Global Crickets Market Set to Reach $5,923.4 Million by 2031

 Meticulous Research®—a leading global market research company, published a research report titled ‘Crickets Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication, the crickets market is expected to reach $5,923.4 million by 2031, at a CAGR of 29% from 2024 to 2031.

The growth of the crickets market is driven by several factors, including their high nutritional value and increasing acceptance among consumers. Additionally, rising greenhouse gas emissions from the livestock and poultry industries, a growing demand for cricket-based food products, and a low risk of zoonotic disease transmission associated with cricket consumption further contribute to this market expansion. However, the absence of a standardized regulatory framework, along with psychological and ethical barriers to insect consumption, restrains the market growth.

In addition, emerging economies in Latin America, Asia, and the Middle East & Africa provide growth opportunities for market players. However, the market faces substantial challenges, including a lack of awareness about crickets' benefits. Furthermore, increasing preference for protein-rich diets and environmental sustainability are prominent trends in the crickets market.

Key Players:

The crickets market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the crickets market are Entomo Farms (Canada), Aspire Food Group (U.S.), All Things Bugs, LLC (U.S.), Armstrong Crickets Georgia (U.S.), Cricket Foods (U.K.), Global Bugs Asia Co., Ltd. (Thailand), JR Unique Foods Ltd. (Thailand), Protix B.V. (Netherlands), Entogama (Lithuania), and Chapul, LLC (U.S.).

The crickets market is segmented based on product, species, application, end use, and distribution channel. The report also evaluates industry competitors and analyzes the crickets market at the regional and country levels.

By product, the whole cricket segment is anticipated to hold the dominant position, with a share of 47.5% of the market in 2024. The large market share of this segment can be attributed to the lower cost of whole insects compared to processed alternatives, their abundant availability, and the increasing demand from protein ingredients and food manufacturers for whole insects to be utilized in various applications and further processing.

By species, the house cricket segment is anticipated to hold the dominant position, with a large share of the crickets market in 2024. The large market share of this segment is primarily driven by the high nutritional value of house crickets in both human and animal nutrition, their cost-effectiveness, and the growing acceptance, approval, and production of this species as a viable food and feed source. Rich in protein, house crickets surpass other cricket species in nutritional content, making them an increasingly popular choice for human consumption and animal nutrition.

By application, the processed whole crickets segment is anticipated to hold the dominant position, with a share of 28.0% of the market in 2024. The large market share of this segment is primarily driven by the abundant availability of whole crickets, the rising consumption of cricket-based foods, and the high nutritional value of crickets for human consumption.

By end use, the human consumption segment is anticipated to hold the dominant position, with a large share of the crickets market in 2024. The large market share of this segment is attributed to the rising demand for innovative and sustainable food solutions to address the needs of a rapidly growing global population. Moreover, crickets' high nutritional value, the increasing preference for eco-friendly protein sources, and the heightened awareness of the benefits of high-protein foods further contribute to this trend.

By distribution channel, the business-to-business segment is anticipated to hold the dominant position, with a large share of the crickets market in 2024. The large market share of this segment is attributed to the growing B2B cricket trading and the rising demand from food manufacturers and the food service industry. Additionally, B2B distribution channels facilitate cricket suppliers’ reaching new geographic markets by forming partnerships with businesses across various regions. This approach allows companies to scale operations, expand their presence, and effectively serve a global customer base.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Netherlands, Belgium, France, U.K., Denmark, Finland, Germany, and Rest of Europe), Asia-Pacific (Thailand, China, South Korea, Vietnam, Japan, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa (South Africa, Saudi Arabia, Kenya, Uganda, and Rest of Middle East & Africa).

By geography, Asia-Pacific is anticipated to hold the dominant position, with a share of 39.5% of the market in 2024, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific's crickets market is estimated to be worth USD 393.8 million in 2024. The large share of this regional market is attributed to several factors, including the well-established commercial cricket farming, particularly in Thailand, the availability of diverse cricket species and large-scale production, a positive attitude towards crickets as a food and feed source, the lack of regulatory barriers regarding their use, and the presence of key market players.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5247

Key Questions Answered in the Report:

·         What is the value of revenue generated by the sale of crickets?

·         At what rate is the global demand for crickets projected to grow for the next five to seven years?

·         What is the historical market size and growth rate for the crickets market?

·         What are the major factors impacting the growth of this market at global and regional levels?

·         What are the major opportunities for existing players and new entrants in the market?

·         Which product, species, application, end use, and distribution channel segments create major traction for the manufacturers in this market?

·         What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the crickets market?

·         Who are the major players in the crickets market? What are their specific product offerings in this market?

·         What recent developments have taken place in the crickets market? What impact have these strategic developments created on the market?

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Meticulous Research®
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