Issue - A rising population to 9.5Bn by 2050 will see livestock and aquaculture demand increase by over 70%. To meet these demands, livestock and aquaculture producers rely on high protein feedstocks. Insect protein has huge potential to be produced efficiently, ensuring a reliable, cost-effective and low footprint alternative source of protein that addresses growing protein demand, strengthens regional supply chains and enables a circular economy. As a result, a growing number of companies worldwide are already commercially farming the Black Soldier Fly (BSF) and actively targeting the “insects as feed” sector, estimated to be worth €2.1B by 2030.
Challenge - Insect farming is a rapidly emerging industry. However, as the industry reaches commercial scale, high production costs are a current challenge for BSF producer profitability and entry into the livestock feed market, as they face price point competition with soya and fishmeal protein.
Opportunity - As a developer and distributor of Black Soldier Fly breeds, Beta Bugs enables the industry by supplying insect breeds that deliver cost-effective and climate-friendly protein for animal and aqua feed. Beta Bugs sells performance gains: Performance that improves on-farm productivity and the bottom line, enabling insect farmers to do more with less. This is important because insect meal has negligible environmental impact, ensures continuous and consistent supply and presents no price volatility, making it a more desirable long-term alternative that can help meet the growing demand for protein and avoid the protein gap.
Project Conclusions – The CHIPINB project enabled Beta Bugs to accelerate its commercialization and market entry plans by achieving the following objectives:
1. Finalising the Company’s Bespoke Breeding Technologies
2. Developing a Technically Validated & Costed Product Commercialisation Plan
3. Undertaking Strategic Business Development
4. Undertaking a Communication Campaign.
Specific conclusions that arose from these objectives were:
1. The overall breeding programme and PLATYPIS were developed into a system that could be rapidly iterated and refined on, enabling the company to improve the means by which HiPer-Fly® is further developed. By project close, HiPer-Fly®, the company’s flagship product was successfully commercialized.
2. The Company was able to scale-up its product and supply it at commercially relevant scales to a variety of customers. In addition, the business was able to refine further on its commercial strategy and cost structure.
3. By capitalizing on the relationships it developed and deepened during the project, Beta Bugs was able to position itself to grow market share by executing on its commercial strategy, whilst also ensuring it addresses any regulatory and IP requirements.
4. By engaging with the wider sector via a Communications Campaign, the Company not only positioned itself as a developer and distributor of Black Soldier Fly breeds, but also as a thought leader for the wider insect farming sector.
