Unlocking the $3.50 Billion Potential of the Crickets Market by 2029

Deeya5220

posted on 3 months ago — updated on 1 second ago

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According to this latest publication from Meticulous Research®, the crickets market is expected to grow at a CAGR of 28.6% from 2022–2029 to reach $3.50 billion by 2029.

Meticulous Research®, a global leader in market analysis, has published its latest comprehensive 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.”

Crickets Market Projected to See Rapid Growth

The crickets market is expected to grow significantly at a CAGR of 28.6% from 2022 to 2029, reaching an estimated $3.50 billion by 2029. This growth is driven by the increasing awareness of the environmental impacts of conventional meat production and the growing interest in cricket-based food products due to their rich nutritional content.

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Opportunities in Emerging Regions

Emerging economies such as Southeast Asia, the Middle East, Africa, and Latin America are expected to offer ample opportunities for cricket-based food products. These regions are ideal for cricket farming, yet the growth may be hampered by a lack of established regulations and the cultural resistance to eating insects.

Product Segmentation in the Crickets Market

The crickets market is divided into whole crickets, cricket powder, cricket meal, and other products. In 2022, the whole crickets segment is expected to capture the largest market share due to the affordability, availability, and strong demand from the food manufacturing industry.

Cricket Powder’s Anticipated Growth

While whole crickets lead the market, cricket powder is projected to show the fastest growth rate, attributed to its wide range of applications in various food and animal nutrition products, as well as ease of handling.

Species Segment of the Crickets Market

The crickets market is segmented by species, including house crickets (Acheta domesticus) and other species such as Gryllus. House crickets are anticipated to lead the market due to their higher nutritional value, lower costs, and increasing acceptance in both human and animal diets.

Application-Based Market Analysis

In terms of application, the crickets market includes processed whole crickets, animal feed, protein supplements, cricket protein bars, bakery products, snacks, and beverages. Processed whole crickets are expected to lead in 2022 due to growing demand for cricket-based foods and their superior nutritional benefits.

Rising Demand for Cricket Protein Bars

Cricket protein bars and shakes are projected to show the fastest growth over the forecast period. The rising awareness of fitness, increasing preference for high-protein diets, and the ease of consumption make these products highly popular.

End-Use Segmentation

The crickets market is divided into human nutrition, animal nutrition, and other end-use sectors. Human consumption is projected to dominate, driven by the growing demand for sustainable food options that meet the increasing global need for high-protein diets.

Regional Analysis of Crickets Market

Geographically, the crickets market covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate due to its established cricket farming infrastructure and growing acceptance of cricket-based food products. However, North America is set to record the fastest growth rate, supported by increasing demand for eco-friendly protein alternatives and growing consumer concerns over the environmental impact of meat production.

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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 (Canada), 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?