Redding, California, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled “Crickets Market by Product (Whole Crickets, Cricket Powder), Species (House Cricket), Application (Processed Whole Crickets, Protein Supplement Powder, Cricket Protein Bars, Beverages), End Use (Human Nutrition, Animal Nutrition) — Global Forecasts to 2029”, published by Meticulous Research®, in terms of value, the crickets market is expected to grow at a CAGR of 28.6% from 2022–2029 to reach $3.50 billion by 2029. In terms of volume, this market is projected to reach 309.87 thousand tonnes by 2029, at a CAGR of 32.9% during the forecast period.
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Crickets are one of the most common insects people consume. Products containing crickets protein have grown in popularity due to consumer demand for more sustainable protein options. In order to meet the rising food demand of the growing population, current food production need to double in size. It also needs to be environment-friendly and utilize sustainable food production methods. Cricket farming could be a great solution as crickets has high nutritional values and ecological advantages over conventional animal-based protein sources.
Factors such as the high nutritional value, ease of cricket farming and processing of crickets, ease of incorporation into various food recipes and products, and the increasing demand for cricket-based products are responsible for the growth of the crickets market.
Impact of Covid-19 on the Crickets Market
The COVID-19 outbreak negatively affected the food sector, especially meat products producers worldwide. The meat products manufacturing industry faced major challenges, including disruptions in production, distribution, transportation, and other supply chain activities; lack of workforce; and delays in development activities. For instance, due to the COVID-19 pandemic, the U.S. restricted meat production resulting in the closure of meat processing plants. According to the U.S. Department of Agriculture, there has been a 4% decline in frozen pork demand, and slaughter rates dropped to 25%. These factors are expected to impact the meat products industry, driving the demand for alternative protein substitutes, such as crickets protein products.
The increasing demand from the animal feed industry for alternative proteins due to rising prices of soymeal, growing government support for the use of insect meal in livestock feed, and growing investments by the key players in the cricket industry has created the traction in the new environmentally sustainable protein source, such as crickets.
In May 2020, since the SARS-CoV-2 virus was transmitted from animals, Wuhan China's municipal government banned breeding, hunting, and consuming wild animals for five years. This ban is expected to trigger restrictions on the consumption of certain animals and related products across various cities and countries worldwide, further increasing the shortage of meat products and accelerating the demand for alternative substitutes, such as crickets-based products.
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Crickets Market Overview
The crickets market study is segmented based on product, species, application, end use, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on product type, the crickets market is segmented into whole crickets, cricket powder, cricket meal, and other products. The whole crickets segment is estimated to account for the largest share of the overall crickets market in 2022. The large share of this segment is attributed to the easy availability of whole crickets, the lower cost of these insects than processed forms, and the higher demand for whole insects from protein ingredients and food manufacturers for further processing and use in various applications. However, the cricket powder segment is expected to grow at the fastest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the ease of handling during the incorporation of various food products and the wide range of applications in various food and animal food products.
Based on species, the crickets market is mainly segmented into house cricket (Acheta domesticus) and other species (Gryllus and others). In 2022, the house crickets segment is expected to account for the largest share of the overall crickets market. The large share of this segment is mainly attributed to the high nutritional value of house crickets in human and animal nutrition; ease of farming; low cost; and the rising acceptance, approval, and production for this cricket species as food and feed.
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Based on application, the crickets market is mainly divided into processed whole crickets, animal feed and pet food products, protein supplement powder, cricket protein bars and protein shakes, bakery products, snacks, beverages, and other applications. The processed whole crickets segment is expected to command the largest share of the overall crickets market in 2022. The large share of this segment is mainly attributed to the wide availability of whole crickets, growing consumption of cricket-based foods, and the high nutritional value of crickets in human consumption. However, the cricket protein bars and protein shakes segment is expected to grow at the fastest CAGR during the forecast period. The increasing demand for protein bars derived from edible insects, especially crickets, is mainly attributed to the rapid proliferation of health & fitness clubs, the growing awareness regarding healthy lifestyles, and the increasing consumer preference towards ready-to-eat food products.
Based on end use, the crickets market is segmented into human consumption, animal nutrition, and other end uses. In 2022, the human consumption segment is expected to account for the largest share of the crickets market. The large share of this segment is attributed to the increasing demand for innovative & sustainable food items to meet the exponentially growing global population, the high nutritional value of crickets, the growing demand for eco-friendly alternative sources of protein, and the rising awareness about the benefits & need for high protein foods.
Based on geography, the global crickets market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific region is estimated to account for the largest share of the global crickets market. The large share of this region is attributed to the well-established commercial cricket farming, especially in Thailand; the availability of diverse cricket species & huge production; the positive attitude towards crickets as food & feed; absence of regulatory barriers on using crickets as food & feed; and the presence of key market players. However, the North American crickets market is expected to record the highest CAGR during the forecast period. The rapid market growth in this region is mainly attributed to the growing demand for environment-friendly high protein diets, aversion to highly processed foods, the increasing demand for insect-based foods, a growing number of crickets-based food product manufacturers, and the rising environmental concerns about meat production.
The key players operating in the global crickets market are KRECA (Part of Protifarm Holding NV) (Netherlands), Entomo Farms (Canada), Aspire Food Group (U.S.), All Things Bugs, LLC (U.S.), EntoCube OY (Finland), 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) among others.
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Scope of the report
Crickets Market, by Product
- Whole Crickets
- Cricket Powder
- Cricket Meal
- Other Products
Crickets Market, by Species
- House Cricket (Acheta Domesticus)
- Other Species (Gryllus and Others)
Crickets Market, by Application
- Processed Whole Crickets
- Protein Supplement Powder
- Animal Feed and Pet Food Products
- Cricket Protein Bars and Protein Shakes
- Bakery Products and Snacks
- Cricket Beverages
- Other Applications
Crickets Market, by End Use
- Human Consumption
- Animal Nutrition
- Other End Uses
Crickets Market, by Geography
- Asia-Pacific (APAC)
- Thailand
- China
- South Korea
- Vietnam
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Netherlands
- Belgium
- France
- U.K.
- Denmark
- Finland
- Germany
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
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