Despite being in its infancy, the insect food industry has attracted the attention of investors and one Singapore-based insect company has drawn close to a whopping $40 million in investment over a period of four years.
This is according to a recent report jointly released by Enterprise Singapore and independent agency Dutch Food Valley. The report analyzes the development opportunities in the insect food industry in both Singapore and Europe.
The report has revealed that there are 15 Singapore-based insect companies with operations in more than ten countries, including start-up companies. They mainly focus on developing insect protein for animal feed or insect snacks, such as cricket flour. Some companies are developing patented technologies to extract high-value biomaterials from insects.
Enterprise Singapore said that as a regional R&D center, Singapore can become a springboard for local and European insect companies to cooperate in the industry to develop insect-based food. In addition to this, farmed insects can also be used as animal feed or organic fertilizers.
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