Global Edible Insects Market: Overview
Edible insects have gone through a huge transition from being famine food to a food included in the daily diet. At present, insects are not just consumed during scarcity of conventional food products but are also part of the food culture of many countries. Edible insects are not only used as human food but also as animal feed due to the presence of amino acids and essential minerals in them.
Edible insects such as ants, wasps, bees, flies, scale insects, termites, cockroaches, crickets, beetles, and grasshoppers are rich sources of nutrition for poultry. By type, the global edible insects market is segmented into beetles, termites, caterpillar, locusts, grasshoppers, mealworm, and others. Based on application the market is classified into animal feed (aquaculture and poultry), human food, and others.
The research report provides an in-depth analysis of the growth trajectory of the global edible insects market and the opportunities that are likely to benefit the vendors of edible insects in future. It evaluates the key segments and highlights their share in the global edible insects market. The report further delves into the competitive landscape of the market and provides information about the degree of barriers to entry and exit in the market by utilizing the Porter’s five forces analysis. The study also presents projections on the volume and revenue growth of the global edible insects market. The dynamics that are likely to restrain or drive the growth of the market are also mentioned in the report.
Global Edible Insects Market: Trends and Opportunities
The growth of the global edible insects market can be attributed to the increasing demand for food products with high protein value among middle class consumers and the rising population across the world. Feed and food insecurity and the high cost of animal protein are factors that have lifted the consumption of edible insects as feed and food. Entomophagy or consumption of insects is considered to have a positive impact on the livelihood and health of consumers.
The global edible insects market is anticipated to be steered by the growing practice of consuming edible in various local food cultures across the globe. In many developing countries, insects are an important source of food supplement for malnourished children as they can be easily digested. In Europe, the demand for edible insects is considerably high owing to the minimal risk of disease transfer as compared to animals and the presence of micronutrients and nutrients such as fatty acids, zinc, selenium, phosphorus, manganese, magnesium, iron, and copper.
However, the dearth of distribution and networking channels and absence of a legal framework regarding the consumption of edible insects are factors that are likely to inhibit the growth of the global edible insect market. Furthermore, negative perceptions about insect consumption among consumers and lack of awareness are also likely to impede the growth of the market over the forthcoming years.
Global Edible Insect Market: Regional Outlook
The global edible insect market is segmented into Europe, Asia Pacific, North America, and the Rest of the World. Asia Pacific emerged as the leading region in terms of consumption of edible insects. Countries such as Sri Lanka, Malaysia, India, Bangladesh, and China are the major consumers of edible insects in the region. The edible insect market in Africa is also expected to witness strong growth owing to the demand for edible insects for nutritional value.
Companies Mentioned in the Report
Leading companies operating in the global edible insect market are focusing on large scale publicity of their products and innovative packaging for increasing their consumer base. Some of the companies mentioned in the report are HaoCheng Mealworm Inc., Reese Finer Foods Inc., AgriProtein Technologies, Kreca V.O.F., LLC, and EnviroFlight.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.