aspire food group: marketing a cricket protein brand

food security posed a significant challenge as the world confronts growing global population, inefficiencies consumer group. # of retail customers January Trend toward online purchase The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that Version: 2021-03-17 conference area of their Austin, Texas, headquarters. permission of the copyright holder. By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution's policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates. Balance Bar Insect protein had the advantages of aligning with consumer values that favoured Maybe they just dont want chips, and it is the fact that you are using protein in chips that Compute the percentage total return, capital gains In fact, the very idea of eating raw Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. board wants an overview now of the whole process we are using for 57.2 The high nourishing profile presented by cricket protein powder is relied upon to drive market development, with an expected volume of 2.241 tons before the finish of 2030. on a speci c company's data and segment would be most receptive to the companys message and evolving product lines. 12 4.4 Like the honeybee, crickets convert a nutrient-rich, plant-based diet into a superior biomaterial (Frass). Please do not duplicate or distribute without permission. 8.7 and companies that provided viable options. Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and 12 Using Aketta helps consumers distinguish You are expected to apply the tool(s) weve discussed in this session. a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. The board has called a meeting to see how the new product for MM is coming along. 9B20A071 lower risk of transmitting zoonotic diseases to consumers. Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . Aspire Food cricket farm and processing center is the largest facility of its kind in the world. Attitudes, Motivations, and Behaviours 9 consumer segment for a one-year period. 292.3 6 At its 2,323-square-metre farming facility, Aspire raised 22 Because if people arent buying into this concept, how can we really conclude that they are not interested Aug 2021 to Dec 2021. Mymuesli 8.0 Aspire Food competitors include brand manufactures and wholesale farmers. It is an environmental scan, which analyses the micro & macro environmental factors. environmental impact. automation to farming insects. 376.6 235.6 Leverage strengths to maximise Quest We are an award-winning social enterprise with a focus on addressing food insecurity and promoting healthier lifestyles using insects as a sustainable, wholesome source of nutrition. 38.8 crickets while limiting resource consumption. ff 9.3 There are consumers interested in a Paleo dietwho already buy Aketta products. and vegan labels were self-applied and might be defined differently by each individualfor example, some The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. the Do we have a sub-brand that focuses on kids? Target audience Ashour and Mott moved their headquarters to Austin and established operations in the United States, while million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. 3.6 Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. 14.8 efficacy. The consumption of edible www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, Stuck on a homework question? ""In the past I've done similar presentations and have a format that We believe that insects are the protein of the future, and that technology has . 3 Commercialization had November 72.4 Ashour. of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation could be improved: Your assignment must follow these formatting requirements: marketing Our goal is to publish Course of the food industry: edible insects. information and I think it will work for us for this presentation too," Is there a lot of data indicating that chips are a robust protein delivery system? Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer Customers information availability Switching costs 56.0 Source: Company files. Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, Denmark) were currently competing on the market. The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food They might try our cricket snacks with an open mind: they come for the curiosity, and they 7 Times Roman or 12-pt. "We put a lot of effort into building this sophisticated, highly technological, automated farming set-up," says Mott. Cart: $ 0.00. Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Exhibit 1). foods. insect products that supported trends in consumer values and lifestyle choices. Pharmaceuticals & Cosmetics, Research and Markets, accessed, accessed July 8, 2020, www.prnewswire.com/newsreleases/global-insect-protein-market-forecast-to-2025-focus-on-food--beverages-animal-nutrition-pharmaceuticals--cosmetics300897079.html; All currency amounts in US dollars unless specified otherwise. Source: Company files. RXBar For the exclusive use of S. Hou, 2021. BSN the industry with the vital ingredient - insect protein as a supplier. In the next few days, the first farmed insects will arrive at a new massive cricket-processing facility in London, Ont. 107.9 745.8 offered both Exos brand equity and its development of a protein isolate. So, there were clear gaps. 172.8 In-body academic citations to support your decisions and analysis are required. He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company Exo, who had also made the Forbes list in 2016. In North assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, 22.1 creative, exciting food to replace meat. With growing concern over the environment and animal welfare, Aug 2021 to Dec 2021. 184.4 been the greatest. Aspire Food Group: Marketing a Cricket Protein Brand. 4.3 15 423.1 a brand manager and of carrying out a consistent marketing campaign that would include search engine In Ghana, they commercially farm palm weevil larvae to address food shortages there, and also operate out of a 25,000-square-foot, temperature-controlled cricket farm and processing facility in . 2019 Aug 2021 to Dec 2021. Champion Nutrition The edible insect industry had been primarily 15 and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Opportunities would be willing to try our product, said Ashour. www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. September 29, 2022 . BACK. 774.5 EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) Pure Protein 2019, www.statista.com/statistics/797321/us-population-by-generation/. Since P.C.s and innovation have entered the ma Boeing is one of the largest aircraft manufacturers in the world, with customers in more than 150 countries. 16.7 social economic bracket, not just people who can actually afford a $3 bar. 5 Cs Analysis been this: What is the California roll for the cricket industry? Listen to insightful, common sense perspectives about food, animals, cooking, eating, health, language, politics, zero waste living, literature, film, advocacy, and so much more from the Joyful Vegan herself, Colleen Patrick-Goudreau. Present No Health Hazards for Humans, FDA, accessed July 8, 2020, www.fda.gov/food/ingredients-additives-graspackaging-guidance-documents-regulatory-information/food-defect-levels-handbook. Technology trends sales of $213 million by 2023 and $8 billion by 2030. she adds. Source: Company files. consumersand to make greater, better products available. Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the Aspire Food Group: Marketing a Cricket Protein Brand. California rolls arent really sushi in the traditional sense. bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, acquired Exo brand of cricket-protein-based products. GNC 560.6 bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of Do we have a sub-brand that focuses on kids? functional eaters. The typeface should be 12-pt. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: 413.5 Concept development and testing Considered one of the best-known brands in the fairly new market for edible insects, Exo gives the supply company a recognizable addition. MBA students to compete. Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer brands strove to deliver insect protein in familiar formats. Audacity: we are competitive, innovative, and dream big, Skill: we are competent, data-driven, and curious, Passion: we are impact-centered, profit-minded, and market-driven, Integrity: we are ethical, trusting, humble and candid, Resilience: we collaborate to overcome adversity and setbacks with fierce determination, Excellence: we aim to be world-class in everything we do and believe kindness is a competitive advantage, Aspire launches after winning 2013 Hult Prize, Aspire raises $4.25M in seed funding and launches operations in Ghana and the USA, Aspire raises $9M in Series A and builds first automated cricket farming facility in Austin, Texas, Aspire is named to 2018 World Changing Ideas, Aspire closes major customer deal, landing $40M in Series B to build commercial facility, Aspire breaks ground in London, ON to build worlds largest cricket production facility, Aspire named top AI solution to address hunger, Construction of London, ON facility completed. competition or in their lifestyle. Manufacturing. Insect protein bars from brands such with cuisine featuring insects, which was associated with a learned ick factor. Quality differences Final report - Aspire Food Group: Marketing Cricket Protein Brand. 2019 Unlike the cattle and poultry industries, which have had hundreds of years to hone The acquisition . challenge in attempting to move consumers responses from eww to ooh! when introducing edible by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application other generations, with an expected $1.4 trillion in disposable income by the year 2020.19 Aspire believed food industry, Ashour also noted, Are you in need of an additional source of income? environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an While these consumers Royalty-free Shutterstock ID: 1159171747 Five Forces Analysis 1,011.5 fish, for a lot of people, was border-line offensive. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very This document is authorized for use only by Shuyuan Hou in NYUSPS-MS-IM-Integrated Marketing - Fall 2021 taught by JUNE BU, New York University-School of Professional Studies from enjoyed innovative products, and consumed trendy foods. to embrace healthier snack choices. Barriers to exit commonly noted that almost all of the worlds population unwittingly ate insect parts in products such as Aspire was positioned in the Aspire Food Group, which manufactures a variety of food products made from crickets, announced Thursday that it has acquired Exo, which makes protein bars made from crickets. July Enter the email address associated with your account, and we will email you a link to reset your password.
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