Edible Insects Market Size, Share, Growth, and Forecast to 2025
Posted by rekhamuthyala on September 11th, 2019
Precision Business Insights (PBI) in its report titled “Global Edible Insects Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024” assesses the market performance over seven years forecast period over 2018-2024. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global edible insects market was valued at US$ XX Mn in 2017 and increasing at a significant CAGR over the forecast timeframe owing to rapid growth in population, rapid industrialization, increased awareness regarding the food habits, increase in demand for the insects based food, increase in awareness about the health benefits of insect foods, rise in the insect farming due to less cost of production and small area requirement, the high prices of animal protein and lower cost of insect protein. However, safety and health issues, psychological and ethical barriers, allergies due to insect’s consumption, and lack of proper regulatory frame work are anticipated to hinder the revenue share of global edible insects market.
Global edible insects market segmented on the basis of product, insect type, application, and region
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Beetle Products Dominates the Global Edible Insects Market
Based on the type of edible insects, global edible insects market segmented into Beetles, Caterpillars, Grasshoppers, Bees, Wasps, Ants, Scale Insects & True Bugs and others. Among them, Beetles dominated the global edible insects market in 2017 and estimated to dominate over the forecast period due to its advantages such as cleaning the dead plant matter through breaking the organic matter by the larvae of the beetles, its role in biodegradation, its use in controlling water hyacinth invasions and the availability of beetles, lower costs involved in production, and rise in awareness among the people are surge the market over the forecast years. However, a faster growth rate observed for the crickets due to the high protein content in it and its availability.
North America leads the Global Edible Insects Market
PBI’s global edible insects market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, Asia pacific accounted for larger revenue share through 2013-2017 and expected to dominate over 2018-2024 owing to increasing population, increase in demand for protein rich food, increase in awareness regarding the food habits, increase in awareness regarding the benefits of taking insect food, increase in insect harvesting and presence of more number of insect food manufacturers. Asia Pacific edible insects market projected to exhibit significant growth due to increased edible insects market projected to grow at significant rate owing to increasing population density, urbanization, increase in demand for food, lower cost of production, increase in dependency on edible insects, the availability of various edible insect types.
Launch of newer products, frequent ecofriendly product approvals, and strategic alliances are the key strategies adopted by market players
Global edible insects market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent ecofriendly product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region.
Key player’s profiles in the report are
By Product Type
By Insect type
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