CB Insights estimates that approximately 30% of the calories consumed globally come from meat products. With such a significant portion still derived from animal protein, scientists have issued warnings that population growth could lead to an unsustainable rise in food production if current consumption habits continue. To address this challenge, innovative startups worldwide are exploring alternative protein sources, including insects. Edible insects are rich in fat, protein, vitamins, minerals, and fiber, often matching the nutritional profiles of red meat or fish. Recent studies have shown that water-soluble extracts from grasshoppers, silkworms, and crickets possess antioxidant properties that are five times greater than those found in fresh orange juice.
Despite their health benefits, research indicates that Western consumers are hesitant to consume insects. Over the years, companies have sought to change this perception. Brands like Seek Food, Chirps, Bitty Foods, and Exo Protein incorporate cricket protein powder into various products, while MOM’s Organic Market began offering insect-based products in 2017. However, despite a growing interest in the concept, market expansion has not been rapid enough for some manufacturers to thrive. In August, Utah-based Chapul, known for cricket powder, decided to exit the protein bar market. Founder Pat Crowley expressed frustration over the slow growth in the edible insect segment and is now focusing on an insect farming venture in Indonesia.
Asian markets are more receptive to insect protein, whether for direct consumption or livestock feed. According to Global Market Insights, the global edible insect market could surpass $522 million by 2023, with beetles, grasshoppers, locusts, and crickets representing the most promising growth areas. Thai Union aims to capture a share of this market by leveraging its production capabilities and global supply chain for Flying Spark products. Meanwhile, Flying Spark plans to use the investment capital to scale its production sustainably.
Thai Union, primarily a canned seafood producer, must find new products to maintain consumer interest. U.S. Department of Agriculture data reported by The Wall Street Journal reveals that tuna consumption has declined by 42% over the past 30 years. The company has attempted to counteract this decline by venturing into the pet food market and extracting marine byproducts, such as omega-3 fatty acids for supplements. Investing in insect protein represents a departure from Thai Union’s traditional focus, but it could serve as a lateral move that proves profitable. Even if the company struggles to persuade Americans to embrace insects for sustainable nutrition, there are numerous other markets to explore globally. In Brazil, consumption of insects is projected to exceed $55 million by 2023, and in Asia, the market is expected to reach over $270 million within five years, according to Global Market Insights.
In addition, the calcium citrate route of administration may also play a role in promoting the nutritional benefits of insect protein, as it is essential for enhancing calcium absorption, which can complement the dietary advantages offered by these alternative protein sources. This could further attract health-conscious consumers who are looking for sustainable nutrition solutions.