Cricket Market

CRICKET MARKET OVERVIEW

The global Cricket Market size was 1.14 B USD in 2024 and is projected to touch 2.9 B USD in 2033, exhibiting a CAGR of 9.8% during the forecast period.

The cricket market is an emerging industry of edible crickets and cricket-based products. Increased interest surrounding sustainable protein sources and a transition toward cricket farming as an alternative to traditional livestock have put this industry in the limelight. Owing to their well-recognized nutritional profile as a whole source of protein, fiber, and vitamins essential for health, crickets are expected to occupy a heavy trickle into the market with an affirmable demand for health-based and better ecological alternatives. This forms a crucial part of the global acceptance of an advanced and more sustainable food supply with less footprinting on the environment than conventional farming methods.

COVID-19 IMPACT

"Cricket Industry Had a Negative Effect Due to lockdowns, low demand, and restricted supply chains during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The Covid-19 pandemic wrought havoc on the cricket market, most notably in agriculture and food industries. Cricket farmers found it extremely hard to supply and distribute their products, with restrictions on feed procurement and lockdowns adversely affecting production. The market fell further from grace as restaurants and food services ceased operation, and the little disposable income that consumers had slowly went away from cricket products. Not many cricket farms were able to make a profit because they could not sell their products or, for that matter, even work at full capacity, while this period of uncertainty would see lesser investments and research activities into the sector, which has eventually stifled any future growth opportunities during the pandemic.

LATEST TREND

"Market growth accelerates with innovation, sustainability, consumer demand, and regulatory support"

The cricket-farming market is fast-paced and growing; it is an evolving market since consumers are in pursuit of sustenance that is much more sustainable and nutritious. This market still expects well-disseminated product development of commodities like protein powders, snacks, and energy bars from crickets, which have been more diversified into health-conscious crowds searching for alternative proteins. Moreover, those products have made their way to fame due to being rich in proteins, essential amino acids, and micronutrients such as iron and zinc; thus, they stand as good complements for many diets from various continents. Besides, the market has benefited from the government regulations due to the approvals for the use of insect-based ingredients in food and feed in Europe and North America, which strengthens the consumers' confidence and, in turn, promotes the overall market growth. The growth of cricket farming will expand and innovate with increasing population and changing demands.

CRICKET MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Protein Powder, Animal Feed, Cricket Protein Bars & Frozen Crickets

• Protein powder: Cricket protein powder has gained popularity appeal as an alternative to conventional protein powders with an existing clientele. Since cricket protein powder is a good protein source rich in fatty acids and micronutrients, it acts as a nutritional supplement in smoothies, baked goods, and snacks. The growth of this market will be attributed to the increasing demand for highly plant-based, eco-friendly protein sources. A game called cricket protein powder has attracted great health-conscious players toward it due to its high digestibility.

• Animal Feed: Crickets offer incredible protein for livestock and pet food. They are favourably situated to be a sustainable alternative to traditional animal feed. Crickets in animal feed were considered eco-friendly, producing fewer greenhouse gases and utilizing less water than conventional farming. This developed segment is part of the major drive towards sustainable and alternate sources of animal nutrition. It is also being accepted more in aquaculture as crickets are fed to fish and other aquatic animals.

• Cricket Protein Bars: Cricket protein bars provide the best high-quality protein, convenience, and sustainability. This snack is targeted at those markets looking to add a new, typical, good, and environmentally friendly treat for healthy eating. Sources of protein would include all nine essential amino acids. Cricket protein bars become trendy because their consumption increases while other options, such as protein-rich plant-based and low-impact foods, are also associated with growing demand. There is a lot of room within cricket protein bars for various flavour options and health benefits that really grow the segment of the snack market globally.

• Frozen Crickets: Frozen crickets are beginning to be considered a whole-food protein for humans as well as feed for pets and livestock. A minimally processed food retains most of its nutritional elements, especially protein, fiber, and important minerals. This section is taking shape with the broad interest that edible insects have generated as alternatives to traditional sources of protein. The frozen crickets are packaged and marketed, usually ready-to-use in cooking preparations or as an ingredient in specialty foods.

By Application

Based on application, the global market can be categorized into Animal Feed and Pet Food Products & Human Food and Beverages

• Animal Feed and Pet Food Product: The booming popularity of crickets in animal feed and pet food is due to their being a sustainable protein source. Cricket ingredients are thus far the most digestible and more nutrient-rich alternative for conventional animal feeds, which is crucial to the general health of animals. The expansion of the market for cricket-based feeds is more pronounced in aquaculture and poultry feed. With increased consumer interest in eco-friendly, high-protein alternatives for their pets and livestock, the segment is growing fast.

• Human Food and Beverages: Cricket-based products are going into food for human consumption and beverages, driven by demands for sustainable, high-protein alternatives. Included are cricket protein powders, energy bars, snacks, and even drinks with enhanced protein content, all representing a complete protein source with the nine essential amino acids. It targets health-conscious customers seeking nutritious and environmentally friendly food alternatives. The heightened trend of plant-based dietary regimes and sustainable food production is fast-tracking the acceptance of cricket-based products in this market.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                          

DRIVING FACTOR

"Market growth accelerates as sustainability drives demand for eco-friendly cricket farming"

The sustainability trend is one of the main driving forces behind the booming market for crickets. Perhaps more importantly, while conventional livestock may require extensive land, water, and feed, crickets, on the contrary, only require a fraction of these resources for farming. This also means that it becomes more environmentally friendly. Increasing concerns about how agriculture affects the environment also cause shifting people and businesses to increasingly discover the sustainable protein sources that crickets provide. Such transformations help save many greenhouse gas emissions, water, and deforestation, making crickets one of the promising candidates for sustaining food production.

"Market growth thrives as health-conscious consumers embrace nutrient-rich cricket protein"

Crickets are inherently and undeniably weighty sources related to protein, essential amino acids, vitamins, and minerals. As consumers tend towards health and fitness, therefore, products that are high in protein, low in fat, and very nutrient-rich are demanded even more. Cricket-based foods, such as protein powders, snacks, and bars, yield a more efficient and highly digestible protein profile, attractive to athletes and fitness seekers or those looking for alternatives to conventional meat and dairy products. This health consideration is the major pull factor in growing the cricket market.

RESTRAINING FACTOR

"Market growth faces restrain as consumer awareness and cultural barriers persist"

The cricket market is largely impeded by some problems pertaining to consumer acceptance and awareness. People have been unaware that edible insects could form a source of food, which leads to much hesitation and reluctance in trying out products with crickets. Culture matters; like, in many Western countries, insects are not generally considered food. Serious education and marketing campaigns must be implemented to sensitize consumers further on the nutritional and environmental advantages of crickets to fight against these barriers.

OPPORTUNITY

"Market growth expands as sustainability, technology, and demand drive cricket-based foods"

The growing demand for sustainable food sources arising from a burgeoning global population and environmental concerns offers the Cricket Market some growth opportunities. As consumers desire alternatives to "traditional" protein sources, cricket-derived products, e.g., protein powder, bars, and snacks, are emerging to meet this demand. Cricket-farming technology improvement and production-efficient methods would result in cheaper processing and increased availability of products. Furthermore, there is huge potential for the cricket market, with the growing interest in plant-based and environmentally friendly diets. This trend would definitely receive a lot of acceptance in the developed world as part of sustainability.

CHALLENGE

"Market growth is constrained as regulatory barriers and food safety concerns persist"

The regulatory barriers and food safety challenges are the most significant hindrances to the Cricket Market Growth. In fact, insects used in food products are still an extremely grey area in many countries, causing uncertainty for the producer and consumer alike. The lack of harmonized guidelines for insect farming and processing could slow down market growth further while raising skepticism regarding the safety and quality of cricket-based products. Therefore, it has become paramount to rid oneself of these barriers towards acceptance to ensure that consumer trust is earned for the successful incursion of cricket products into the food industry.

CRICKET MARKET REGIONAL INSIGHTS

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• North America

"Market growth thrives as North America leads in innovation and regulation"

North America is at the forefront of providing customers with quality cricket products, owing to a technologically advanced agricultural infrastructure, increased market demand for environmentally friendly food, and product innovation in the area of edible insect products. The spur to plant-based eating trends and alternative proteins can be noted in this region, particularly in the American context. Certainly, product developments such as cricket protein powders and snacks are other essential aspects that play a critical role in the cricket market while leading to stimulating investments for research in the area. In fact, the United States Cricket Market is leading with regulatory approvals, which are a major factor in clearer guidelines happening in this industry. Therefore, this is increasing consumer awareness and acceptance in the US, favouring the growth of the North American market.

• Europe

"Market growth strengthens as Europe leads in sustainability, regulation, and consumer demand"

Europe is a significant contributor to the Cricket Market Share. The advances are much more in-depth concerning sustainable and alternative foods, leaving the European Union to make laws on insect usage as food and thus giving rise to a legal ecosystem to promote innovation in the market. In Europe, more and more consumers are adopting diets that will be more eco-sustainable, thus intensifying the demand for cricket protein powder and snacks, among others. And, there, Europe has some major companies whose business is directly linked to insect farming. All these improve cricket markets across Europe.

• Asia

"Market growth flourishes as Asia embraces tradition, sustainability, and cricket farming innovation"

Asia's contributions making up an important part of the cricket market are attributed to a long-entrenched culture of acceptance that edible insects are fit for consumption. Countries like Thailand, Cambodia, and India share this deep history of consuming crickets and other insects, which forms the current market base. Moreover, a fully-fledged cricket-farming and product-development drive is currently gaining traction in the region due to the increasingly sustainable-protein-oriented demand. Cricket farming is being looked at as a way of addressing food security and sustainability challenges as agricultural practices turn more content inwardly toward modernism within the given states.

KEY INDUSTRY PLAYERS

"Market growth accelerates as innovation, investments, and partnerships drive global acceptance"

Emerging cricket markets are being driven by leading industry players with new technology and investments and developing strategic partnerships. Aspiring innovative companies are coming up with innovative products such as cricket protein powders, snacks, and bars to be consumed by health- and eco-conscious consumers. They push the market forward through developing innovations in farming practices, improving the quality of their products, and ensuring food and product sustainability. Also, they are going to work with regulatory bodies about this issue to create clarity on what defines an industry standard to raise awareness about the merits associated with insect consumption. Therefore, these initiatives put together are catalyzing global acceptance of crickets edibles.

List of top Cricket Companies

• Entomo Farms (Canada)
• All Things Bugs (U.S)
• Aspire Food Group (Canada)
• Global Bugs Asia (Thailand)
• EntoCube OY (Finland)

KEY INDUSTRY DEVELOPMENT

September 2023: Cricket One, a Vietnamese startup specializing in edible insects, secured a significant Series A investment. This funding enabled the company to inaugurate Asia's leading cricket processing plant in Binh Phuoc, Vietnam. Initially, the facility is designed to process 1,000 metric tons of crickets annually, with plans to scale up to 10,000 tons per year over the next five years.​

REPORT COVERAGE       

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.