March 30, 2020
According to the research report titled ‘Asia Pacific Edible Insects Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, the Asia-Pacific edible insects market is expected to surpass USD 270 million by the year 2024.
Rising health concerns and shifting preferences towards protein rich diet are major factors driving the growth of the Asia-Pacific edible insects industry. These products provide with numerous benefits such as reducing obesity and are widely used to boost animal health.
In terms of product type, the report cites that the caterpillars segment will witness a growth rate of 44% during 2018-2024. Caterpillars are a rich source of proteins, minerals and vitamins. Mopane caterpillar helps increasing the iron content in iron deficient diet.
Based on the application spectrum, the flour segment is presumed to cross USD 85 million by the year 2024. Mealworms and caterpillars are extensively used in bakery products since they offer gluten free properties.
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As per regional analysis, China edible insects industry is set to record a growth rate of 44% between 2018 and 2024. The growth is attributed to increasing consumption of bugs for medical and eating purposes. Additionally, honeybees and beetles also posses medicinal properties which are creating lucrative growth avenues for the market in China.
The report states that the Thailand bugs market is predicted to exceed USD 50 million by the year 2024. High concentration of insect farming activities and increasing consumption of the product are fueling the market outlook.
The prominent companies operating in the Asia-Pacific edible insects industry are Entotech, Ecobars, Bugsolutely, Thailand Unique, Mealworms and HaoCheng.
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