USD 0.58 billion
Report ID: SQMG30B2010 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Crickets Market was valued at USD 0.58 billion in 2021, and it is expected to reach a value of USD 3.39 billion by 2028, at a CAGR of 28.7% over the forecast period (2022-2028).
Most nations, including Thailand, Mexico, China, and the Netherlands, now view insects as essential dietary components and functional food ingredients. Compared to many other foods, these nutrients from insects provide a more eco-friendly source of protein. One of the most popular edible insects consumed is the cricket. Protein, vitamins, amino acids, iron, and zinc are all abundant in them. Because of their high nutritional value, crickets are excellent for human food.
The need for meat has indirectly increased due to the growing population, yet hazardous gases produced during animal production have a significant negative influence on the environment, leading some individuals to switch to plant-based meat or meat with less of an ecological impact. Thus, crickets are viewed as a possible meat substitute and alternate source of protein. A rise in the usage of crickets as a protein source has prompted the incorporation of cricket protein into a variety of food items, including whole dried crickets as toppings as well as cricket pasta, burgers, chocolates, lollipops, and beverages.
Global Market Size
USD 0.58 billion
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Global Crickets Market segmented based on the product, end user, application, and region. Based on the product, the Global Crickets Market segmented into Whole Crickets, Cricket Powder, Cricket Meal. Based on the end user, the market has been segmented into Human Consumption, Animal Nutrition. Based on the application, the market has been segmented into Processed Whole Crickets, Protein Supplement Powder, Animal Feed and Pet Food Products, Cricket Protein Bars and Protein Shakes, Bakery Products and Snacks, Cricket Beverages. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Whole crickets segment dominated the Global Crickets Market and it will hold the majority of the market share in 2022. The significant market share of this sector is attributed to the widespread availability of whole crickets, their lower price compared to processed forms, and the higher demand for whole insects from producers of protein ingredients and foods for subsequent processing and use in various applications. Consuming crickets uncooked is the simplest way to prepare them for consumption. The other typical method consists of steaming, simmering in hot water or broth, roasting on skewers, or frying in heated oil. They are frequently prepared with spices and veggies. You can eat whole crickets as a supper or a side dish.
Cricket powder segment is fastest growing segment during the forecast period. The simplicity of handling during incorporation into various food items and the wide variety of uses in various culinary and animal food products are primarily responsible for the high growth rate.
Analysis by End User
The human consumption segment dominated the global market in 2021. The high nutritional value of crickets, the rising demand for eco-friendly alternative sources of protein, the growing demand for innovative & sustainable food products to meet the exponentially growing global population, and the growing awareness about the advantages & need for high protein foods are all factors contributing to the segment growth. Additionally, the production and processing of crickets and foods made from them involves only minimum initial processing, drying, freezing, or grinding into flours, followed by a subsequent procedure and formulation of more elaborate goods that cater to consumer preference. To affect the final product's quality, crickets are employed as raw materials.
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Asia Pacific region dominated the Global Crickets Marketing 2021. The substantial market share of this region can be attributed to the region’s long history of commercial cricket farming, particularly in Thailand, its abundance of different species of crickets and high production, its favourable perception of using crickets as food and feed, the lack of legal restrictions on this use, and the presence of significant market players.
North America is fastest growing region during the forecast period with highest CAGR. Aversion to highly processed foods, rising demand for insect-based foods, an increase in the number of companies that make food products using crickets, and growing environmental worries about meat production are the main causes of the region’s market’s explosive rise.
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Cricket products are well-known for providing more energy than traditional animal-based protein products. Cricket protein powder contains more essential amino acids than conventional meat products, suggesting that consuming cricket protein powder may allow for adequate amino acid intake. Vitamin B12, which is only found in animal-based foods, is abundant in house crickets. This vitamin is necessary for human health development in general.
Insect farming has long been hailed by environmentalists as a highly effective substitute for the production of beef, poultry, and swine. There are no legal restrictions on the production, selling, or consumption of insects in several nations, including Thailand and Vietnam. Regulators in western nations, however, pose a serious obstacle to the use of insects in food and feed. Western regulators disagree on whether insects should be covered by the current food laws or whether they should be treated as a unique food product that needs substantial testing. That’s why uncertain and non-standardized regulatory scenario for the use and consumption of insects as food and feed across regions is expected to hindering the growth of the crickets market.
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Global Crickets Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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Health and wellness trends are on the rise, and people are becoming more aware of the risks of cancer, heart disease, liver disease, bone and calcium imbalance disorders, viral infections, and cardiovascular diseases associated with long-term consumption of animal proteins. This has given rise to a demand for sustainable protein sources and farming techniques, such as raising crickets, which can be efficiently raised on leftover feed and water.
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According to our Global Crickets Market analysis, Asia Pacific region is expected to capture higher market share, the growth of the region is attributed to the region’s long history of commercial cricket farming. Thailand has emerged as a significant contributor to market growth in Asia Pacific. In terms of end users, the human consumption segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to, it is eco-friendly alternative sources of protein. In terms of product, the whole cricket led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 0.58 billion|
|Market size value in 2028||USD 3.39 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Crickets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Crickets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMG30B2010