The edible insects market size has seen exponential growth in recent years, projected to rise from $1.92 billion in 2023 to $2.41 billion in 2024, at a staggering compound annual growth rate (CAGR) of 25.0%. This historical growth can be attributed to the increasing utilization of black soldier flies (BSF) for organic waste valorization, a growing number of health-conscious consumers, a low risk of transmitting zoonotic diseases, decreasing prices of insect-based products, and the high cost of traditional plant-based and animal proteins. The market is expected to experience even more rapid growth, reaching $5.91 billion in 2028 with a CAGR of 25.2%. This growth is anticipated to be driven by a rising interest in exotic and novel food experiences, diversification of protein consumption sources, increasing consumer willingness to try insect-based foods, growing importance of insect farming, and expanding government initiatives. Major trends expected include automated insect farming, advancements in insect protein extraction and processing, the development of insect-based food products, use of insects as feed in livestock and aquaculture, and innovative approaches to waste valorization.
Major Driver In The Edible Insects Market
The increasing demand for protein-rich foods is projected to significantly fuel the growth of the edible insects market. As consumers become more health-conscious and the demand for fitness nutrition rises, edible insects are emerging as a sustainable, nutrient-dense protein alternative to traditional sources such as meat, eggs, and dairy. The Organisation for Economic Co-operation and Development (OECD) forecasts that global per capita protein intake will increase to 79.8 grams per day by 2033, up from 76.6 grams recorded between 2021 and 2023, with North America experiencing a 1.5% increase, which equates to 1.9 grams per person per day. Therefore, this growing trend is expected to enhance the market size of edible insects, projected to reach $1.2 billion in 2023, $1.5 billion in 2024, and anticipated to grow to $2.4 billion by 2028.
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Edible Insects Market Competitive Landscape
Major companies operating in the edible insects market are Ÿnsect (SAS), InnovaFeed SAS, Nutrition Technologies Group, Aspire Food Group, Entobel Holding Pte Ltd, Agriprotein Technologies Inc, Darling Ingredients, Bioflytech S.L., Bugsolutely Inc, Crik Nutrition, Deli Bugs Ltd, Eat Grub Ltd, Entofood Sdn Bhd, Entomo Farms Ltd, Kreca Ento-Food BV, Nordic Insect Economy Ltd, Nutribug Inc, Protenga Pte Ltd., SFly Comgraf SAS, Thailand Unique Inc.
Key Edible Insects Market Trend
Major companies in the edible insect market are dedicated to developing innovative products, such as molitor mealworm-based pet food, to enhance sustainability and nutritional benefits. Molitor mealworm-based pet food refers to products formulated using mealworms as a primary ingredient, leveraging their high protein content and sustainability advantages. For instance, in May 2023, Ÿnsect, a France-based insect-based food product company, launched Sprÿng, a new sustainable brand targeting the pet food market. Sprÿng offers high-quality, nutritious ingredients derived from Molitor mealworms, designed for easy incorporation into both dry and wet pet food formulations. These ingredients are characterized by a neutral taste, a light brown color, and odorless properties, making them an ideal choice for pet food manufacturers seeking sustainable solutions.
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Global Edible Insects Market Segmentation
The edible insects market covered in this report is segmented –
1) By Insect Type: Crickets, Black Soldier Flies, Mealworms, Buffalo Worms, Grasshoppers, Ants, Silkworms, Cicadas, Other Edible Insects
2) By Application: Food And Beverage, Feed And Pet Food
3) By End Use: Human Consumption, Animal Nutrition
By Geography:The regions covered in the edible insects market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the edible insects market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Edible Insects Global Market Report 2024 furnishes information about the global edible insects market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
