Insect based food refers to the insect species which are being consumed by human as a whole or in the form of processed food like snacks, pasta, and burger patties. The process of eating the insects by animals or humans is known as entomophagy. Our teenagers or the young generation loves to eat sushi that is pure insect-based. Insect based food contains high protein, minerals, vitamins, and less carbohydrates, and it helps them to be healthy. One of the main reasons is insects contain more protein, but if they eat in processed form, insects are not visible, and they can easily consume and enjoy the high protein food.
COVID-19 Scenario Analysis:
Due to COVID-19, the demand for insect-based food has declined because of viral infection caused by such products, meat, seafood. Consumers have perception in their mind that the virus is generated by eating some of the insect. So, the industry has to face downfall, and maybe after this COVID 19, the industry will see the upward surge.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Demand for insect-based food is increasing because consumers are getting aware of the benefits of eating insect-based food as people want to eat healthy food only, which contains more protein. As in few countries, people eat insects directly, but in some countries, they cannot consume it directly so, manufacturers are providing in the form of powder, roasted, and dried in edible insect food. It is low in calories and contain high protein. The case of the disease in livestock is increasing, so people want safe edible insect-based food. With the increase in population, consumers are more interested in eating animal protein such as chicken meat, pork, and beef, and which has increased the demand for insect-based food.
This industry will flourish as it is related to the health care products, but the high prices of insect-based food can hamper the sale. So, manufacturers have to undergo some innovation so that they can meet the demand of the customer. The insect-based food market is bifurcated based on applications such as Food & Beverage Industry, Animal Nutrition, and Pharmaceutical. It is used in food & beverage to induce protein, mineral, vitamin, and healthy fat in the human body in the forms of the protein snack bar, whey protein, insect snacks, cricket pasta, worm cookies, and many more. It is used more in pharmacy as it contains high protein, amino acid, and used as a tonic for malnutrition, asthma. It is also used in feeding the animals. The demand for insect-based food products is more by health-conscious people as they are more inclined towards fitness, gym, and workouts. So, it is a part of the diet, and used as a protein supplement.
The type of insects used in insect-based products are cricket, ants, grasshopper, beetles, buffalo worms, and insect-based food products are produced in the form of powder, oil, or as a whole and many more. In countries like Europe and North America, the consumption of insect-based food low because of the stereotype thinking of the people and their culture, which is taking them back not to consume insect-based products. The manufacturers are trying to capture other countries markets by producing the product according to their preferences.
Key Benefits of the Report:
- This study presents the analytical depiction of the insect based food market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the insect based food market share.
- The current market is quantitatively analyzed to highlight the insect-based food market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Insect based food market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Insect Based Food Market Report:
- What are the leading market players active in the insect based food market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Insect Based Food Market Report Highlights
| Aspects | Details |
 By Insect Type |
|
 By Form |
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 By Application |
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 By Region |
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 Key Market Players | Chapul Cricket Protein, Protix, EnviroFlight LLC, Swarm Nutrition GmbH, Hexafly, Entomo Farms, Aspire Food Group, Protifarm, Innovafeed, Ÿnsec, AgriProtein Holdings Ltd., Jimini’s |
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