Research by Barclays suggests that the edible insect market is set to exceed €7.1bn by 2030, but is the western world ready to accept insects as a regular food source?
The insect protein market will be worth $8bn (~€7.1bn) by 2030, according to research data published by market analysts at Barclays.
According to this research, the use of insects as food is set to become more popular as an increasing population puts more pressure on food supplies. Roughly 2 billion people, from 130 countries, regularly consume insects.
Eating insects is much more environmentally sustainable than meat consumption, even the United Nation’s Food and Agriculture Organization has repeatedly encouraged eating insects as part of a healthy, environmentally conscious diet since 2003.
“We see plant-based meat alternatives as the current source of disruption within protein and in the longer term also see cultured meat as an option,” Barclay’s report highlights.
The report continued: “However, we see future potential for insect protein to also be added to the menu — another alternative that has received less attention thus far.”
“[O]nce considered a weird and whacky food, part of sushi’s transformation into the mainstream was helped by it trickling down from top-end restaurants through to the supermarket shelves,” the report commented.
“We are starting to see this with insects as well, with insect-based restaurants such as Grub Kitchen in the UK and The Black Ant in New York,” stated the report.
As an increasing number of restaurants and supermarkets stock edible insects, this novel food is slowly being normalised to the masses. This suggests that food manufacturers will soon acquire smaller brands and develop their own bug-based products.
Tyson Foods have invested in multiple plant-based and cultured meat product and they have even expressed the demand for cricket protein in their 2019 list of food trends. This suggests that larger food brand is soon to make the switch.