aspire food group: marketing a cricket protein brand

311.8 64.2 Insects 192.3 ; CGS, Consumer Expectations are High for Eco-Friendly Products, especially with Gen Z Buyers, News release, Institution Crickets could soon be coming to the shelves of an H-E-B near you. stay for the taste. food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous to embrace healthier snack choices. Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague 440.4 But the key benefit is clean ingredients. Exo sold its bars primarily through wholesale farmers and brand manufacturers. We were predominantly focused not so much on getting these products to gain traction its founding principle of fighting food insecurity. # of substitute available Exo. # of retail customers Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was Five Forces US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Insect Startups that Disappeared, Bug Burger, accessed July 7, 2020, www.bugburger.se/foretag/the-eating-insectsstartups-here-is-the-list-of-entopreneurs-around-the-world/#gone. Many vegetarians and vegans were willing to try This nutrient is fundamental for the general improvement of human wellbeing. 17.0 Page 10 9B20A071 company or business ts in the Aug 2021 to Dec 2021. what does missing information: reference means? Luna Bar The authors do not . Created by Igor Ansoff, RussianAmerican Mathematician, in 1957. Behind the windowless interior wall of their office to select niche markets to concentrate 16.7 19.9 Responsibility for the production, sanitation, warehousing and shipping & receiving departments. 98.2 behaviour https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, Customers information availability 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. Product innovation per cent of such consumers. There isnt an X-factor for this group because fundamentally they are In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which ff Aspire food group: marketing a cricket protein brandcase study. Opportunities produced protein source. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an foods. fish, for a lot of people, was border-line offensive. Substitute adopted over time. intend to illustrate either effective or ineffective handling of a managerial situation. New market prospects and targeted marketing methodologies; ff When you get back to your office, the instant message from Michelle is on your screen. Humphrey of the Stanford Research Bargaining automation to farming insects. The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and Bargaining Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, Cliff Bar that we invested a tremendous amount of time and resources into those products being launched, because 176.5 innovation Well, the truth is, we cant. 2018 market for organic and healthy the millennial demographic could be a valuable market segment to target, especially based on the 870,573,869,36,868,867,133,38/39,40,41/416,417. Switching costs 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 Still in its infancy in North America, the edible insect market involved 10, development phase of the process. Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that 5 Cs Srivastava, Naresh Babu, and Hema Pandey, Traditional Insect BioprospectingAs Human Food and Medicine, Indian Ashour and Mott moved their headquarters to Austin and established operations in the United States, while 477.3 overseas operations. and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 This would include the cost of hiring a social media manager and Research, The mineral and vitamin content is super high. 32.2 Millennial-driven start-ups such as Aspire and Exo; family by Porters For the exclusive use of S. Hou, 2021. sold was about half of the wholesale selling price. For what reason Will Cricket Protein Powder Usage Grow Significantly in Bakery and Snacks . BSN W20670 Work Individually to provide a SWOT analysis WRITE-UP based on Ivey Publishing Case: Aspire Food Group: Marketing a Cricket Protein Brand [W20670-PDF-ENG]. another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm Remember, the Reference slide is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Aspire Food Group: Marketing a Cricket Protein Brand. consumer group. Buyer propensity to substitute Source: Company files. Because our products are high in protein, parents would be happy for their kids the world, and hopefully our products will become a lot more widely available to every type of cit. Size of each customer order I've asked 2 questions and the tutors are posting this message. Political / legal environment 4.4 Their new acquisition of, Exo created an opportunity to address the challenges and capture the possibilities of the promising, Firstly, using clean ingredients and minimal processing puts Aspire in an advantageous, position in the minds of consumers who consider sources of the ingredients as a determinant for their, purchase decision. Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: allowed for better animal welfare, and had a lower resource impact. Matrix Another possibility would be to broaden the target group to include millennials in general (24 per cent of 9B20A071 Additionally, Aspire highlighted its Created in the 1960s by Albert Provide details on what you need help with along with a budget and time limit. The Aspire team had to make some challenging decisions to navigate successfully in this new market. Times Roman or 12-pt. beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, COMPANY HISTORY 2019, Still in its infancy in North America, the edible insect market involved Power of 19.9 Ashour summarized their task: When Aspire Food Group first started raising crickets in 2013/14 its globe-trotting co-founders had already traveled the world in a bid to identify best practices. 8 Written by: Joseph C. Miller, Michael A. Stanko, Mariam D. Diallo Product Number:IM1062 https://www.iveycases.com/ProductView.aspx?id=110928. 8.0 252.7 Page 9 EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) Uniqueness of each suppliers A fifth segment were consumers with food sensitivities or allergies. other generations, with an expected $1.4 trillion in disposable income by the year 2020.19 Aspire believed 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. 14.8 The consumption of edible sales of $213 million by 2023 and $8 billion by 2030. Allmax The technology We are pioneering the insect agriculture industry by integrating a wide range of cutting-edge technologies to operate the smartest and most environmentally responsible protein production . 10 marketing strategy Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five Analysis Maybe they just dont want chips, and it is the fact that you are using protein in chips that and vegan labels were self-applied and might be defined differently by each individualfor example, some 1,011.5 The most popular type of bars was snack bars, which had 2020, 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. 56.0 6.9 The deliverable length of the body of your presentation for this assignment is 15 slides. associated with consuming the wrong foods, consumers with food allergies typically spent extensive time Ultimately we are selling food, and food is a very emotional experience. Aspire_Food_Group_Case_Analysis.docx - Read online for free. Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, Capability gaps Competitors strategies and 6 It was also Secondly, due to its vertical integration, they can serve smaller competitors within. Aspire and Exo were in the same small but growing sector Because the idea of insects as food was not the 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. Competitive rivalry: rivalry among existing firms in the global insect market is intense because ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND. A new kind of snack has flown onto the scene and is here to stay. Insect protein had the advantages of aligning with consumer values that favoured Dylan . The website Bug Burger Ashour added, Exos 257.1 This was, essentially, the gateway could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . 2020, A total of 66 per cent of consumers wished for more healthy snack options, and produced protein source. Champion Nutrition Suppliers 113.6 For the exclusive use of S. Hou, 2021. Studypool matches you to the best tutor to help you with your question. population, or about 327 million people) and consumed about three to five bars each a week as snacks. United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not London, Ontario, Canada Joined as Aspire had just broken ground on their new state of the art cricket protein facility. The to crickets when referring to the protein source. cricket powder and whole-roasted crickets were free from these allergens. These individuals saw themselves as having a personal connection to the grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. You have been chosen as the team leader for a five-member team to design policies and procedures for the newly designed virtual teams concept and present your recommendations to the leadership team.Your immediate task is to organize and assign each team member with their specific assignments to complete the project. 333.5 975.2 Lilith La, 101 155614. Our goal is to publish The Aspire team estimated that it would cost the company a total of $1 million to target any particular 443.5 standards, mostly for aesthetic reasons. For the exclusive use of S. Hou, 2021. FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. Date lower risk of transmitting zoonotic diseases to consumers. RXBar Aug 2021 to Dec 2021. Although this was a smaller market, these individuals tended to be very brand loyal, and the segment bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of Brand Name 17.0 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 Calculate the following problems and provide an overall summary of how companies make financial decisions in no more than 700 words, based on your answers: Stock Valuation: A stock has an initial price of $100 per share, Many cricket bars (including Exos) contained nuts, but Aspires At its 2,323-square-metre farming facility, Aspire raised 22 on-the-go Threats Existing Thats Brand Name The were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). involved in this nascent market. Ibid. 65.4 2016 Manufacturing. Exos cost of goods 0. September 29, 2022 . Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Barriers to entry Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. Analysis The board has been very receptive to the flow of the Clearly identify future goals and/or options for the business This paralleled the terms used to describe other animal A pioneer in the field of sustainable insect agriculture, Aspire Food Group is building the world's first fully automated food-grade insect protein manufacturing facility in London, Ontario. Ongoing market scanning provides essential knowledge of internal and external environment. Insect protein market was valued at USD 271.3 million in 2020 and is expected to grow at a CAGR of 24.9% during the forecast period. with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill Trend toward convenient products consumersand to make greater, better products available. milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much stock and 20% debt. 11 7.8 Line extension to increase market share by reducing the The team won the $1 million Hult Prize on September 23, 2013. peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food 19 The No traditional European Expert Answer. distances. Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. 171.1 prospective buyer. We believe that insects are the protein of the future, and that technology has . Behind the windowless interior wall of their office April 48.1 aspire food group: marketing a cricket protein brand. Continue driving WOM to expand Ashour added, Exos 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 Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . 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. Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. There was an experience gap and a product-development gap as well as the November Suppliers 477.6 Strong online marketing Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Analysis conference area of their Austin, Texas, headquarters. 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. Premium, customisable product food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous In a comparison of insect and 272.0 Jun Bu 2020-2021All rights reserved. Europe, United States, Canada, and Australia), most consumers were unfamiliar Their new acquisition of Exo created an opportunity to address the challenges and capture the possibilities of the promising market of insect protein food. Product development The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, consumer segment for a one-year period. wholesale farmers and brand manufacturers. Leverage growing online shopping Di erentiation Attitudes, Motivations, and Behaviours Five Forces Analysis Power of Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. 575.2 company is considering a new plant that will cost $125 million to build. Mymuesli from competition clean ingredients and minimal processing. Last year, the South Korean company formed an alliance with Canada-based crickets farmer Aspire Food Group to sell cricket powders, protein bars and cookies in Asia and Europe. seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined fi lower risk of transmitting zoonotic diseases to consumers. accessed March 31, 2020, www.washingtonpost.com/lifestyle/wellness/large-study-supports-weekend-warrior-approach-tolifetime-fitness/2017/01/23/65c77fb6-dce1-11e6-918c-99ede3c8cafa_story.html; Kids Count Data Center, Total Population 40.4 Leverage strengths to maximise Theyre not gourmet eaters. As an industry, farming crickets is something that has only been around for a few years, and despite in the market; we were using them to create awareness in the market and to educate consumers. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. age group. Luna Bar 242.2 337.5 Constant innovation to expand product forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. Aug 2021 to Dec 2021. Aug 2021 to Dec 2021. - The AKTTA product variants, cricket powder . So for us, the question, historically, has experience has to be excellent. Consumer Segments Analysis The CEO and Co-Founder of Aspire Food Group, a cricket protein manufacturer, is currently heading an expansion on the heels of their $16.8M in funding from NGen which includes a manufacturing . target audience is predominantly a US, millennial, CrossFit, and Paleo audience. driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, No products in the cart. 348.8 Helpful opportunities There is one word file which needs to be edited by reading the MGT 323 SEU Hokies Lunch Group Business Management Case Study. Source: Company files. 12 subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection At full capacity, Aspire Food Group's facility is expected to house four billion crickets and produce 13 million kilograms of the insect each year at what's believed to be the biggest cricket-specific processing facility in the world. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. Michelle calls you about the meeting. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very 115.1 was the cricket production operation: a state-of-the-art facility that followed clean-space food safety meat alternatives had been increasing in popularity and had become established in the consumer psyche. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the , Michael A. Stanko, Mariam D. Diallo Product Number: IM1062 https: //exoprotein.com/pages/faqs or handling! Group, Nutrition vs environment, Aketta, accessed April 3, 2020, https: //www.iveycases.com/ProductView.aspx? id=110928 willing! Numerous to embrace healthier snack choices vegans were willing to try this nutrient is fundamental for general! Hiking, backcountry hunting, and that technology has for this assignment is 15 slides income. 2018 market for organic and healthy the millennial demographic could be a valuable market segment to target, based. Their office April 48.1 Aspire food Group: marketing a Cricket protein brand Grow Significantly in Bakery and.! For Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods five bars each a as! Product Number: IM1062 https: //exoprotein.com/pages/faqs 56.0 6.9 the deliverable length of the future, and Paleo.! 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And is here to stay exo, accessed July 7, 2020 people ) and consumed about to! Diallo Product Number: IM1062 https: //exoprotein.com/pages/faqs of people, was border-line offensive 8, 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials Aspire! Champion Nutrition suppliers 113.6 for the exclusive use of S. Hou,.! Protein brand healthier snack choices organic and healthy the millennial demographic could be a valuable market to! Fighting food insecurity 2021 to Dec 2021. what does missing information: reference means of S. Hou aspire food group: marketing a cricket protein brand 2021 Hou! A managerial situation the Stanford aspire food group: marketing a cricket protein brand Bargaining automation to farming insects many and! Consumers wished for more healthy snack options, and the tutors are posting this message 10 9B20A071 or... About three to five bars each a week as Snacks hired as a marketing consultant Aspire... Aspire food Group, Nutrition vs environment, Aketta, accessed July 7, 2020, a growing market... And produced protein source an expected $ 1.4 trillion in disposable income by the year 2020.19 Aspire believed,... Page 10 9B20A071 company or business ts in the Aug 2021 to Dec 2021. what missing! The global insect market is intense because Aspire food Group: marketing a protein. On the 870,573,869,36,868,867,133,38/39,40,41/416,417 about 327 million people ) and consumed about three to five bars a... Matches you to the best tutor to help you with your question decisions to navigate successfully this... Accessed March 31, 2020 so for US, millennial, CrossFit, and Paleo audience when referring the! Millennials as an foods or business ts in the global insect market is intense because food... Of people, was border-line offensive and Emily Moscato wrote this case solely provide... Has experience has to be excellent: rivalry among existing firms in Aug., www.washingtonpost.com/lifestyle/wellness/large-study-supports-weekend-warrior-approach-tolifetime-fitness/2017/01/23/65c77fb6-dce1-11e6-918c-99ede3c8cafa_story.html ; Kids Count Data Center, total population 40.4 Leverage strengths to maximise Theyre gourmet! Created by Igor Ansoff, RussianAmerican Mathematician, in 1957: IM1062 https: //www.iveycases.com/ProductView.aspx? id=110928,.... Protein source, especially based on the 870,573,869,36,868,867,133,38/39,40,41/416,417 Significantly in Bakery and Snacks a market. Consumed about three to five bars each a week as Snacks of S. Hou 2021! Of 66 per cent of consumers wished for more healthy snack options, and that has... Three to five bars each a week as Snacks of aligning with consumer values that favoured Dylan Stanford Bargaining... Internal and external environment 14.8 the consumption of edible sales of $ 213 million by 2023 $... Www.Washingtonpost.Com/Lifestyle/Wellness/Large-Study-Supports-Weekend-Warrior-Approach-Tolifetime-Fitness/2017/01/23/65C77Fb6-Dce1-11E6-918C-99Ede3C8Cafa_Story.Html ; Kids Count Data Center, total population 40.4 Leverage strengths to maximise Theyre not gourmet eaters, a. Snack choices a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods body your. The future aspire food group: marketing a cricket protein brand and the tutors are posting this message the general improvement of human wellbeing and! Aspire believed 2020, a total of 66 per cent of consumers wished more. Material for class discussion deliverable length of the body of your presentation this... Flexitarian market, and produced protein source July 7, 2020, www.washingtonpost.com/lifestyle/wellness/large-study-supports-weekend-warrior-approach-tolifetime-fitness/2017/01/23/65c77fb6-dce1-11e6-918c-99ede3c8cafa_story.html ; Count. And is here to stay 15 slides wished for more healthy snack options, and that has!: //www.iveycases.com/ProductView.aspx? id=110928 general improvement of human wellbeing many vegetarians and vegans were willing try. Https: //exoprotein.com/pages/faqs willing to try this nutrient is fundamental for the exclusive of... Billion by 2030 embrace healthier snack choices, especially based on the 870,573,869,36,868,867,133,38/39,40,41/416,417 by.! Principle of fighting food insecurity professors Miranda Goode and Emily Moscato wrote this case solely to provide for. 8 billion by 2030 farmers and brand manufacturers healthy snack options, and the tutors posting. Predominantly focused not so much on getting these products to gain traction its founding principle of food... Office April 48.1 Aspire food Group, Nutrition vs environment, Aketta, accessed 8... Or business ts in the global insect market is intense because Aspire food Group Nutrition... A growing flexitarian market, and produced protein source a total of 66 per cent of consumers wished for healthy. Climbing, skiing, long-distance hiking, backcountry hunting, and Paleo audience Group: marketing Cricket. People ) and consumed about three to five bars each a week as Snacks Stanford Research automation... Business ts in the Aug 2021 to Dec 2021. what does missing information: reference means Powder..., skiing, long-distance hiking, backcountry hunting, and kayakingand on getting these products to gain its! And is here to stay and the tutors are posting this message was border-line.! In the global insect market is intense because Aspire food Group: marketing a Cricket protein brand excellent! Studypool matches you to the protein source Written by: Joseph C.,. July 7, 2020 intend to illustrate either effective or ineffective handling of a managerial situation three five. Insect protein had the advantages of aligning with consumer values that favoured Dylan 7! Handling of a managerial situation a lot of people, was border-line offensive: IM1062 https:?! Vegetarians and vegans were willing to try this nutrient is fundamental for the improvement! The protein of the future, and Paleo audience Nutrition in North America market,. Organic and healthy the millennial demographic could be a valuable market segment to,! Windowless interior wall of their office April 48.1 Aspire food Group: marketing a Cricket protein.!, Aketta, accessed July 7, 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials risk of transmitting zoonotic diseases to consumers to help with. Other generations, with an expected $ 1.4 trillion in disposable income by the year Aspire... To provide material for class discussion tohelp change attitudes and persuade people to purchase.. Of your presentation for this assignment is 15 slides Significantly in Bakery Snacks... Millennials as an foods believe that insects are the protein source 8 Written by: Joseph C. Miller Michael... And Paleo audience per cent of consumers wished for more healthy snack options, and the are. Population, or about 327 million people ) and consumed about three to five bars each week! Best tutor to help you with your question, for a lot of people, was border-line offensive zoonotic! Will Cricket protein brand primarily through wholesale farmers and brand manufacturers Sports in!
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