Insect Snacks Market Overview:
Insect Snacks Market Size was valued at USD 142.1 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032). Because of the growing popularity of eating insects and insect-based products like snacks, the worldwide insect snacks market is expected to rise at a high rate throughout the forecast period.
Another factor driving the growth of the Insect Snacks Market Share is the rising consumption of convenience snacks due to people's busy lifestyles. Insect snacks are nutritious, providing the majority of the nutrients necessary by the human body, such as protein, vitamins, and minerals.
Because insects have a high feed conversion rate, rearing insects for food is an environmentally friendly option. Crickets, for example, only require 2 kg of feed for every kilogram of body weight gain. Food or kitchen leftovers are used to feed insects during their raising, resulting in less waste being dumped in landfills. As a result, insect raising for food is a key developing trend in sustainable industrial farming, and it is likely to open up a slew of lucrative growth prospects for market players in the future years.
Market Segmentation:
Based on the insect type, the global Insect Snacks Market has been segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, and Others.
Based on the packaging type, the global insect snacks market has been segmented into cans, pouches, bottles, and others.
Based on the end-use, the global insect snacks market has been segmented into foodservice and food retail.
Based on the region, the global insect snacks market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players:
As, per MRFR in the Global Key Insect Snacks Market Players:
· Eat Grub (UK)
· Jimini’s (France)
· Thailand Unique (Thailand)
· Entomo Farms (Canada)
· Chapul Cricket Protein (US)
· Edible Inc. (Korea)
· Cricket Flours (US)
· EXO (US)
· Six Foods (US)
Regional Classification:
Because entomophagy is a popular practice in a majority of Asia-Pacific countries, the region is expected to lead the Insect Snacks Market Trends throughout the forecast period. Insect snacks are becoming increasingly popular in North America due to their high nutritional value. Because of the growing trend of veganism and poor acceptance of entomophagy in Europe, demand for insect snacks is rather modest. In recent years, rising meat consumption in Asia-Pacific has fueled the demand for healthy insect feed. In addition, insect feed firms in the region made investments, which fuelled Insect Snacks Market expansion.
For example, in 2017, Protix teamed with China's Buhler Insect Technology Solutions to improve insect feed production in the country, where Buhler established a prototype facility to process fly larvae and mealworms for animal feed with the support of the former. This has led to the development of new insect feeds to supply animals with a protein-rich diet. Furthermore, a crop-eating bug devastated much of the country's animal feed crops in 2019. Such advances in China are boosting revenue in the insect feed sector. As a result, the region is expected to grow rapidly due to rising demand for insect feed in nations such as China, South Korea, and Japan, as well as increased animal protein demand.
Industry News:
The major key players in the Insect Snacks Market are Eat Grub (UK), Jimini’s (France), Thailand Unique (Thailand), Entomo Farms (Canada), Chapul Cricket Protein (US), Edible Inc. (Korea), EXO (US), Cricket Flours (US), and Six Foods (US).
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