"From Farm to Fortune: Crickets Market Forecasted to Hit $3.50 Billion by 2029"

Meticulous Research® has unveiled its latest findings, projecting a remarkable compound annual growth rate (CAGR) of 28.6% for the GLOBAL CRICKETS MARKET from 2022 to 2029. The market is anticipated to reach a valuation of $3.50 billion by the end of the forecast period, driven by several dynamic factors reshaping the food industry.

Key drivers behind this significant market expansion include the rising demand for sustainable, cricket-based food products, and the escalating concerns over greenhouse gas emissions from traditional livestock and poultry farming. Crickets, renowned for their high nutritional value, are gaining momentum as a viable and environmentally friendly alternative protein source, capturing the attention of health-conscious consumers and food manufacturers alike.

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Opportunities in Emerging Economies :

The report highlights promising growth opportunities in emerging markets such as Southeast Asia, the Middle East & Africa, and Latin America. These regions, characterized by favorable conditions for cricket farming, are poised to become key players in the global crickets market. However, the industry faces challenges, particularly in the form of psychological and ethical barriers to insect consumption and the absence of a standardized regulatory framework.

Market Segmentation: A Comprehensive Analysis

The global crickets market is intricately segmented based on product type, species, application, end use, and geography. Each segment has been thoroughly analyzed to provide insights into the evolving dynamics of this burgeoning industry.

Product-Based Segmentation

• Whole Crickets: In 2022, the whole crickets segment is expected to dominate the market, driven by the ease of availability and lower cost compared to processed alternatives. The demand for whole crickets is particularly strong among protein ingredient manufacturers and food producers who utilize these insects in various applications.

• Cricket Powder: The cricket powder segment is projected to witness the highest growth rate during the forecast period. The versatility of cricket powder, along with its ease of incorporation into a wide range of food and animal feed products, is expected to fuel this growth.

Species-Based Segmentation

• House Cricket (Acheta domesticus): The house cricket segment is anticipated to hold the largest market share in 2022. This can be attributed to the species' high nutritional value, cost-effectiveness, and increasing acceptance for use in both human and animal nutrition.

Application-Based Segmentation

• Processed Whole Crickets: This segment is expected to command the largest market share in 2022, bolstered by the widespread availability and high nutritional value of whole crickets.

• Cricket Protein Bars and Shakes: The cricket protein bars and shakes segment is forecasted to grow at the fastest CAGR during the forecast period. This growth is largely driven by the rising popularity of health and fitness clubs, increasing awareness of healthy lifestyles, and consumer preference for ready-to-eat, protein-rich products.

End Use Segmentation

• Human Consumption: In 2022, the human consumption segment is expected to dominate the crickets market. The surge in demand for innovative, sustainable food items to support the growing global population, coupled with the high nutritional value of crickets, positions this segment as a market leader.
Geographic Segmentation

• Asia-Pacific: The Asia-Pacific region is projected to hold the largest market share in 2022. This dominance is attributed to well-established commercial cricket farming, especially in Thailand, the diverse species availability, and a favorable attitude towards crickets as food and feed.

• North America: The North American crickets market is expected to register the highest CAGR during the forecast period. Factors such as increasing demand for environmentally sustainable protein sources, a shift away from highly processed foods, and growing environmental concerns related to meat production are driving this growth.

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Conclusion

As the global crickets market continues its rapid expansion, driven by the demand for sustainable, high-protein food alternatives, stakeholders across the industry are poised to benefit from emerging opportunities. However, overcoming the challenges posed by regulatory uncertainties and consumer perceptions will be crucial for unlocking the full potential of this innovative market.

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?

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This release was published on openPR.