to restrain the future growth of this market marginally.
The North American region is expected to register the fastest CAGR during the forecast period. The fastest growth of this region is mainly attributed to the growing demand for environment-friendly high-protein diets, aversion to highly processed foods, increasing demand for insect-based foods, presence of a large number of insect-based food product manufacturers, and growing concerns about meat production.
The research report offered on Bharatbook provides an in-depth analysis of the edible insects market across the globe emphasizing on the current market trends, impact on the insect market due to the current COVID-19 pandemic, key geographical trends, market size, recent developments, and providing the forecast till 2027. It also covers major factors impacting the growth of this market at the regional and country levels, as well as opportunities for existing players and new entrants in the market.
For more insights on the market, please visit Edible Insects Market.