Cricket One

Cricket One, a Vietnamese agri-tech company, is positioning itself at the forefront of the alternative protein market by farming and processing crickets into sustainable ingredients for various industries. Founded in 2016 by Bicky Nguyen and Nam Dang, the company began commercial production in late 2017. The founders' journey started with a previous tech startup focused on sustainable agriculture, which sparked their interest in the potential of insects as a food source after reading a report by the Food and Agriculture Organisation (FAO). This shared vision for sustainability and efficiency in agriculture led them to establish Cricket One, believing they could farm crickets more effectively in Vietnam's tropical climate compared to operations in North America and Europe.

The company operates a distinctive business model that combines centralized processing with decentralized farming. Initially, they processed crickets raised by local cassava farmers in repurposed shipping containers. The model has since evolved; Cricket One now guides farmers in constructing dedicated cricket sheds, providing them with equipment, knowledge, feed, and eggs. These partner farmers, who exclusively supply their crickets to the company, contribute to approximately 45% of the total output, creating an inclusive system that helps improve the livelihood of smallholder farmers. The processing of all crickets is centralized at a certified factory in Binh Phuoc, which, following a Series A funding round in September 2023, is claimed to be the largest of its kind in Asia. This facility initially processes 1,000 metric tons annually, with plans to scale up to 10,000 tons.

Cricket One's revenue is generated by supplying B2B clients in the food, pet food, beverage, and cosmetics industries across more than 20 markets, including the EU, North America, and Japan. Their product portfolio is diverse, offering whole dried crickets, various cricket protein powders (including a 74% defatted version), and textured cricket meat. These ingredients are used by clients such as bakeries and snack makers. Recognizing the need for market education, the company also develops consumer-facing products. For instance, they have worked on cricket-based burgers, sausages, and mayonnaise and launched their own snack brand, Rec Rec, in Vietnam, featuring seasoned whole crickets.

The company's core value proposition lies in providing a scalable and affordable protein source with significant environmental benefits. Cricket farming requires a fraction of the land, water, and feed compared to traditional livestock and produces minimal greenhouse gases. To enhance efficiency, Cricket One utilizes mechanization for labor-intensive tasks like harvesting and has developed autonomous systems for providing feed and water to the crickets. Keywords: Cricket One, alternative protein, insect farming, sustainable agriculture, cricket protein powder, food ingredients, B2B, agritech, entomophagy, sustainable food, pet food ingredients, animal feed, Nam Dang, Bicky Nguyen, Vietnam, decentralized farming, food processing, cricket snacks, textured insect protein, sustainable farming, circular economy