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Insect-based aquafeed firm to expand in USD 10 million deal

Insect-based aquafeed firm to expand in USD 10 million deal


By Cliff White, Monday, February 27, 2017

    

Nutrition company AgriProtein has announced plans to build up to 200 factories globally to scale up production of its patented insect protein for animal feeds.

Founded in 2008, South Africa-based AgriProtein uses food waste to cultivate colonies of flies. It then uses the larvae of the flies to create MagMeal, which is marketed for fish aquaculture, and other products with agricultural uses. 

Its new deal with Austrian firm Christof Industries will create up to 25 fly farms annually, with 100 planned by 2024 and a further 100 scheduled to be built by 2027.

The USD 10 million (EUR 9.4 million) partnership will help bring insect protein into the mainstream of feeds used in aquaculture, poultry farming and pet food,” AgriProtein said in a press release.

The new fly farms will be built in Asia, the Middle East, Europe and the Americas, according to the company. Each factory will house approximately 8.5 billion black soldier flies, will take in up to 250 tons of organic waste daily and will produce nearly 5,000 tonn of MagMeal, as well as and 2,000 tonnes of MagOil – an omega-rich oil for use in feeds – per year.

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