The edible insects market of the Asia Pacific is estimated to exceed $270 million by 2024 according to a new report from the Graphical Research. Growing concern toward various health issues and a shift in consumption patterns for protein-rich diets may be driving the growth as the product offers various health benefits, including reducing obesity, and are healthy even to animal when offered as fodder. Following are some key statistics from the report:
- Asia Pacific edible insects market demand from caterpillars is likely to register over 44% 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.
- Flour application may surpass $85 million by 2024. Crickets and mealworms are primarily used in bakery products such as biscuits, muffins and desserts, due to their gluten-free properties which fuels product demand.
- China edible insects market size may witness significant gains at over 44% 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 anti-diuretic effect are considered as healthy which in turn drives the overall market.
- Thailand 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 strong and favorable market demand.
- Asia Pacific edible insects market share is fragmented with key players including HaoCheng Mealworms, Thailand Unique, Bugsolutely, Ecobars, and Entotech. Companies are investing in R&D to expand their product demand.