A new report from ResearchAndMarkets.com has noted that the Global Crickets Market is expected to reach $3.50 Billion by 2029 and grow at a CAGR of 28.6 percent during the forecast period of 2022 to 2029.
The report has provided an in-depth analysis of the crickets market in five major geographies, with an emphasis on the current market trends, market sizes, market shares, recent developments, and forecasts.
This market is driven by factors, including the growing emission of greenhouse gases from livestock and poultry, the rising demand for cricket-based food products, and the high nutritional value of crickets. In addition, emerging economies, such as Southeast Asia, the Middle East & Africa, and Latin America offer significant growth opportunities for crickets stakeholders.
Many developing nations still face significant problems with hunger and malnutrition due to the unavailability of food sources. For instance, according to the World Health Organization, in 2020, 149 million children under five were estimated to be stunted (too short for age), 45 million were estimated to be wasted (too thin for height), and 38.9 million were overweight or obese.
Crickets are a rich source of protein and vitamins, and they contain a high level of calcium, iron, and zinc. Thus, crickets could be an invaluable part of diets in countries that struggle with malnutrition.
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).
Based on product, 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 global crickets market in 2022.
However, the cricket powder segment is expected to grow at the highest CAGR during the forecast period. The high growth is mainly attributed to the ease of handling during the incorporation in various food products and the wide range of applications in various food and animal food products.
Based on application, the global crickets market is segmented 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 global crickets market in 2022. The large share of this segment is mainly attributed to the wide availability of whole crickets, the 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 global 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.