Cricket Protein Powder Market: Market Outlook
Cricket protein powder is also known as cricket flour has almost triple the amount of protein present in sirloin and double the protein of chicken. There are thousands of insects that are eaten worldwide, but crickets continue to gain momentum because they are easy to farm and come with a host of nutritional benefits. Cricket flour has a mild and nutty taste that many consumers prefer to it. Cricket protein powder is made by drying or roasted crickets that are raised on domestic cricket farms. They are then milled into a fine powder that can be used in protein bars, smoothies, and baked goods. Cricket flour is valued because it is gluten-free and high in protein. The benefits of eating more high protein foods include improved muscle mass, weight management, stabilized blood sugar levels, improved mood, healthy brain and heart function, and slower aging. Over the past 3–4 years, more than 25 edible insects’ startups have launched in the United States and Canada. One new company, called All Things Bugs, sold 10,000 pounds of cricket powder in 2014, according to Fortune. It has been estimated that the edible-insect industry will be worth more than 360 million dollars in the next five years — so it looks like cricket protein powder is here to stay.
Cricket Protein Powder Market: Market Dynamics
According to the study, cricket protein products were a huge hit at the National Products Expo in Baltimore. Manufacturers are using the product’s protein and nutrient punch as their marketing strategies promoting cricket powder as a healthier and more sustainable means of protein than beef. Cricket protein powder is also a good source of iron and calcium. Iron-rich foods provide energy, boost muscle function and promote brain function. Consuming enough iron is also very important for women who are pregnant. Calcium-rich foods help to reduce blood pressure, promote bone health, support weight management and may even decrease the risk of colon and rectal cancers. For instance, these health benefits are driving the market. However, there is some restraint which is slowing the cricket protein powder market such as side effect, irritation, and others. The dietary supplements of cricket protein powder are widely due to its higher protein concentrates. As a food additive Cricket protein powders are used as a natural protein alternative.
Cricket Protein Powder Market: Segmentation
Based on Application, the global cricket protein powder market has been segmented as,
Based on Flavor, the global cricket protein powder market has been segmented as,
Based on the distribution channel, the global cricket protein powder market has been segmented as,
Based on regions, the global cricket protein powder market has been segmented as,
Cricket Protein Powder Market: Key Players
With the increasing consumer demand for natural colors, more and more manufactures are emerging in the global cricket protein powders market and some of the key players participating in the global Cricket protein powders market includes; Proti-Farm, Entomo Farms, Protix and many other.
Opportunities for the Key Players in the Global Cricket Protein Powder Market
Countries such as China, Japan, Thailand, Indonesia, Malaysia, and others are the leading consumers of the cricket protein powder in the Asia Pacific. These countries are the traditional consumer and producer of the insect and insect-based food and feed products. Thus, the Asia Pacific holds the largest share in the cricket protein powder market. North America and Europe are the next potential market for the global cricket protein powder market. Consumers in these regions are highly health-conscious and highly aware of food and beverage products with high spending power on food and beverage products. Thus, the consumer is looking for sustainable and high protein content products that are expected to fuel the growth of the global cricket protein powder market.
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. All the major countries around the globe have announced the total lockdown to counter the COVID 19 pandemic. Thus, as of now consumers across the world are only focused on buying essential goods which can help to survive during the lockdown. Besides all specialty stores are completely closed, and other retail chains are disrupted. Food and beverage manufacturers are facing challenges such as lack of manpower, shortage of raw material and trade challenges. Thus, the demand for cricket protein powder is decreased. After overcoming the fear of Pandemic COVID-19, the demand for cricket protein powder is expected to increase on a large scale to maintain a healthy diet and to boost the immunity power of the body.