The edible insect market is forecast to be worth $1.5bn by 2026, and $7.5bn by 2030. This growth had been based upon the continued consumer demand for high protein and low-calorie ingredients, leading to the food and beverage industries racing to produce attractive innovative insect products. Insects are predicted to be the biggest growing sector within the alternative protein sources. Forbes, The Financial Times, Tesco and Barclays have all predicted that insect protein as going to be the major protein alternative source of the future, adding credibility to the predictions.
The current insect market is segmented into raw, coated, powdered, and paste, further sub-sectioned into the insect species, whole insects were the main segment in 2015. The sector forecasts that insect protein powder and insect protein snacks will lead the insect market growth, followed by innovations in processed and packaged insect containing foods.
Based on product type, the insect powder market is expected to grow at the highest CAGR during 2020-2030; It is predicted that by 2023 the powdered insect segment will have the largest market share of the insect sectors, being a key nutritional ingredient for many new, and reformulated products. This is speculated to be due to the increased uptake of protein powder and protein enriched foods for health and busy lifestyle factors, increasing the demand for nutritious and convenient food choices. Already industry players have utilised insect powders, such as mealworm protein isolate powder, as it is rich essential amino acids, directing products toward the sports and lifestyle nutrition industry in the form of protein shakes, snacks, and protein bars. The increasing demand for high-quality protein in the daily diet is likely to boost the edible insect’s industry growth.
This text is part of white paper written by Natalie Rouse from BIC Innovation, which will be published by the end of the year.
