April 22, 2024

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

The global edible insects market size was estimated at USD 1,232.60 million in 2023 and is predicted to grow 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 experienced significant growth in recent years, driven by increasing consumer interest in sustainable and alternative protein sources. Edible insects have emerged as a viable solution to address global food security challenges, offering nutritional benefits while minimizing environmental impact. Insects such as crickets, mealworms, and grasshoppers are rich in protein, vitamins, and minerals, making them an attractive option for food and feed applications. Moreover, advancements in insect farming techniques and processing technologies have facilitated the commercialization of edible insects, leading to a diverse range of insect-based products entering the market.

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Growth Factors

Several key factors have contributed to the growth of the edible insects market. Firstly, growing awareness about the environmental sustainability of insect farming compared to traditional livestock production has spurred consumer interest in insect-based foods. As concerns about the ecological footprint of animal agriculture continue to rise, insects offer a more resource-efficient and environmentally friendly alternative. Additionally, increasing demand for protein-rich foods, particularly among health-conscious consumers and athletes, has driven the adoption of insect-based products. The nutritional value of edible insects, coupled with their versatility in various cuisines, has fueled their popularity across different demographic segments.

Region Insights

The edible insects market exhibits regional variations in terms of consumption patterns, regulatory frameworks, and market penetration. In regions such as Asia-Pacific and Africa, where entomophagy (the practice of consuming insects) is culturally ingrained, the market for edible insects is well-established. Countries like Thailand, Vietnam, and Mexico have a long history of insect consumption and boast vibrant markets for insect-based foods. In contrast, in North America and Europe, the edible insects market is still in its nascent stage but is witnessing rapid growth due to increasing awareness and acceptance of insect-based products. Regulatory agencies in these regions are gradually developing frameworks to govern the production and sale of edible insects, paving the way for market expansion.

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 of the primary drivers is the sustainability aspect of insect farming. Insects require significantly fewer resources such as land, water, and feed compared to traditional livestock, making them a more sustainable protein source. This aligns with the growing consumer preference for eco-friendly and ethically sourced foods. Moreover, the nutritional profile of edible insects, which includes high levels of protein, healthy fats, and essential vitamins and minerals, appeals to health-conscious consumers seeking alternative protein sources. Furthermore, the versatility of insect-based ingredients allows for innovation in food product development, leading to a diverse range of insect-based snacks, protein powders, and flour.

Opportunities

The edible insects market presents numerous opportunities for stakeholders across the value chain. As consumer acceptance and awareness continue to increase, there is potential for market expansion into new geographical regions. Emerging markets in Latin America and the Middle East offer untapped opportunities for companies looking to enter the edible insects industry. Additionally, advancements in processing technologies and product formulation techniques enable the development of novel insect-based food products with improved taste, texture, and shelf-life. Collaborations between insect farming companies, food manufacturers, and research institutions can drive innovation and product diversification, further stimulating market growth.

Challenges

Despite the promising growth prospects, the edible insects market faces several challenges that hinder its widespread adoption. One of the primary challenges is overcoming consumer aversion and stigma associated with insect consumption in Western cultures. Many consumers are still hesitant to try insect-based foods due to cultural barriers and perceptions of insects as pests rather than food. Educating consumers about the nutritional benefits and environmental advantages of edible insects is essential to mitigate this challenge. Additionally, ensuring the safety and quality of insect-derived products remains a concern, particularly regarding potential allergens and contaminants. Regulatory uncertainty and varying standards across different regions also pose challenges for market players navigating international trade and compliance requirements.

Read Also: Engineering Software Market Size to Rake 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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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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