Rapid Growth Expected in the Crickets Market
According to the research, the crickets market is projected to grow at a robust CAGR of 28.6% from 2022 to 2029, reaching an estimated value of $3.50 billion by the end of the forecast period. The market's growth is fueled by rising awareness of the negative environmental impact of conventional livestock farming, alongside growing demand for cricket-based foods with high nutritional value.
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Opportunities in Key Emerging Markets
Emerging markets in Southeast Asia, the Middle East, Africa, and Latin America offer significant opportunities for growth in the cricket farming sector due to their favorable conditions for insect farming. However, the report points out that challenges such as regulatory inconsistencies and cultural reluctance to consume insects pose barriers to growth.
Product-Based Market Segmentation
The crickets market is segmented by product type into whole crickets, cricket powder, cricket meal, and other products. Whole crickets are anticipated to dominate the market in 2022, driven by their ease of availability, lower cost compared to processed forms, and rising demand from food manufacturers for use in various protein-rich applications.
Cricket Powder’s High Growth Potential
The cricket powder segment is expected to show the highest CAGR during the forecast period, driven by its versatility and ease of incorporation into a wide range of food products for both human and animal consumption.
Species Segmentation in the Crickets Market
In terms of species, the crickets market includes house crickets (Acheta domesticus) and other species like Gryllus. House crickets are expected to hold the largest market share, driven by their high nutritional value and increasing acceptance as a sustainable food and feed option.
Applications of Crickets in Various Industries
Crickets are used in a wide range of applications, including processed whole crickets, animal feed, protein supplements, protein bars, bakery items, snacks, and beverages. Processed whole crickets lead the market due to their nutritional benefits and growing consumer demand for insect-based food products.
Cricket Protein Bars Expected to Grow Quickly
Cricket protein bars and shakes are anticipated to grow rapidly, driven by increasing consumer awareness of health-conscious food choices, the rising popularity of high-protein diets, and the growing demand for ready-to-eat insect-based products.
Segmentation by End Use
The crickets market is segmented by end use into human consumption, animal nutrition, and other applications. The human consumption segment leads the market, largely driven by a growing global demand for sustainable, eco-friendly, and high-protein food sources.
Geographical Market Insights
Geographically, the crickets market covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold the largest market share in 2022, owing to its well-established cricket farming infrastructure and the widespread acceptance of crickets as food. North America is expected to grow at the highest CAGR during the forecast period, driven by rising environmental concerns and growing demand for insect-based protein products.
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Key Players :
The key players operating in the global crickets market are KRECA (Part of Protifarm Holding NV) (Netherlands), Entomo Farms (copyright), Aspire Food Group (U.S.), All Things Bugs, LLC (U.S.), Armstrong Cricket Farm Georgia (U.S.), Cricket Lab Limited (U.K.), Global Bugs Asia Co. Ltd. (Thailand), JR Unique Foods Ltd. (Thailand), Protix B.V. (Netherlands), and Cricket Foods (U.K.), and Entogama (Lithuania).
Key questions answered in the report-
- Which are the high-growth market segments in terms of the product, species, application, end use, and countries?
- What is the historical market for crickets across the globe?
- What are the market forecasts and estimates for 2022–2029?
- What are the major drivers, restraints, challenges, and opportunities in the global crickets market?
- Who are the major players in the global crickets market?
- Who are the major players in various countries?
- How is the competitive landscape?
- What are the recent developments in the global crickets market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global crickets market, and how do they compete with the other players?
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