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Asia Pacific edible insect market size to reach $270 million by 2024

Zoom in font  Zoom out font Published: 2019-09-11  Origin: fnbnews  Views: 4
Core Tip: The Asia Pacific edible insect market is estimated to exceed $270 million by 2024.
The Asia Pacific edible insect market is estimated to exceed $270 million by 2024. This was among the findings of Graphical Research’s new growth forecast report, titled Asia Pacific Edible Insects Market Analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share and Forecast, 2018–2024.

Growing concern towards various health issues and a shift in the consumption pattern to a protein-rich diet may drive the Asia Pacific edible insect market size. The product offers various health benefits, including reducing obesity, and are healthy even for animals when offered as fodder, resulting in an increase in the product demand.

Asia Pacific edible insects market demand from caterpillars is likely to register over 44 per cent by 2024. They are easily garnered and are rich source of vitamins, minerals and proteins.

Mopane caterpillar advances in iron deficiency in diet and contains protein, which may foster the market demand. These bugs feed on tree leaves and their influence on forest ecosystem are the driving factors accelerating the industry demand.

The Asia Pacific edible insect market size from flour application may surpass $85 million by 2024. Crickets and mealworms are primarily used in bakery products owing to its gluten-free property, which includes biscuits, muffins and desserts, thereby fuelling the product demand.

China edible insects market size may witness significant gains at over 44 per cent by the end of forecast timeframe. Bugs are mainly consumed in this region for eating and medical purposes. Honey bee drones are used as traditional medicine. Beetles have an anti-diuretic effect, and are considered as healthy. These drive the overall market.

The Thai bug market demand may surpass $50 million by 2024. It has over 20,000 insect farming business, most of which are limited household operations, and over 200 species are consumed. Insect farming has emerged as a substantial economic activity in the region, owing to the strong and favourable market demand.

The Asia Pacific edible insect market share is fragmented. The key players include HaoCheng Mealworms, Thailand Unique, Bugsolutely, Ecobars, and Entotech. Companies are investing in R&D (research and development) to expand their product demand.

Segments we cover

Asia Pacific edible insect market analysis, by product
    • Beetles
    • Caterpillars
    • Grasshoppers, locusts and crickets
    • Bees, wasps and ants
    • Scale insects and true bugs
    • Others
Asia Pacific edible insect market growth, by application
    • Flours
    • Bars
    • Snacks
    • Others
 
 
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