Edible Insect Product Market Insights

The Edible Insect Product Market was worth US $1,000.0 Million in 2022 and currently, it is at US $6,100.0 Million, expected to grow at a CAGR of 28.0% from 2023 to 2030.

Edible Insect Product Market Key Segments: Whole Insects, Insect Powder, Insect Meal, Insect Protein Bars and Protein Shakes, Animal Nutrition, Insect Oil

Edible Insect Product Market Key Competitors: Ÿnsect (France), Protix (Netherlands), Entomo Farms (Canada), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), HaoCheng Mealworm (China), Aspire Food Group (U.S.)

Edible Insect Product Market Key Geographies: USA, China, UK, Japan, Germany, France, Italy, Spain, The Netherlands, Canada, India, South Korea, Australia, New Zealand, Middle East, Africa, South, and Central America.

Edible Insect Product Market Driver

Growing demand for Insect Based Food Products

The dramatic increase in food insecurity is globally affecting around 2 billion people, with the COVID-19 pandemic projected to add 83–132 million individuals. Food insecurity will also be exacerbated by the growth in the world population, which is projected to rise from 7.7 billion in 2019 to 9.7 billion in 2050. These issues are accompanied by an increase in the demand for livestock production, which is associated with environmental, economic, and ethical problems.

Currently, this problem is being solved using meat alternatives like insect-based food products. In addition, the Food and Agriculture Organization of the United Nations (FAO) found that mealworms and beef have a comparable volume of protein. In addition, according to a Dutch study published in the journal PLOS ONE, mealworms require only 10 percent of the land required to raise cattle. According to the researchers, milk, poultry, pork, and beef production, all produce more greenhouse gas emissions than mealworm production.

However, the recession hindered the development of the agtech industry, as European agtech companies are struggling to raise capital due to a sharp decline in venture dealmaking. In 2022, the number of agtech venture capital deals decreased by 24.2%, according to data from PitchBook. In 2023, 42 transactions with a total value of €340.4 million will have been finalized, with Ynsect’s most recent round contributing nearly half of that total value. In addition, though Ynsect raised €160 million ($175 million) in its latest investment rounds, the startup had to lay off around 20% of its employees and shut down its plant to manage margins.

However, the economic down impact is assumed to be short-term and the industry is further expected grow at higher pace after recovery. To tackle this situation, the agtech companies are focusing moreon segments such as pet food, and human consumption that has mid-size or larger volume demands along with the higher margins.

Edible Insect Product Market Developments

According In 2030, Bühler Group , the insect feed protein market is anticipated to reach 500,000 tons. It is anticipated that by then, 30% of total insect protein volumes will be consumed by the pet food industry, and 40% by aquaculture. With this major opportunity, in May 2022, Bühler announced the opening of the Insect Technology Center (ITC) in Switzerland, where Bühler and its customers can conduct larvae growth trials with various feedstock, develop product samples, evaluate breeding solutions, and run trainings.

In December 2022, Ynsect announced agreements to establish insect ingredient production facilities in the United States and Mexico. The company has signed sales contracts totaling 180 million euros over three years and is in negotiations for an additional 1 billion euros, of which more than half is for pet food according to Antoine Hubert, CEO, Ynsect (source: Reuters).

Edible Insect Product Market Segmentation: