Insect Snacks Market Overview
The consumption of Insect Snacks Market is an emerging trend that is gaining acceptance throughout the world, especially in North America and Asia-Pacific. The surging demand for insect snacks and the emergence of insect-based products as ‘novel food’ are the leading instruments for setting rules and standards for the production and consumption of insects as snacks or meal. However, the trend of consuming insect-based products, such as insect snacks, is mainly tolerated rather than being regulated. Thus, the absence of clear legislation and norms regarding the consumption of insects is one of the major challenges being faced by market players.
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Asia-Pacific is projected to be the largest Insect Snacks Market during the upcoming years owing to the hiking demand for convenience food in the region. In addition, notable volumes of live and dried insects are exported to Europe and North America owing to the large production of insects in the region for commercial purposes. Entomophagy is a widely adopted practice in several Asia-Pacific countries, and thus insect snacks have a high penetration rate in this regional market.
North America is projected to be the fastest-growing market during the forecast period due to the increasing penetration of market players in the region. Owing to the high protein content in insects, they are being reared commercially and witnessing a growing demand. Insects such as mealworms, crickets, maggots, super worms, and black soldier fly are dried and processed into snacks. Various initiatives are being taken in the region for promoting the commercial production and use of edible insects and insect-based products. The North American Coalition for Insect Agriculture is one such organization that encourages the rearing of insects for their use in various application industries in the form of additives, meals, or whole. Thus, manufacturers of insect snacks have several growth opportunities in the region during the upcoming years.
Europe is expected to comparatively hold lower share in the global Insect Snacks Market due to the negative consumer perception towards consuming insects. Europe fulfills its demand for insect snacks and other insect-based products by importing edible insects from Asia-Pacific countries, mainly China. For instance, HaoCheng Mealworm Inc. is a China-based company that specializes in the farming and sale of mealworms, super worms, and maggots. It exports mealworms, super worms, and maggots to Europe in dried, live, canned, and powder forms. In addition, only a handful of approvals have been granted in Europe for the rearing and consumption of insects such as crickets, black soldier fly, and mealworms.
Rest of the World is expected to garner a significant revenue share and project a notable growth rate due to increasing consumption of insect snacks in Africa and growing economies of the Middle East.
The global Insect Snacks Market has further been segmented by insect type, packaging type, and end-use.
By insect type, the global Insect Snacks Market has been classified as Coleoptera, Lepidoptera, Hymenoptera, Orthoptera, Hemiptera, and others. The global Insect Snacks Market has also been segregated, based on packaging type, into cans, pouches, bottles, and others. By end-use, the global Insect Snacks Market is categorized into food service and food retail.
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Some of the key players in the global Insect Snacks Market are Eat Grub (UK), Jimini’s (France), Thailand Unique (Thailand), Entomo Farms (Canada), Chapul Cricket Protein (US), Edible Inc. (Korea), Cricket Flours (US), EXO (US), and Six Foods (US).
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