Edible Insect Product Market Analysis and Forecast: Smart Book

Edible Insect Product Market Definition

In the edible insect product or insect as a food market, the agtech produces and sells insect ingredients including whole insects, powder, meal, and insect oil. These products are made from insects such as crickets, black soldier flies (BSF), mealworms, buffalo worms, grasshoppers, ants, silkworms, cicadas, and others.

Such products are majorly purchased by food and beverage manufacturers, animal feed manufacturers, livestock farmers, individuals (pet owners), and pharmaceutical companies for the production of processed whole insects, processed insect powder, insect protein bars, protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, and other products that can be consumed by humans and/or animals.

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's Top 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.

Download Free Smart Book Instantly @ https://nforming.com/blog/food-and-beverage/edible-insect-product-market/

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 to grow at a higher pace after recovery. To tackle this situation, agtech companies are focusing more on segments such as pet food, and human consumption that has mid-size or larger volume demands along with higher margins.

Edible Insect Product Industry Recent 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 Top Players: Ÿnsect (France), Protix (Netherlands), Entomo Farms (Canada), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), HaoCheng Mealworm (China), Aspire Food Group (U.S.)

Get Access to All the Products @ https://nforming.com/publications-cat/e-reports/

Market Segmentation:
Product Type
• Whole Insects
• Insect Powder
• Insect Meal
• Insect Oil

Insect Type
• Crickets
• Black Soldier Flies
• Mealworms
• Buffalo Worms
• Grasshoppers
• Ants
• Silkworms
• Cicada
• Others

Applications
• Human Consumption
o Processed Whole Insects
o Processed Insect Powder
o Insect Protein Bars and Protein Shakes
o Insect Baked Products and Snacks
o Insect Confectionaries
o Insect Beverages
o Others
• Animal Nutrition

End User
• Food & Beverage Manufacturers
• Animal Feed Manufacturers
• Livestock Farmers
• Individuals (Pet Owners)
• Pharmaceutical Manufacturers

Nick Pat
nForming Solutions
+91 80805 57298
+1-973-973-7576
nfo@nforming.com
Visit us on social media:
LinkedIn

nForming Solutions also provides customization options to tailor the reports as per client requirements. This report can be personalized to cater to your research needs. Feel free to contact our sales team, who will ensure that you get a report per your needs.

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

This release was published on openPR.