Impact of Covid-19 on Edible Insects Market

 

Edible Insects

Edible insects are consumed in many parts of the world because they are high in nutrients including amino acids and important minerals. Edible insects include wasps, ants, bees, beetles, scale insects, cockroaches, flies, termites, crickets, and grasshoppers. In the aquaculture and poultry sectors, they're also used. Various low-calorie and healthy food and beverage items are made from edible insects that have been roasted and dried.

The global Edible Insects Market is projected to surpass US$ 850 million by the end of 2027, in terms of revenue, growing at CAGR of 6.7% during the forecast period (2020 to 2027). Growing greenhouse gas emissions from cattle and poultry, high nutritional value of insects, minimal environmental effect across their whole life cycle, and low danger of transferring zoonotic illnesses are all driving expansion in the edible insects sector. However, the lack of an unified regulatory framework, psychological and ethical challenges to eating insects, and allergies caused by insect ingestion are projected to limit the market's growth.

The COVID-19 epidemic, like other businesses, provides several issues to the food industry, particularly meat producers across the world. The meat processing sector has encountered several obstacles, including the possibility of continuing production, distribution, transportation, and other supply chain operations; a labour shortage; and development delays. The sector's expansion has been hampered even further by the postponement of private investment finance and state funding efforts. These factors are projected to have an influence on the meat sector, pushing demand for alternative protein alternatives such as insect protein products.

The risk of viral infections, cardiovascular diseases, liver diseases, disorders of bone and calcium balance, and an increased risk of certain cancer associated with the long-term use of animal proteins has created traction for sustainable protein sources like edible insects that can be cost-effectively reared on waste feed and water, thanks to rising health & wellness trends and rising health awareness, such as the risk of viral infections, cardiovascular diseases, liver diseases, disorders of bone and calcium balance, and an increased risk of certain cancer associated with the long-term use of animal Many vendors are concentrating on improving their production capabilities, methods, end products, and getting financing from investors in order to seize this traction in the edible insects sector.

Insects such as ground mealworms, smaller mealworms, locusts, crickets, and grasshoppers are likely to be approved for human consumption by the European Food Safety Authority (Source: IPIFF). Only a few EU nations now employ insect-based products as a source of protein. The permission throughout the EU is expected to bring a slew of edible insects to market across Europe, fueling demand for Edible insects.

This certification will open up a lot of doors for firms who work with edible insects. Thus, amid the present worldwide epidemic of COVID-19, the increased demand for alternative proteins over animal proteins as a rich source of protein and immune booster has sparked a new wave of interest in the edible insect sector.