The edible insects market is set to grow at a CAGR of 18.5% over the coming decade, to be worth $17.6 billion (€17.4 billion) by 2032, a new study by Fact.MR has found.
Currently, the market for edible insects is valued at around $3.2 billion (€3.16 billion) globally.
Sales of edible insects have been on the rise in recent years, growing at a CAGR of 12.2% between 2017 and 2021.
Europe accounts for the highest share of edible insect sales, holding 25.9% of the market, however consumption is expected to skyrocket at a CAGR of 24.6% and 18% respectively, in East Asia and North America, over the coming decade.
'Plethora Of Opportunities'
According to a Fact.MR analyst, the promise of sustainability and nutritional benefits is likely to open up a "plethora of opportunities for edible insect suppliers" in the next few years.
Among the product formats set to gain traction are protein bars, edible insect snacks, mealworm cookies, cricket pasta, and honey caterpillar croquettes, according to Fact.MR, with some 2,000 insect species already consumed regularly around the world.
As consumers demand more sustainable products, so this is similarly likely to bolster the edible insects segment – insect farming for protein production requires less land and water, which further leads to fewer greenhouse gases.
Prominent players in the edible insects market include Thailand Unique, Kreca Ento-Food BV, Nordic Insect Economy Ltd., Entomo Farms Ltd., Enviro Flight, LLC, Ynsect, Exo protein, Protix, Deli Bugs Ltd., and Eat Grub Ltd.
The category has also seen some recent investment take place – in April 2021, Ynsect, a market leader in natural insect proteins, completed its acquisition of Protifarm, increasing the range of products it offers, while in October 2021, Canada's Aspire Food Group announced the development of a new automated plant for processing crickets.
© 2022 European Supermarket Magazine – your source for the latest A Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.