About Insect Based Food
Insect Based Food as the name suggests are food products primarily sourced from insects. This includes both full insect and processed foods such as flour, pasta, burger, cookies, protein bars and much more. Insect Based Food is nothing new, it has been consumed since ages. Although the emergence of processed food has accelerated the growth of the market. Crickets Insects account for the largest market share by far. Although because of Insect being looked as taboo, unpleasant in taste and association with dirt, affects the growth prospect of the insect based food.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.4% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Insect Based Food market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ÿnsect (France), Aspire Food Group (United States), Chapul Cricket Protein (United States), Entomo Farms (Canada), Jimini’s (United Kingdom), AgriProtein Holdings Ltd. (South Africa), Swarm Nutrition GmbH (Germany), Hexafly (Ireland), Innovafeed (France) and EnviroFlight LLC (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Protix (Netherlands), Haocheng Mealworms (China) and Entocycle Ltd. (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Insect Based Food market by Type (Whole Insects, Flour, Oats, Oils, Energy Bars and Others) and Region.
On the basis of geography, the market of Insect Based Food has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online {E-Commerce Stores} will boost the Insect Based Food market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Food and Beverages will boost the Insect Based Food market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insect Type , the sub-segment i.e. Crickets will boost the Insect Based Food market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Crickets Account for the Largest Market Share
Market Growth Drivers:
Inclination towards Insects for Different Food Processing's and Consumers Preferring Higher Protein Meals
Challenges:
Myth about Unpleasant Taste Associated with Insects
Restraints:
Insects Looked Upon as Taboo Majority of Population
Opportunities:
Processed Food Segment of Insect Based Food such as Pasta, Cookies have High Potential to Grow
Market Leaders and their expansionary development strategies
In October 2023, Tyson Foods partners with insect protein startup to develop ingredient facility. The agreement aims to combine Tyson’s ability to widely scale products with Protix’s insect protein technology to meet the growing demand for the ingredients.
In May 2023, Ÿnsect, the world leader in insect production, has announced the launch of Sprÿng, its new B2B2C brand for the pet food market. The brand features premium ingredients which combine scientifically proven benefits with a low environmental impact.The company statement, Sprÿng offers easy-to-incorporate, neutral-tasting, odourless and light brown ingredients, designed with the needs of pet food manufacturers in mind.
Key Target Audience
Insect Based Food Manufacturers, Suppliers and Distributors, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.