In the cricket products market, Agtech companies manufacture and sell cricket-based products, including whole crickets, cricket powder, cricket meal, cricket oil, and others (frass), to food and beverage manufacturers, animal feed manufacturers, livestock farmers, individuals (pet owners), and other end users for human consumption, animal nutrition, and fertilizer applications.
Currently, cricket-based chitin and chitosan, produced by some of the Agtech, do not form any part of the cricket products market as they are not being sold and consumed commercially.
Cricket Product Market Insights
The Cricket Product Market valued around US $370 Million in 2022 and currently, it is expected to grow to US $3,000 Million by 2030, at a CAGR of 31.1% from 2023 to 2030.
Key Segments: Whole cricket, cricket Powder, cricket Meal, cricket Protein Bars and cricket Shakes, Animal Nutrition, cricket Oil
Key Competitors: Aspire Food Group (U.S.), Entomo Farms (Canada), Kreca Ento-Feed BV (Netherlands), All Things Bugs (U.S.), Fair Insects (A Protix Company) (Netherlands), Global Bugs Asia Co., Ltd. (Thailand)
Key Geographies: USA, China, UK, Japan, Germany, France, Italy, Spain, The Netherlands, Canada, India, South Korea, Australia, New Zealand, Middle East, Africa, South, and Central America.
Cricket Product Market Driver
Growing demand for Cricket-Based Products
The use of edible crickets as human sustenance and livestock feed has the potential to contribute to food security and reduce malnutrition. Until 2019, the sustainable use of crickets as food or feed was hampered by a paucity of information on the number of edible crickets, the countries in which they were consumed, and the developmental stages consumed worldwide. In addition, a lack of information regarding their nutritional value and the potential risks to prospective consumers restricted their consumption or incorporation into other food sources.
However, from 2020 onwards, there has been a significant increase in awareness and approval of edible crickets for animal and human consumption. Recently, the European Union included the house cricket (Acheta domesticus) on the European Union consumers’ tables. This is expected to present a significant opportunity and boost the market growth of edible crickets in Europe.
Cricket Product Industry Developments
The positive trends in the market can be observed through various developments from private players across the industry. For instance, recently, Aspire Food Group‘s production facility ramped up its cricket processing plant after a deal with Lotte Confectionary Co., a large Asian international food and beverage processor. In addition, various governments are also offering support to the industry. For instance, in June 2022, Agri-Food Canada invested $8.5 million in Aspire, an insect agricultural company, to build a new production facility in Canada.
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