More than two billion people globally eat insects regularly. And whether used in drinks, snacks, sweet treats or enjoyed whole, edible insects and getting more exposure to consumers. This growing awareness will help the global market for edible bugs experience a 6.1% CAGR, to hit nearly $723 million by 2024, according to Persistence Market Research. Orthopteras and tree bugs are expected to contribute more revenue to the market versus other insect types.
- Key growth drivers for insect-based products include:
- Low production costs compared to chicken, beef and pork.
- Use as a substitute for egg and dairy proteins
- High nutritional quotient compared to milk
- Low food safety risks
However, there are also several obstacles to market growth, including:
- Inadequate networking and distribution channels
- In some regions, negative perception about insect consumption
- Lack of legal framework
Consumers can enjoy edible insects fried, steamed, raw or barbequed. There has also been a rise in the online sale of cricket protein bars and chocolate chip cookies made with cricket flour.
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