April 18, 2024

Edible Insects Market Size to Reach USD 7,600.17 Mn by 2033

The global edible insects market size reached USD 1,232.60 million in 2023 and is projected to hit around USD 7,600.17 million by 2033, expanding at a CAGR of 19.95% from 2024 to 2033.

Key Points

  • North America dominated market with the largest market share of 34% in 2023.
  • By product, the beetles segment has contributed more than 34% of market share in 2023.
  • By product, the cricket segment is expected to grow at a double digit CAGR of 21% during the forecast period.
  • By application, the powder segment has held the biggest market share of 44% in 2023.

Edible Insects Market Size 2024 to 2033

The edible insects market has witnessed a significant surge in interest and consumption in recent years, driven by various factors such as increasing awareness of the nutritional benefits of insects, sustainability concerns surrounding traditional protein sources, and cultural acceptance in certain regions. Edible insects, which include species like crickets, mealworms, and grasshoppers, have long been consumed in many parts of the world but are now gaining traction in Western markets as well. This market is characterized by a diverse range of products, including whole insects, powdered forms, and insect-based food products such as protein bars and snacks.

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Growth Factors:

Several key factors are fueling the growth of the edible insects market. Firstly, the growing global population and increasing demand for protein-rich foods have led to a search for alternative and sustainable protein sources. Insects offer a high-protein content with low environmental impact, making them an attractive option. Additionally, rising awareness of the nutritional benefits of insects, which are rich in essential amino acids, vitamins, and minerals, has contributed to their popularity among health-conscious consumers. Moreover, advancements in insect farming technologies and processing methods have improved the efficiency and scalability of insect production, further driving market growth.

Region Insights:

The consumption of edible insects varies significantly by region, influenced by cultural, regulatory, and economic factors. In many Asian and African countries, insects have been a traditional part of diets for centuries and are readily available in local markets. Countries like Thailand, China, and Mexico have well-established insect farming industries and a wide variety of insect-based dishes. In Western countries, however, the market is still emerging, with Europe leading the way in terms of regulatory frameworks and consumer acceptance. North America is also experiencing a growing interest in edible insects, driven by sustainability concerns and the rise of alternative protein sources.

Edible Insects Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 19.95%
Global Market Size in 2023 USD 1,232.60 Million
Global Market Size by 2033 USD 7,600.17 Million
U.S. Market Size in 2023 USD 293.36 Million
U.S. Market Size by 2033 USD 7,600.17 Million
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Edible Insects Market Dynamics

Drivers:

Several drivers are propelling the growth of the edible insects market. One significant driver is the increasing demand for sustainable food sources in response to environmental concerns related to traditional livestock farming. Insects require fewer resources such as water, land, and feed compared to conventional livestock, making them a more environmentally friendly protein source. Additionally, the promotion of insects as a novel and exotic food option by celebrity chefs, food bloggers, and media outlets has helped to generate curiosity and interest among consumers. Moreover, government initiatives and investments in insect farming research and development are further driving market growth by supporting innovation and scaling up production.

Opportunities:

The edible insects market presents several opportunities for industry players to capitalize on emerging trends and consumer preferences. One key opportunity lies in product diversification and innovation, with the potential to develop new insect-based food products that appeal to a wider audience. For instance, incorporating insect protein into familiar food items like pasta, burgers, and baked goods can help overcome consumer aversion to whole insects and facilitate market expansion. Furthermore, targeting niche markets such as fitness enthusiasts, eco-conscious consumers, and individuals with dietary restrictions can unlock new avenues for growth and differentiation. Collaborations with food manufacturers, retailers, and culinary experts can also help to raise awareness and acceptance of edible insects.

Challenges:

Despite the promising growth prospects, the edible insects market faces several challenges that need to be addressed for sustained success. Consumer acceptance remains a significant barrier, particularly in Western markets where insects are often perceived as unappealing or taboo. Overcoming cultural biases and educating consumers about the nutritional and environmental benefits of insects will be crucial for mainstream adoption. Additionally, regulatory hurdles related to food safety, labeling, and marketing standards vary across countries and can hinder market development. Ensuring compliance with existing regulations and advocating for clear and standardized guidelines will be essential for building consumer trust and confidence. Moreover, scaling up insect production to meet growing demand while maintaining sustainable practices poses logistical and operational challenges that require innovative solutions and investments in infrastructure.

Read Also: Engineering Software Market Size to Reach USD 215.81 Bn by 2033

Recent Developments

  • In May 2023, Mealworm larvae-based bug burgers are now available at Lidl. Lately, a few insects have received approval for human eating in Europe.
  • In September 2022, Lotte Confectionery, the top snack and ice cream manufacturer in South Korea, will accelerate its entry into the burgeoning insect protein industry by partnering with a Canadian food tech startup to create insect-based protein substitutes.

Edible Insects Market Companies

  • Bugsy Bros
  • Beetle Jelly
  • Bugs in Mugs
  • Haocheng
  • Crickester
  • Insecteo
  • Bug foundation
  • Eddiebug
  • Gran Mitla
  • Insectables

Segments Covered in the Report

By Product

  • Caterpillar
  • Beetles
  • Cricket
  • Others

By Application

  • Powder
  • Protein Bars
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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