Insect Snacks Market Competitive landscape And Industry Expansion Strategies by 2023

30/apr/2019 15:04:55 Tejas Amale Contatta l'autore

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Market Highlights

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

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 global insect snacks market as they are feasible and convenient for packaging small product quantities.

Based on end-use, the global 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.

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Segmentation

The Global Insect Snacks Market has been segmented on the basis of the 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 food market has been segregated into cans, pouches, bottles, and others.

By End-Use, the global insect market is bifurcated into food service and food retail.

Regional Analysis

The global insect 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 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 insects market is projected to the highest CAGR during the forecast period two to the 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 convenience snacks in the region. In addition, the changing lifestyle of people, adopting healthy diet, and favoring convenience foods is boosting the sales of insect snacks in North America.

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Key Players

Some of the key players in the global food market are Eat Grub (UK), Jimini's (France), Unique Thailand (Thailand), Entomo Farms (Canada), Chapul Cricket Protein (US), Edible Inc. (Korea), Cricket Flours (US), EXO (US), and Six Foods (US).

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