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Riding on the back of increasing health concerns among the consumers, the global edible insect food market is anticipated to showcase a tremendous compound annual growth rate (CAGR) of 42.1% during 2015-2021. Moreover, the global edible insect food market is projected to account exponential sales of US$ 522.5 million by the end of 2021, research firm, Research Nester has highlighted in its study, “Edible Insect Food Market: Global Demand Analysis & Opportunity Outlook 2021” recently
According to the study, the growing popularity of edible insect food in developing and developed nations on the back of high protein content is envisioned to flourish the growth of global edible insect food market. Apart from this, increasing inclination of population towards health and fitness is also anticipated to foster the growth of global edible insect food market over the forecast period.
The global edible insect food market is segmented into mealworm, locusts, grasshoppers, caterpillar, beetles, termites and others. Among these segments, beetles segment is envisioned to grasp a remarkable growth by the end of 2023, the Research Nester report noted.
According to Research Nester, the flour segment is projected to attain a maximum number of shares in overall edible insect food market. In terms of geography, With US$ 13.0 million, Asia-Pacific region accounted for the lion’s share in the global edible insect food market aided by China, Thailand and others. Further, wide availability of edible insect food in this region is predicted to upsurge the growth of edible insect food market. Apart from this, Europe edible insect food market is anticipated to grow at robust CAGR and reach US$ 46.2 million by 2023.
Demand from Livestock
According to the study, rising monetary cost of conventional livestock such as pigs, chicken and others are projected to uplift the sales of edible insect food market. Moreover, rising awareness regarding the benefits of edible insect food such as high protein content loaded with numerous vitamins is also predicted to fuel the demand for edible insect food.
Increasing inclination of young generation towards the fitness and wellness and swelled disposable income are projected to flourish the growth of edible insect food market. Moreover, growing adoption of edible insect food due to presence of essential amino acids vitamin, potassium, zinc and calcium is also believed to bolster the growth of edible insect food market, the study further observed.
On the contrary, presence of other livestock edible foods such as chicken is anticipated to hamper the growth of edible insect food market across the globe, the study added.