Insect Snacks Market Trends, Key Country Analysis, Competitive Landscape and Comparative Analysis by 2023

Market Highlights

Edible insects or insect products consumed as snack alternatives are commonly referred to as insect snacks. Insect snack is a feasible alternative to various other healthy snacks as it offers the high nutritional content at a lower cost. Insects are a rich source of proteins, minerals, vitamins, and essential amino acids as compared to other sources, such as fish and meat. Moreover, rearing of insects is a sustainable industrial farming practice as they help in lowering the ecological footprint by emitting low amounts of greenhouse gases and ammonia, in comparison to other livestock.

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Based on insect type, the global insect snacks market has been segmented into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, and others. The Coleoptera segment is expected to gain the largest revenue share in the global insect snacks market owing to the high protein content and their ability to convert cellulose into digestible fat. However, the orthoptera segment is projected to register the highest CAGR as they are available in abundance, offer high protein content, and can easily be mixed in any flavor. For instance, crickets belonging to the order Orthoptera contain nearly 69% protein, all nine essential amino acids, vitamin B12, iron, calcium, fiber, and omega 3 & 6.

The global insect snacks market has been segregated, by packaging type, into cans, pouches, bottles, and others. The cans segment is expected to gain the largest market share as cans offer an ideal packaging environment and help in maintaining the product quality for a long duration of time. Pouches are also expected to garner a significant revenue share in the Insect Snacks as they are feasible and convenient for packaging small product quantities.

Based on end-use, the Insect Snacks Market has been segmented into food service and food retail. The food retail segment is expected to garner the larger market share during the review period owing to the abundant availability of ready-to-eat insect snacks on store shelves and e-retail platforms. However, the food service segment is projected to grow at a higher CAGR during the forecast period due to the increasing number of insect-based menus in the HoReCa (Hotels, Restaurants, Café) industry. In addition, the growing tourism industry is also fueling the segment growth as there is a strong inclination of tourists toward native insect snacks and recipes.

Key Players

·         Eat Grub

·         Jimini’s

·         Thailand Unique

·         Entomo Farms

·         Chapul Cricket Protein

·         Edible Inc.

·         Cricket Flours

·         EXO

·         Six Foods

Regional Analysis

The global insect snacks market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World.

Asia-Pacific is projected to dominate the global insect snacks market due to the high acceptance rate of the concept of consuming insects in the region. Moreover, several insects are being reared in various Asia-Pacific countries, such as China, Korea, India, Thailand, Malaysia, and Vietnam for their consumption in the form of snacks.

North America insect snacks market is projected to register the highest CAGR during the forecast period due to the inclining preferences of consumers toward insect-based food products. The content of protein, vitamins, amino acids, minerals is high in insects. Thus, they are being consumed as a convenience snack in the region. In addition, the changing lifestyle of people, adoption of a healthy diet, and growing preference toward convenience foods are boosting the sales of insect snacks in North America.

Segmentation

The global insect snacks market has been segmented on the basis of insect type, packaging type, end-use, and region.

The global insect snacks market has been divided, by insect type, into Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, and others.

Based on packaging type, the global insect snacks market has been segregated into cans, pouches, bottles, and others.

By end-use, the global insect snacks market is bifurcated into food service and food retail.

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