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Weekly Round-Up ... 13 September 2022

The edible insects market is set to grow at a CAGR of 18.5% over the coming decade, to be worth $17.6 billion (€17.4 billion) by 2032, a new study by Fact.MR has found. Currently, the market for edible insects is valued at around $3.2 billion (€3.16 billion) globally, reports Esmmagazine.com.  Sales of edible insects have been on the rise in recent years, growing at a CAGR of 12.2% between 2017 and 2021. Europe accounts for the highest share of edible insect sales, holding 25.9% of the market, however consumption is expected to skyrocket at a CAGR of 24.6% and 18% respectively, in East Asia and North America, over the coming decade.

The lifting of European Union custom duties on Ukrainian goods led to a jump in poultry imports that mostly benefited one company, French poultry makers said, asking for the temporary move not to be renewed. The EU in June lifted tariffs to help the war-torn country and suspended quotas of Ukrainian agricultural products, including one for 70,000 tonnes of Ukrainian poultry a year. The measure is set to expire in June 2023. Ukrainian chicken imports into the EU jumped 54% year-on-year in the second quarter to about 52,000 tonnes, French poultry industry group Anvol said on Wednesday, forecasting the total volume for 2022 at between 130,000 and 180,000 tonnes.

Abundant rice supplies in key exporters may largely offset an expected drop in output after floods in Pakistan and severe heatwave in China damaged crops, capping any gains in prices from steady Asian demand. Pakistan, the world's fourth-largest rice exporter, suffered extensive damage to agriculture, including rice, as floods ravaged large swathes of its farmland, while extremely high temperatures in parts of China at the end of August have taken a toll on rice output in the world's biggest importer of the staple. However, global rice stockpiles are pretty comfortable and an improving Indian crop outlook should quell any supply concerns and limit any price increases from recent strong demand that has emerged from Bangladesh, said a Singapore-based trader at one of the world's top rice trading companies.

© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more retail news, click here. Click subscribe to sign up for the Checkout print edition.

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