Persistence Market Research (PMR), in its recent outlook titled, “Edible Insects Market 2016–2024”, projects that in terms of value, the global edible insects market revenue will expand at a CAGR of 6.1% during the forecast period. In terms of revenue, the global edible insects market was valued at US$ 398.7 Mn in 2015 and is anticipated to record two-fold growth to reach US$ 722.9 Mn by 2024.
On the basis of product type, the market is segmented into as a whole and as an ingredient segments. As a whole segment is further sub-segmented into steam or fried, raw, and BBQ. As an ingredient product type segment is sub-segmented into drinks, insect confectionery, snacks and baked products, and others.
Insect-based protein is added as an essential ingredient in food products including flour used in various food products such as cricket granola bars, cricket crackers, cricket cookies, and cricket chocolates. These insect-based flours are available in various grades and weights. All type of insect-based flours are 100% natural and do not include preservatives, flavors, and artificial colors.
On the basis of insect type, the market is segmented into beetles, caterpillars, hymenoptera, orthoptera, true bugs, and others. Various market players offer mixed insect packs, which contain various edible insects. The mixed insect pack contains crickets, mealworms, and cockroaches, which are sealed in deli cups, are ready-to-eat products and do not contain any added flavors, preservatives, or oils.
This report covers trends driving segments and offers analysis and insights regarding the potential of the edible insects market in specific regions. In terms of value, Europe, MEA, and North America collectively accounted for over 59.0% share in the global market in 2015. Also, APAC is expected to remain the largest market through 2024, followed by MEA and Latin America. APAC is expected to account for 31.6% share of the global market by 2024, with China and ASEAN countries being the market leaders with 38% and 31% market share respectively.
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Key players in the global edible insects market include edible insect farmers and manufacturers. Key players include Thailand Unique, Kreca, Nordic Insect Economy Ltd., Entomo Farms (Formerly Next Millennium Farms), Enviro Flight, LLC, Proti-Farm, Exo Inc., Entotech, Deli Bugs Ltd., and Eat Grub Ltd.