Are edible insects the new sushi? Bug protein market could be worth US$8 billion by 2030, report shows
- Sales are increasing by about 25 per cent a year, thanks to falling prices and a waning ‘yuck factor’
- Manufacturers, supermarkets and restaurants are scrambling to cash in on a changing dining landscape as consumers seek alternative foods
Cricket crisps and buffalo worm burgers could be as fashionable as sushi within a decade due to falling prices and a waning “yuck factor”, which analysts believe could push the bug protein market to a value of US$8 billion by 2030.
A report has shone a spotlight on a market enjoying bumper growth, with sales increasing by about 25 per cent a year as high-protein, low-calorie bug-based snacks and staples gain in popularity.
“We see scope for insects to reduce the environmental burden of our food system,” said Emily Morrison, one of the authors of the report by Barclays. “Although there are numerous hurdles to overcome – notably regulation, price and cultural acceptance – we see insects as a viable middle ground for consumers wanting to make their diets more sustainable.”
Manufacturers, supermarkets and restaurants are all scrambling to cash in on a changing food landscape as a growing number of consumers embrace flexitarian diets – in which a largely vegetable-based diet is supplemented occasionally with meat – and experiment with meat alternatives and plant-based eating.
The damaging environmental impact of global meat production has spurred interest in bugs as an alternative, sustainable food source. Unlike cows or pigs, insects can be bred in significant numbers without taking up large amounts of land, water or feed.