Cricket Protein Powder Market Poised for 11.2% CAGR Surge, Targeting US$ 165.2 Million by 2034 | Fact.MR
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Rise in Alternative Protein Movement Surges Demand in the Cricket Protein Powder Market
Rockville , Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Cricket Protein Powder Market is valued at US$ 57.2 million in 2024 and is projected to expand steadily at an 11.2% CAGR through 2034. The cricket protein powder market size is anticipated to surpass US$ 165.2 million by 2034.
A mutually beneficial link exists between the cricket protein powder market and the larger alternative protein movement. Cricket protein powder is becoming increasingly popular as a sustainable and environmentally helpful food option. A rising understanding of the adverse effects typical animal agriculture has on the ecosystem and the inefficiency of its use of resources highlights this trend, establishing cricket protein as a strong contender among the available alternative protein sources.
Key Segments of Cricket Protein Powder Industry Research Report
By Nature
By Distribution Channel
By Region
Organic
Conventional
B2B
B2C)
North America
Europe
Latin America
East Asia
South Asia & Oceania
The Middle East & Africa
With the help of well-placed distribution channels and an increased retail presence, the market for cricket protein powders is expanding. Because of their greater accessibility, cricket protein products can reach an extensive customer base, which boosts market penetration and total revenue growth.
Continuous research and development endeavors are crucial in improving the sensory characteristics and overall consumer attractiveness of cricket protein goods. To address concerns about taste, texture, and scent, businesses are investing in state-of-the-art processing processes and flavor profile upgrades. By putting cricket protein powder at the forefront of changing customer expectations, this dedication to ongoing innovation promotes long-term market sustainability and competitiveness.
"For business leaders, the cricket protein powder market offers an intriguing combination of strategic potential and difficulties. To prosper in the ever-changing protein supplement industry, businesses must embrace this changing terrain, take advantage of technology developments, and demonstrate a resolute dedication to sustainability”. Says a Fact.MR analyst.
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.
Responding to the Environment Concerns is Pivotal in the Cricket Protein Powder Market
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.
Checkout More Related Studies Published by Fact.MR Research:
Protein Packed Foods Market: North America accounts for a significant share in the global protein packed foods market, powered by the vast markets in the U.S. and Canada.
Wheat Protein Concentrates Market: Wheat protein concentrates market is likely to gain tailwinds from the rising popularity for innovative protein concentrates in the food and beverages industry.
Single-Cell Protein Market: Single-Cell Protein Market anticipated gaining a size of USD 20.64 Billion by 2032. The arcade is likely to gain growth with a CAGR of 9 % in the forecast period. The period for assessment in this research is 2022- 2032.
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