Global Insect Ingredients Market: Market Outlook
Insects are often considered a nuisance to human beings and mere pests for crops and animals but Insects provide food at low environmental cost, contribute positively to livelihoods, and play a fundamental role in nature. It is estimated that insects form part of the traditional diets of at least 2 billion people. More than 1900 species have reportedly been used as insect ingredients. Insects are a highly nutritious and healthy food source of high fat, protein, vitamin, fiber and mineral content. The nutritional value of edible insects is highly variable because of the wide range of edible insect species. Even within the same group of species, the nutritional value may differ depending on the metamorphic stage of the insect, the habitat in which it lives, and its diet.
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Global Insect Ingredients Market: Market Dynamics
Recent high demand and consequent high prices for fishmeal/soy, together with increasing aqua culture production, is pushing new research into the development of insect ingredients for aquaculture and poultry. The dietary supplements of Insect Ingredients are widely due to its higher protein concentrates. As a food additive Insect Ingredients is used as a natural protein alternative. Insect ingredient products could have a similar market to fishmeal and soy, which are presently the major components used in ingredient formulae for aquaculture and livestock. Available evidence suggests that insect-based feeds are comparable with fishmeal and soy-based feed formulae. Live and dead insects already have established niche markets, mainly as feed given to pets and at zoos. However, in most Western countries, people view entomophagy with disgust and associate eating insects with primitive behavior and these benefits are largely unknown to the public. Contrary to popular belief, insects are not merely “famine foods” eaten in times of food scarcity or when purchasing and harvesting “conventional foods” becomes difficult; many people around the world eat insects out of choice, largely because of the palatability of the insects and their established place in local food cultures is restricting the market.
Insect Ingredients Market Segmentation:
Based on insect type, the global insect ingredients market has been segmented as,
Based on Application, the global insect ingredients market has been segmented as,
- Food Processing Industry
Based on form, the global insect ingredients market has been segmented as,
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Insect Ingredients Market: Key Players
Some of the key players participating in the global Insect Ingredients market includes; Entomo Farms, Protix, Agriprotein Technologies, Haocheng Mealworms Inc., Kreca Ento-Food BV., Protifarm Holding NV, Chapul Cricket Protein, Exo Protein, Thailand Unique, Bitty Foods, Future Food Lab Inc. and others.
Opportunities for the Key Players in the Global Insect Ingredients Market
Countries such as China, Japan, Thailand, Indonesia, Malaysia, and others are the leading consumers of the insect ingredients in the Asia Pacific. These countries are the traditional consumer and producer of the insect and insect-based food and feed products. Thus, the Asia Pacific holds the largest share in the insect ingredients market. North America and Europe are the next potential market for the global insect ingredients market. Consumers in these regions are highly health-conscious and highly aware of food and beverage products with high spending power on food and beverage products. Thus, the consumer is looking for sustainable and high protein content products that are expected to fuel the growth of the global insect ingredients market.
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. All the major countries around the globe have announced the total lockdown to counter the COVID 19 pandemic. Besides all specialty stores are completely closed, and other retail chains are disrupted, Food and beverage manufacturers are facing challenges such as lack of work force, shortage of raw material and trade barriers. Thus, the demand for insect ingredients is low among supplements and food processing manufacturers. After overcoming the fear of Pandemic COVID-19, the demand for insect ingredients is expected to increase on a large scale to maintain a healthy diet and to boost the immunity power of the body.