The global edible insects market is projected to achieve more than 47 per cent CAGR from 2020 to 2026, supported by rising consumer awareness about nutritional benefits of edible insects and willingness to explore new dietary trends, according to Global Market Insights
A rapid shift of consumers towards high protein and low-calorie ingredients and rising competition to introduce innovative edible insect products is likely to boost the industry demand.
Industry players are utilising cricket and mealworm powders rich in protein and nine essential amino acids to prepare snack bars, energy and protein bars. Industry players are experimenting with various ingredients and flavours to make their product edible in raw form which is likely to encourage consumption. Rapid shift towards adopting high-quality protein powders in daily dietary needs is likely to boost edible insects industry growth.
Edible insects market set to cross US$1.5bn by 2026
Beetle and ant powders are widely used to fortify snacks such as potato chips, wedges, chocolates and other confectionery products. These powders contain a pure and high concentration of branched amino acids such as lysine and valine which aid in increasing immunity and muscle growth which should boost the outlook for the edible insects market.
Major findings of the edible insects market report include:
Changing dietary patterns towards low calorie and high protein sources owing to increasing consumer inclination to consume nutritious diets should propel the global industry trends.
Rising awareness on potential benefits of edible insects products and increasing demand for naturally fortified ingredients should boost market demand.
Major edible insects market players include Exo Protein, Gathr Foods, Crowbar Protein, Crik Nutrition, Cricket Flours, Crickers and Bugsolutely.
Companies are rapidly investing in R&D to capitalize on changing dietary needs and shift towards edible insect preparations.
Industry players are developing novel techniques to market their products by offering free samples, discounts, and attractive packaging.
Manufacturers are rapidly adopting new product development by introducing beta glucan-based food items such as bakery preparations, snacks and beverages.
Rapid adoption in the baking industry to include edible insects flours to prepare high quality and nutritious bread products to boost product demand.
Increasing prevalence of livestock diseases is making consumers opt for safe, economical, low calorie, and protein-rich alternative sources which are likely to boost the edible insect market share.