Cricket Protein Powder Market is expected to be worth US$ 165.2 million by 2034 – Fact.MR
Source: The DairyNews
In a recent industry analysis conducted by Fact.MR, a leading provider of market research and competitive intelligence, the Global Cricket Protein Powder Market is estimated to be valued at US$ 57.2 million in 2024. The market is expected to exhibit a steady growth with a Compound Annual Growth Rate (CAGR) of 11.2% through the year 2034. Projections indicate that the cricket protein powder market is poised to surpass US$ 165.2 million by 2034.
The cricket protein powder market is intricately linked with the broader alternative protein movement, fostering a symbiotic relationship. This unique protein source is gaining traction due to its increasing popularity as a sustainable and environmentally friendly food choice. The growing awareness of the adverse environmental impacts associated with traditional animal agriculture, coupled with its resource inefficiency, underscores the rising preference for cricket protein. This trend positions cricket protein as a robust contender among the various alternative protein sources currently available.
The market for cricket protein powders is experiencing significant growth, thanks to strategically positioned distribution channels and an expanded retail presence. The enhanced accessibility of cricket protein products enables them to reach a broad customer base, contributing to increased market penetration and overall revenue growth.
Ongoing research and development initiatives play a pivotal role in enhancing the sensory characteristics and overall appeal of cricket protein products. To address concerns related to taste, texture, and aroma, businesses are making substantial investments in cutting-edge processing methods and improvements to flavor profiles. By prioritizing cricket protein powder and aligning with evolving customer expectations, this commitment to continuous innovation not only enhances market sustainability but also bolsters competitiveness over the long term.
Key Takeaways from the Cricket Protein Powder Market Report:
· The global cricket protein powder market size stood at US$ 34.2 million in 2019.
· The North America cricket protein powder market holds 22.2% of shares in 2024.
· The East Asia cricket protein powder market holds 27.5% of shares in 2024.
· The conventional nature segment occupied 66.50% of the market shares in 2024.
· The B2C distribution channel segment captured 63.80% of the market share in 2024.
· The market share in the United States is projected to rise at a 10.7% CAGR through 2034.
· The market size in China is anticipated to develop at a 10.3% CAGR through 2034.
The cricket protein powder market is characterized by a competitive landscape that includes both well-established businesses and nimble startups. These players operate within a dynamic terrain that is shaped by sustainability, innovation, and strategic alliances. Maintaining a competitive edge will depend critically on the capacity to strike a balance between environmental concerns, customer preferences, and operational efficiency as the market evolves.
Recent Developments
· In October 2023, Tyson Foods stated that it had invested strategically in insect protein startup Protix to increase the presence of insect ingredients in the food system. Tyson announced plans to buy a minority share in the firm, but no financial details were provided.
· In September 2023, Cricket One, a Vietnamese startup for edible insects, raised a series A investment for an undisclosed ‘seven-figure’ sum and opened Asia's leading cricket processing plant. The new factory in Binh Phuoc, north of Saigon, would initially process 1,000 metric tons per year, increasing to 10,000 tons over the next five years.
Thriving Conventional Nature Cricket Protein Powder Market
In terms of nature, the conventional segment commands a substantial 66.50% market share in 2024, with a projected robust growth at a 10.7% CAGR through 2034. Cricket protein powder stands out as a versatile ingredient, seamlessly blending into various culinary applications.
Renowned for its subtle taste and soft texture, it proves to be an excellent addition to smoothies, baked goods, and savory recipes, offering consumers a plethora of options to incorporate it into their diets. Moreover, cricket protein powder is typically hypoallergenic, catering to individuals with common allergies such as dairy and soy, thereby expanding its appeal to a broader customer base.
Manufacturers of conventional nature cricket protein powder consistently highlight its natural and clean label attributes. The increasing sensitivity of consumers towards ingredient transparency and clear labeling has amplified the popularity of products with minimal processing and straightforward formulations. This focus on natural and clean label features aligns with evolving consumer preferences and contributes to the sustained growth of the conventional nature cricket protein powder market.
The market for cricket protein powders is experiencing significant growth, thanks to strategically positioned distribution channels and an expanded retail presence. The enhanced accessibility of cricket protein products enables them to reach a broad customer base, contributing to increased market penetration and overall revenue growth.
Ongoing research and development initiatives play a pivotal role in enhancing the sensory characteristics and overall appeal of cricket protein products. To address concerns related to taste, texture, and aroma, businesses are making substantial investments in cutting-edge processing methods and improvements to flavor profiles. By prioritizing cricket protein powder and aligning with evolving customer expectations, this commitment to continuous innovation not only enhances market sustainability but also bolsters competitiveness over the long term.
Key Takeaways from the Cricket Protein Powder Market Report:
· The global cricket protein powder market size stood at US$ 34.2 million in 2019.
· The North America cricket protein powder market holds 22.2% of shares in 2024.
· The East Asia cricket protein powder market holds 27.5% of shares in 2024.
· The conventional nature segment occupied 66.50% of the market shares in 2024.
· The B2C distribution channel segment captured 63.80% of the market share in 2024.
· The market share in the United States is projected to rise at a 10.7% CAGR through 2034.
· The market size in China is anticipated to develop at a 10.3% CAGR through 2034.
The cricket protein powder market is characterized by a competitive landscape that includes both well-established businesses and nimble startups. These players operate within a dynamic terrain that is shaped by sustainability, innovation, and strategic alliances. Maintaining a competitive edge will depend critically on the capacity to strike a balance between environmental concerns, customer preferences, and operational efficiency as the market evolves.
Recent Developments
· In October 2023, Tyson Foods stated that it had invested strategically in insect protein startup Protix to increase the presence of insect ingredients in the food system. Tyson announced plans to buy a minority share in the firm, but no financial details were provided.
· In September 2023, Cricket One, a Vietnamese startup for edible insects, raised a series A investment for an undisclosed ‘seven-figure’ sum and opened Asia's leading cricket processing plant. The new factory in Binh Phuoc, north of Saigon, would initially process 1,000 metric tons per year, increasing to 10,000 tons over the next five years.
Thriving Conventional Nature Cricket Protein Powder Market
In terms of nature, the conventional segment commands a substantial 66.50% market share in 2024, with a projected robust growth at a 10.7% CAGR through 2034. Cricket protein powder stands out as a versatile ingredient, seamlessly blending into various culinary applications.
Renowned for its subtle taste and soft texture, it proves to be an excellent addition to smoothies, baked goods, and savory recipes, offering consumers a plethora of options to incorporate it into their diets. Moreover, cricket protein powder is typically hypoallergenic, catering to individuals with common allergies such as dairy and soy, thereby expanding its appeal to a broader customer base.
Manufacturers of conventional nature cricket protein powder consistently highlight its natural and clean label attributes. The increasing sensitivity of consumers towards ingredient transparency and clear labeling has amplified the popularity of products with minimal processing and straightforward formulations. This focus on natural and clean label features aligns with evolving consumer preferences and contributes to the sustained growth of the conventional nature cricket protein powder market.
