Insect consumption is widely seen as an important solution in helping to feed the growing population, expected to reach over 9 billion by 2050. Surprisingly, insects are consumed by over 80% of people today in non-western countries. Global Bugs is sure that insects will be an important alternative source of protein for the future where protein levels are at about 70% in crickets.
There are several reasons why Global Bugs has chosen Thailand as our hub for production of crickets and black soldier flies. Thailand is a leading country in this industry and the reason why many companies decided to choose Thailand as their production hub. First, Thailand has an abundant supply of edible insects, which has attracted a lot of new and emerging western companies. Second, Thailand has farmed crickets for over 20 years. Third, the cost of production is favorable compared with Canada, the world’s largest cricket producer. While Canadian cricket flour costs between THB 2,100 to 4,800 (USD 60 to 137) per kilo, Thailand produces cricket flour at THB 700 and 900 (USD 20 to 26) per kilo.
As per today, Global Bugs Asia Co., Ltd. has been promoted by the Board Of Investment (BOI) within the category of research and development of edible insects. Something that we of course are very proud of.
Thailand is aiming to capture further growth and development in the edible insects market. The Thai Ministry of Agriculture expects to obtain the “Good Agriculture Practice (GAP)” certification for cricket farming by 2017. This will further enhance Thailand’s reputation as the go-to destination for investors who think of alternative protein sources and making insects part of a sustainable diet in the future.
Aspire Co-Founder & CEO Mohammed Ashour and Cisco Executive Chairman John Chambers on investing in edible insects to be the future of food, and what they believe to be the biggest challenges facing entrepreneurs.