Global Cricket Protein Powder Market Forecast to 2030 - COVID-19 Impact and Analysis by Type (Regular Cricket Protein Powder and Flavor Cricket Protein Powder); End-use (Food Additive, Dietary Supplement, Pet Food, Animal Food, and Others); and Geography
Cricket Protein Powder Market Overview
Cricket protein powder or cricket powder is a protein powder made out of milled crickets. These crickets come from cricket farms. Cricket protein powder has sustainable protein, prebiotics, iron, amino acids, fiber, B12, and sweet nutrients. Cricket protein powder is used as a protein powder in smoothies, make protein bars, baking, shakes, and more. Additionally, it is widely used in a variety of foods as a protein, including cookies, casseroles, and even salads. Furthermore, R&D activities in the alternative protein industry proved, a protein extracted from edible insects is more digestible as compared to other animal-based and plant-based protein sources. An increase in inclination among major worldwide populace toward the consumption of protein-rich and healthy food products is propelling the global cricket protein powder market during the forecast period. Moreover, the growing popularity of cricket protein powder among health-conscious people from all over the world is also influencing the demand for the global cricket protein powder market during the forecast period 2021-2030.
Cricket protein powder offers higher energy levels as compared to conventional animal-based protein products. Also, it contains higher amounts of essential amino acids as compared to conventional meat products. Thus, the rising consumption of cricket protein powder products across the world is triggering the growth of the global cricket protein powder market. However, the lack of specific and insect-inclusive regulations, labeling standards, and other administrative instruments governing the production of edible insects may restraint the growth of the global cricket protein powder market up to a certain level. Further, the cricket protein powder increasingly uses as it has a rich source of minerals like manganese, copper, zinc, etc. As a result, market players from the cricket protein powder market are gaining stupendous growth opportunities in the upcoming years.
· Rising demand for alternative protein sources
Cricket powder provides 4 times as much iron as spinach, twice as much protein as beef, nearly 10 times as much vitamin B12 as beef or salmon, more calcium than milk, and 9 times the omegas as salmon. Thereby, increasing consumption of cricket protein powder among people across the globe is anticipating the growth of the global cricket protein powder market.
· Growing Consumers demand for environment-friendly food products
The production of cricket protein powder has a negligible environmental impact as compared to broiler production. Additionally, cricket protein powder production methods emit 100 times fewer greenhouse gases as compared to conventional meat protein production. A shifting focus toward environmental issues and growing consumer demand for environment-friendly food products are expected to drive demand for the cricket protein powder market globally.
COVID-19 Impact on Cricket Protein Powder Market
The COVID-19 pandemic has largely impacted globally since December 2019. According to the latest World Health Organization (WHO) report, the US, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the UK, and Mexico are some of the worst affected countries due to the COVID-19. The pandemic is hampering the growth of economies worldwide, and it is likely to continue in 2021. The outbreak of the covid-19 pandemic has both advantages and disadvantages in all the sectors. The outbreak disrupts various industries, such as manufacturing, construction, automotive, textiles, chemicals, cosmetics, tourism, hospitality, consumer goods, transportation, IT and telecom, pharmaceutical, and among others. This results in several obstacles in the supply chain of raw materials required for packaging, resulting in demand-supply gaps. This scenario is expected to a negative impact on the cricket protein powder market.
With Corona Virus Disease 2019 (COVID-19) pandemic, the world is fighting against Covid-19 pandemic and also economic pandemic, almost impacting trillions of dollars of revenues. Our company brings a high-level insight as well as very deep insights relevant to several promising markets. The study will cover:
· Rapid shifts in top 100 companies across each sector
· Growth and decline in each sector due to COVID-19 pandemic
Cricket Protein Powder Market Strategy
Players operating in the cricket protein powder market are mainly focusing on the adoption of various strategies to expand their footprint across the world and taking the initiative for the development of efficient and advanced products.
· In 2018, Chirps Chips partnered with various supermarkets and hypermarkets such as Shoprite, Hy Vee, Moms Organic Market, and others in different states of the U.S., to grow the sales of its products.
· In 2018, Aspire Food Group, a pioneer in edible insect farming technology, has acquired maker of cricket-based protein powder and bars, Exo. This merger fuel Exos product line into Aspires data-driven farming operations and create new products and boost the future growth of both customer base and the industry.
The cricket protein powder market report offers a complete overview of the industry including both qualitative and quantitative information. It offers a complete overview and forecast of the cricket protein powder market based on various segments. It also offers market size and forecast estimation from the year 2018 to 2030 with respect to four major regions North America, Europe, Asia-Pacific (APAC), Latin America, Middle East and Africa (LAMEA). The cricket protein powder market by each region is further sub-segmented across respective countries and segments. The cricket protein powder market report covers a complete analysis and forecast across all regions along with the current trend and opportunities happening in the region.
The report analyzes aspects that are mainly affecting the cricket protein powder market from both the demand and supply side and afterward estimates market dynamics affecting the cricket protein powder market globally over the forecast period i.e., drivers, restraints, opportunities, and future trends. The cricket protein powder market report also offers exhaustive PEST analysis for all four regions namely; North America, Europe, APAC, LAMEA after evaluating political, economic, social, and technological factors affecting the cricket protein powder market in these regions. This information can help stakeholders to make appropriate decisions before investing. The cricket protein powder market report also describes Porters five forces analysis which examines the five forces that make a company competitive while helping identify its strength and weakness. The cricket protein powder market analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the cricket protein powder market.
Cricket Protein Powder Market Insights
The cricket protein powder market study offers a complete overview of leading companies and their successful marketing strategies and market contribution, such as business overview, key financial information, SWOT analysis, NOISE analysis, improvement Venn diagram and strategies, such as recent developments, market expansion, partnership, merger & acquisitions, product launch, product update, and other contexts. By examining the data collected from primary and secondary methods, the cricket protein powder market report offers actionable insights into future growth based on inputs from industry experts to help readers formulate effective strategies. The cricket protein powder market report also covers the investment pocket analysis for various verticals with respect to the market.
Cricket Protein Powder Market Segmentation
Cricket Protein Powder Market by Type
· Regular Cricket Protein Powder
· Flavor Cricket Protein Powder
Cricket Protein Powder Market by End-use
· Food Additive
· Dietary Supplement
· Pet Food
· Animal Food
Cricket Protein Powder Market by Geography
· North America
o Rest of Europe
· Asia-Pacific (APAC)
o South Korea
o Rest of APAC
o Latin America
o Middle East
1. All Things Bugs, LLC
2. Aspire Food Group
4. Chirps Chips (Six Foods)
5. Cricket Flours LLC.
7. Entomo Farms
8. Global Bugs Asia Co., Ltd.
9. JR Unique Foods Ltd
10. Kreca Ento-Food BV.
11. Landish Foods
12. Live Longer
13. Nutribug Ltd
14. Protanica Co. Ltd.
15. The Cricket Hop Co. Ltd
Brand awareness is the methodology by which customers are able to recall or recognize a brand (unaided/aided) under several different conditions with respect to cricket protein powder market. These strategies will help the company to make people more aware of your brand especially by targeting relevant, high-quality audiences for cricket protein powder market.
Key Questions Answered
· Several players are operating in the cricket protein powder market globally. Do you know who is leading the overall cricket protein powder market, and what strategies have been adopted by them?
· What are the upcoming trends in the cricket protein powder market? What impact would these trends make in the coming years for the cricket protein powder market?
Key Benefits for Stakeholders
· This study presents the analytical description of the cricket protein powder market analysis along with the current trends and future estimations to describe coming up investment pockets
· The complete cricket protein powder market opportunity is resolute by knowing profitable trends to gain a stronger foothold
· The report describes insights associated with key drivers, restraints, and opportunities of the cricket protein powder market with thorough impact analysis
· The current cricket protein powder market is quantitatively analyzed from 2018 to 2030 to focus on the monetary ability
· PEST analysis defines the potency of the consumers and suppliers in the cricket protein powder market
· The Porters five forces analysis examines the five forces that makes a company competitive while helping identify its strength and weakness. The analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the cricket protein powder market
We also offer customized reports as per the requirement of clients to fulfill special requirements. We also provide regional and country reports as well.