Edible insects are rich in essential nutrients, which varies greatly depending on the species and stage of life of the insect. The nutritional content of edible insects is found to be greater in adults as compared to instars. Research & development activities in the alternative protein industry prove that, protein extracted from edible insects are more digestible as compared to other plant-based and animal-based protein sources. Protein digestibility associated with different species ranges from 76% to 98%.
Cricket protein powder protein products are also known for their ability to offer higher energy levels as compared to conventional animal-based protein products, as they contain higher amounts of essential amino acids as compared to conventional meat products. Vitamin B12, which occurs only in foods of animal origin, is found in sufficient amounts in house crickets. This vitamin is essential for the overall development of human health. As such, high nutritional profile offered by cricket protein powder is expected to drive growth of the cricket protein powder market, at an expected value CAGR of around 11% through 2030.
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Key Takeaways from Cricket Protein Powder Market Study
- The industrial segment of end use is anticipated to exhibit high value CAGR during the forecast period (2020-2030), and hold more than 80% share of the market. Under this, the bakery & snacks sub-segment is leads the way.
- A large number of start-ups offering cricket-based products are located in Europe and North America. Many investors have identified the potential of cricket-based products, and both these regions together hold more than 45% of the global market share.
- Developing countries in South Asia including India, Indonesia, Malaysia, and others, are projected to account for high demand for insect-based protein in the near future, with an expected CAGR of around 12% through 2030.
- Sales of cricket protein powder through online distribution channels is expected to experience 3X growth by 2030, owing to growing Internet penetration and quick seek out deals for choosing quality and price-specific cricket protein powder.
- The spread of COVID-19 has hampered production and disrupted the supply chain activities of the cricket protein powder market. However, with increasing demand for health-beneficial and nutrient products, losses are expected to be recovered in the near term.
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Key players operating in the cricket protein powder market are focusing on expansion of their production facilities. Manufacturers are also forming strategic alliances/partnerships with regional food & beverage manufacturers in Western Europe, Asia Pacific, Latin America, and the Middle East and Africa, to increase their presence in the global market.
- In 2018, Entomo Farms entered into a partnership with Loblaw Companies Limited, a Canadian private label brand. This partnership helped the company bring its cricket products to shelves across Canada. Products were launched through President’s Choice, a brand owned by Loblaw Companies Limited.
Key players are also involved in launching new products with cricket protein powder to increase their product portfolio and gain increased revenue.
- In 2018, Cricket Flours LLC announced the launch of its new line of organic roasted crickets. This new range of products was formulated by utilizing crickets kept on an organic and non-GMO diet. This product launch helped the company develop new revenue streams.
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