- Singapore’s regulatory approval for insect consumption has attracted overseas.
- Some local startups are cautious about the market’s long-term viability.
- Companies hope education and marketing will help overcome consumers’ aversion to eating insects.
Overseas players swarm in
With Singapore’s regulatory framework for human consumption of insects now in place, overseas insect protein players are eager to enter the market.
Japanese startup Morus plans to bring silkworm-based products, while Vietnamese cricket protein company Cricket One has already seen interest from over 30 Singapore-based companies.
These companies are banking on Singapore’s affluent consumers and the country’s reputation for food safety to help them reach other markets.
Local startup Altimate Nutrition had been waiting for years to launch its cricket-based protein bars in Singapore.
The company is now developing roasted crickets and silkworm snacks for consumer retail and is in contact with restaurants and bars interested in procuring its cricket powder and whole crickets.
However, some local insect protein companies, such as Future Protein Solutions and Asia Insect Farm Solutions, have paused their operations due to the delays in approval and are skeptical about the long-term commercial viability of insect products in Singapore.
Overcoming the “ick” factor
Insect protein companies acknowledge that consumers remain averse to eating bugs but hope that education and marketing will help win them over.
Altimate Nutrition has conducted workshops on alternative proteins and held baking classes using cricket flour.
Product presentation is also crucial, with companies focusing on making insect-based products appealing and tasty.
Singapore entrepreneur Javier Yip believes that educating people from a young age about the health benefits of insects as food will increase acceptance.
Challenges and opportunities ahead
While the regulatory approval has opened doors for insect protein companies in Singapore, challenges remain.
Fledgling local companies may find it difficult to compete against overseas insect protein brands, and there are concerns about the long-term sustainability of the market in a country as small as Singapore.
However, those still in the industry remain optimistic that with the right education and marketing strategies, they can successfully introduce insect-based products to Singapore’s consumers.
To read the original article: https://www.techinasia.com/insect-protein-players-abuzz-excitement-upcoming-singapore-regulatory-nod
