Nguồn thực phẩm bền vững của tương lai - Bicky Nguyễn, sáng lập CricketOne | Vietnam Innovators EP05

TL;DR

CricketOne promotes crickets as a sustainable protein source.

Transcript

[Applause] good morning everybody this is your host hau tran this is another episode of vietnam innovators we're super happy to invite a new guest over this morning to our studio the radio room biki nguyen she's the co-founder and i thought she was the ceo but she's actually the farmer-in-chief my colleague is the farmer like chipping farm yes and ... Read More

Key Insights

• CricketOne is a startup focused on creating a sustainable food supply chain using crickets as a primary protein source.
• Crickets are already consumed by two billion people globally, mainly in Asia, Latin America, and Africa.
• CricketOne exports to 12 countries and is the only Asian company with permission to export crickets for human consumption to Europe.
• CricketOne's business model is primarily B2B, supplying finished ingredients to food producers rather than selling directly to consumers.
• The company has developed technology to remove the exoskeleton of crickets, creating a clean label product with fewer than three ingredients.
• CricketOne's products are cheaper and healthier than traditional beef patties, providing a cost-effective alternative protein source.
• The global insect food market was valued at $1.3 billion in 2020, with expectations to grow to $4.8 billion by 2025.
• Vietnam's startup ecosystem is attracting foreign investors, with increasing support for venture-backed businesses.

Questions & Answers

Q: What is CricketOne's primary focus?

CricketOne focuses on creating a sustainable food supply chain by using crickets as a primary protein source. The company aims to address global food sustainability issues by providing a nutritious and affordable alternative to traditional protein sources, such as beef, through innovative technology and business strategies.

Q: How does CricketOne's business model operate?

CricketOne operates primarily on a B2B model, supplying finished cricket-based ingredients to food producers. The company provides food-grade products that can be directly consumed or incorporated into various food products. This approach allows them to focus on ingredient innovation and technology development while enabling food producers to create cricket-based products.

Q: What technological advancements has CricketOne made in cricket processing?

CricketOne has developed technology to remove the exoskeletons of crickets, resulting in a clean label product with fewer than three ingredients. This innovation enhances the texture and taste of cricket-based products, making them more appealing to consumers while maintaining nutritional benefits, such as high protein content and essential fatty acids.

Q: What is the market potential for cricket-based foods?

The global market for insect-based foods was valued at $1.3 billion in 2020 and is expected to grow to $4.8 billion by 2025. Crickets, as a significant portion of this market, offer a sustainable and nutritious alternative to traditional protein sources. CricketOne is positioned as a leading supplier in this emerging industry, with plans to expand its market presence.

Q: How does CricketOne compare to plant-based alternatives?

CricketOne offers a cost-effective alternative to plant-based products like Impossible Foods or Beyond Meat. Their cricket-based products are cheaper and have a clean label with fewer ingredients. Additionally, they provide a high-protein, nutritious option that requires fewer natural resources, such as land and water, compared to plant-based and traditional meat products.

Q: What challenges does CricketOne face in the Vietnamese market?

CricketOne faces challenges in consumer awareness and acceptance of insect-based foods in Vietnam. While crickets are consumed in some regions, the market for cricket-based products is still developing. The company focuses on educating consumers and building partnerships with local food producers to increase market penetration and acceptance.

Q: What are the benefits of starting a venture-backed business in Vietnam?

Vietnam's startup ecosystem is attracting foreign investors, offering efficient use of capital and a growing support network for new ventures. The market provides opportunities for innovation and expansion, with increasing interest from international funds. However, regulatory challenges and limitations on capital flow remain areas for improvement.

Q: What role does CricketOne play in promoting sustainable food practices?

CricketOne plays a significant role in promoting sustainable food practices by offering an alternative protein source that requires fewer natural resources. Their cricket-based products provide a nutritious and environmentally friendly option, supporting global efforts to address food sustainability and reduce the environmental impact of traditional agriculture.

Summary & Key Takeaways

• CricketOne aims to address global food sustainability issues by promoting crickets as a nutritious and affordable protein source. The company exports to multiple countries and focuses on B2B sales, providing food-grade cricket ingredients to producers.

• The startup has developed technology to create a clean label product by removing cricket exoskeletons, offering a healthier and cost-effective alternative to traditional meat products. CricketOne's products are primarily exported, but the company plans to expand in Vietnam.

• Vietnam's startup ecosystem is evolving, attracting foreign investment and supporting ventures like CricketOne. The global insect food market is projected to grow significantly, with CricketOne positioned as a key player in this emerging industry.