Ÿnsect supplies protein produced from insects bred in a vertical farm in Dole, eastern France. Last year the company raised $125m, the largest ever agritech investment round outside the US. It is also preparing to scale up production to more than 25,000 tonnes of insect protein a year with a new insect farm to be built near Amiens, northern France.
The sustainability case for insects as sources of protein is a compelling one. To serve a global population that is expected to reach almost 10bn by 2050, food production needs to increase by about 70 per cent, according to UN forecasts, with demand for animal protein in particular increasing the strain on the environment. Analysts at Barclays, the UK bank, estimate the insect protein market could be worth about $8bn by 2030, up from less than $1bn today.
This Financial Times article is part of the FT/ArcelorMittal Boldness in Business awards, recognising companies and individuals with novel answers to everyday needs.