Edible Insects Market to Reach $17.9 Billion by 2033 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 2, 2024 /PRNewswire/ -- According to a new market research report titled, 'Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar & Shakes, Bakery, Confectionery, Beverages), and Geography?Global Forecast to 2033,' the global edible insects market is projected to reach $17.9 billion by 2033, at a CAGR of 28.6% from 2024?2033, while in terms of volume, the market is expected to reach 4.7 million tons by 2033, at a CAGR of 36.3% from 2024 to 2033.

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The growth of this market is driven by rising greenhouse gas emissions from the livestock & poultry industries, the high nutritional value and the environmental benefits of edible insects, the rising demand for insect protein in the animal feed industry, and the low risk of transmitting zoonotic diseases with the consumption of edible insects.

However, the lack of a standardized regulatory framework, psychological & ethical barriers to consuming insects as food, and the risk of allergies due to insect consumption restrain the growth of this market. Furthermore, business expansion in emerging & developed economies is expected to generate growth opportunities for the players operating in this market. However, the lack of awareness regarding the benefits of insect consumption and limitations in scaling up production are major challenges impacting market growth.

Currently, most of the protein produced worldwide comes from livestock meat. Approximately 70% of agricultural land and 30% of the total land on earth is used to raise livestock to meet the world's protein needs. Thus, it is neither feasible nor sustainable to dedicate more land to livestock production. Moreover, the global livestock industry has already taken an enormous toll on the environment through the high use of land and water. The livestock industry emits more greenhouse gases than planes, trains, and automobiles combined. Considering people's current eating habits, the adoption of high-quality alternative protein sources, such as edible insects, has become imperative in order to reduce pollution, habitat destruction, and the abuse of natural resources.

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According to the Population Reference Bureau (PRB), the global human population is expected to grow by 75 million annually (1.1% per year). By 2050, the world population is expected to reach 9.9 billion, increasing by 25.3% compared to ~7.9 billion in 2021. This population growth is expected to burden the production and supply of food. Hence, considering the world's growing population and the increasing demand for traditional meat products, edible insects could be an effective solution to many of these problems, as insects are full of protein and rich in essential micronutrients, such as iron and zinc.

Moreover, an increasing number of health-conscious consumers are demanding environmentally safe and chemical-residue-free meat, encouraging meat producers to adopt insect-derived feed, such as BSFL protein meal. Furthermore, insects are a cheaper alternative protein source for animal feed compared to fish and soy meal. Hence, insects contribute to the production of high-quality and low-priced feed for livestock, poultry, and fish. Breeding insects has environmental advantages, such as lowering greenhouse gas emissions, water pollution, and land use. Crickets need 12x less feed, 15x less land, 2000x less water, and produce 100x lower greenhouse gas emissions compared to cattle to produce the same amount of protein. Crickets can be fed food waste, like banana peels or rice bran.

Thus, edible insects have emerged as an important alternative source of protein for livestock production and human consumption, driving demand and boosting the growth of the edible insects market.

In recent years, the global edible insects market has witnessed several product launches, expansions, mergers & acquisitions, and partnerships, agreements, and collaborations. The key players operating in the global edible insects market are Protix B.V. (Netherlands), ?nsect (SAS) (France), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Bioflytech S.L. (Spain), Entomo Farms (Canada), Aspire Food Group (U.S.), Global Bugs Asia Co., Ltd. (Thailand), Entobel Holding Pte. Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly Comgraf SAS (France), Hexafly (Ireland), F4F SpA (Chile), Protenga Pte Ltd. (Singapore), nextProtein (France), Enorm Biofactory A/S (Denmark), Hargol FoodTech (Israel), All Things Bugs, Llc (U.S.), Beta Hatch (U.S.), Armstrong Crickets Georgia (U.S.), JR Unique Foods Ltd. (Thailand), Tebrio (Spain), and HiProMine S.A. (Poland).

The edible insects market is segmented by product, insect type, application, end use, and geography.

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Key Findings in the Global Edible Insects Market Study:

On the basis of product, the edible insects market is segmented into whole insects, insect powder, insect meal, and insect oil. In terms of value, in 2024, the whole insects segment is expected to account for the largest share of 46% of the global edible insects market. The large market share of this segment is mainly attributed to the high adoption of whole insects due to their easy availability and lower cost compared to processed insects, the absence of insect processing facilities in some parts of the world, and the high demand for whole insects in the animal feed industry. Moreover, in terms of volume, in 2024, the insect meal segment is expected to account for the largest share of 55% of the global edible insects market.

On the basis of insect type, the edible insects market is segmented into crickets, black soldier flies, mealworms, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other edible insects. In 2024, the crickets segment is expected to account for the largest share of the global edible insects market. This segment's large share is mainly attributed to the high nutritional value of crickets, the ease of farming and processing them, growing acceptance among consumers, their increasing use in various food recipes and products, and the rising demand for cricket-based products such as protein powders, protein bars, and snacks. However, the black soldier fly segment is expected to register the highest CAGR of 31.3% during the forecast period.

On the basis of application, the edible insects market is mainly segmented into food & beverage and feed & pet food. In 2024, the food & beverages segment is expected to account for the larger share of the global edible insects market. This segment is projected to reach  a market value of around USD 7 billion by 2033.

On the basis of application, the edible insects market is segmented into human consumption and animal nutrition. In 2024, the human consumption segment is expected to account for the larger share of 55.4% of the global edible insects market. The large market share of this segment is attributed to the rising demand for insect-based foods to feed the ever-growing global population, the high nutritional value of insects in human nutrition, and the increasing demand for environmentally friendly alternative sources of protein.

Based on geography, the edible insects market is divided into five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Asia-Pacific is expected to account for the largest share of 35% of the global edible insects market. The Asia-Pacific edible insects market is estimated to be around USD 6 billion by 2033. Asia-Pacific's significant market share is attributed to the well-established commercial farming market for edible insects, especially in Thailand, the wide availability of various insects coupled with huge production, the positive attitude towards insects as food & feed, the absence of regulatory barriers to using insects as food & feed, and the presence of key market players in the region.

However, North America is projected to register the highest CAGR of 31.0% during the forecast period. The growth of this regional market is mainly attributed to government approval for edible insects to be used in food and feed, the rising use of BSF for organic waste valorization, continued expansion by major companies in the edible insect sector, and the proliferation of end-use industries in the region.

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Scope of the Report:

Edible Insects Market Assessment?by Product

• Whole Insects
• Insect Powder
• Insect Meal
• Insect Oil

Edible Insects Market Assessment?by Insect Type

• Crickets
• Black Soldier Flies
• Mealworms
• Buffalo Worms
• Grasshoppers
• Ants
• Silkworms
• Cicadas
• Other Edible Insects

Edible Insects Market Assessment?by Application

• Food & Beverage
• Feed & Pet Food

Edible Insects Market Assessment?by End Use

• Human Consumption
• Animal Nutrition

Edible Insects Market Assessment ?by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Netherlands
  • Belgium
  • France
  • Denmark
  • Finland
  • Germany
  • Rest of Europe
    • U.K.
    • Spain
    • Poland
    • Ireland
    • Sweden
    • Italy
    • Other European Countries
• Asia-Pacific
  • Thailand
  • China
  • South Korea
  • Vietnam
  • Japan
  • Australia
  • Rest of Asia-Pacific
    • Malaysia
    • India
    • Singapore
    • Other Countries in RoAPAC
• Latin America
• Middle East & Africa

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