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The edible insect market is experiencing exponential growth internationally, projected to reach significant numbers within the next few years. In 2018, the insect protein market in the United States showed a projection to reach $50 million by 2023, while global estimates predict an increase of 24 percent annually, bringing the market to a value of nearly $8 billion by 2030.
Interest in this expanding sector has attracted substantial investment, with capital devoted to insect farming increasing exponentially. Numerous companies, such as Aspire Food Group, Ynsect, Agriprotein, Protix, Entomo Farms, and Kreca Ento-Food, have recorded significant economic successes, consolidating the sector in several nations such as the Netherlands, South Africa, France, Canada, and the United States.
The main impetus for this growth in Western markets is the environmental argument, with many investors, both venture capitalists and philanthropists, seeing these companies not only as food businesses, but also as social impact businesses.
In developing economies, the demand for insects is remarkably high, as demonstrated by the case of Thailand, where demand has led to imports from neighboring countries. Thai farmers who invest in insect farming are seeing increased profits, sometimes literally moving from poverty to wealth.
In Thailand, for example, there are more than 20,000 cricket farms, with 60 percent run by women. A single farmer can produce 500 to 750 kg of crickets every 45 days, generating annual profits of up to 350,000 baht, twice the average salary.
To maximize profits, key factors include reduced feed costs, better access to markets, and the creation of value-added products. Breeder cooperatives in Thailand have demonstrated success in increasing profits by getting better prices through collaboration with wholesalers and focusing on creating high value-added products.
Insect farming presents growing opportunities, especially when leveraging strategies to reduce costs and expand the market through innovative products. The insect industry is opening new horizons for farmers, providing an excellent opportunity for economic success.
The innovative technology developed by Kinsect has revolutionized the insect breeding industry, opening new vistas and offering crucial solutions for the industry. Kinsect's approach has proven to be critical to the advancement and success of large-scale insect breeding.
With this cutting-edge technology, farmers have access to highly efficient and controllable production systems. Kinsect has developed solutions to optimize the quality and quantity of insects produced, enabling the constant availability of food resources.
Remember to follow us for more articles on sustainable food solutions and join the conversation using the hashtags #InsectProtein #Sustainability #Environment #insectfarming #bsf #agrifood #circulareconomy
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