(THE BLAZE) – InnovaFeed, one of the leading producers of insects for animal and plant nutrition, has raised $250 million in a round of funding led by Qatar’s sovereign wealth fund, reports Business Wire.
Countless companies have entered the “alternative protein” market in recent years, many claiming to offer more sustainable and healthy products than those typically found in supermarket meat aisles. Companies like Impossible Foods and Beyond Meat offer plant-based meat substitutes, creating vegan options meant to replicate the taste and texture of meat. Others are developing cultured meat, which is meat grown from animal cells in a laboratory.
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Protein from insects, particularly crickets, is another alternative to farm-raised animal protein that has been touted as a “solution to world hunger.” The insect-protein market, while significantly trailing other forms alternative protein, is expected to reach nearly $1 billion within the next five years. Still, many in western society have expressed no interest in adding bugs to their diet: just 10% of people in Europe would be willing to replace meat with insects, according to a 2020 survey by the European Consumer Organisation.