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Invenire White Paper
MAKING THE UNWANTED
DESIRABLE
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
Unlocking the commercial potential of edible insects
At a time when first-world consumers are hungrier
for proteins and the global food crisis is escalating,
edible insects offer potentially one of the best
solutions to meet these demands. They are high in
nutrients, especially protein, and can be produced
efficiently with extremely low environmental impact.
To be a real solution, insects need to become big!
Within animal feed, insects can deliver a big
sustainability impact already in the short term.
But to harness the true sustainability impact insects
can offer, they should be used in human food as well.
That requires quantity and penetration across many
categories. Insects need to impact the mainstream,
because quite frankly, the snack bars on the market
today with 5% insect protein are not going to save
us from a food crisis. This whitepaper explores the
potential paths to unlock the wider commercial
potential of edible insects for human food.
Invenire White Paper
Rise of the responsible
consumer
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
Without a doubt responsible food is an increasing
trend, which is a perfect fit with edible insects!
There are two major trends that are creating
opportunities for insect protein:
THE SHIFT TOWARDS MORE SUSTAINABLE
PROTEINS HAS ALREADY STARTED
While consumers in industrialised countries may not
actually be protein-deficient, protein fortification and
high protein claims have become a huge trend in the
past few years. While Western Europeans have the
highest protein consumption globally – at 49 grams per
capita daily – sustainable proteins are gaining increas-
ing attention. Europeans are spending more on meat
alternatives. For example, in 2015 Swedish and U.K.
consumers spent more than double per capita, about
€5, on meat alternative foods compared to the USA.
The meat substitutes market value in some European
countries is even experiencing growth rates higher than
20% yearly. (Source: Euromonitor International, 2016).
Figure 1. Meat Substitutes market size and forecast*, retail value €mn at
year-on-year exchange rates (source: Euromonitor International)
Figure 2. Animal/Dairy and Plant proteins, Western Europe, All Packaged
Product Categories, volume tonnes (source: Euromonitor International)
Protein Types, Western Europe, Volume mt
Meat Substitutes - Retail Value €mn
Sweden
United Kingdom
Plant proteins
Animal & Dairy proteins
350
300
250
200
150
100
50
0
200 000
180 000
160 000
140 000
120 000
100 000
2012	 2013	2014	2015	2016*	2017*	 2018*
2015	 2016*	 2017*	 2018*	2019*	 2010*
STARTWITHADREAM
Anything is possible.
Big dreams are the reason
why the world changes for the better.
Let’s explore your future growth
opportunities together, and
make your better business ideas
a reality.
Invenire White PaperNNETOAFOROTVEOCAANENVRONENTAACT
WILLInGneSS to PaY for PoSItIve SocIaL
anD envIronMentaL IMPact
Taste, price and other core benefits still matter.
However, more than half of global consumers are
willing to pay more for products and services from
companies that are committed to positive social and
environmental impact (Source: The Nielsen Company,
2014). But consumers who take sustainability aspects
into consideration in their buying decisions do it in
different ways. Some rely on ecolabels like organic or
Fair Trade, some are flexitarians, vegetarians or
vegans, and some consciously avoid products they
deem unsustainable. Evidence of growing interest is
strong, as every second consumer checks product
packaging to ensure sustainability (Source: The Nielsen
Company, 2014.).
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
Figure 3. Key ethical purchasing factors, Global market size and
forecast*, €mn at 2015 fixed exchange rates (source: Euromonitor
International)FRV
Key Ethical Purchasing factors, Global,
retail value €mn
Sustainable Trade and Farming incl. Fairtrade
Vegetarian/Vegan
	2015	 2016*	 2017*	 2018*	 2019*	 2010*
35 000
30 000
25 000
20 000
15 000
10 000
Invenire White Paper
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
The death valley
of insects
Despite the big media hype, the edible insects industry
is still in its infancy. There are only a few larger scale
edible insects producers globally – and even those are
small companies who produce small quantities.
Existing production is mostly low-tech and includes
a lot of manual labour. The lack of industrialisation is
one of the major roadblocks preventing larger scale use.
Another obstacle in the EU is restrictive regulation,
which is holding back many players from actively
developing insect-based products.
In fact, there’s a big risk insects will never take off
sizeably in human food. The main reasons are:CFA
• SCALE BARRIER: TOO BIG A CHASM TO CROSS
currently the average price for edible insect powders is
10 – 50 times higher than whey or soy proteins. for the
mainstream food industry, prices need to be competitive and
supply volumes comparably big. Most food players want
ready to use new ingredients, without taking the risk
involved in ‘time and money consuming’ scale-up. also, the
food industry doesn’t desperately need a new protein source.
Soy rules with its low price, whey with its good amino acid
profile. The driver for quick scale-up of production is simply
lacking.
• MENTAL BARRIER: LACK OF MARKET PULL
Let’s face it! No one really WANTS insects. They disgust
most people and we’re not used to eating them. There’s no
consumer demand, no market pull. And although some
industry professionals can see the big opportunity, most are
reluctant to work with insects. Neophobia is practically
hindering the developments. Many believe plant-based
proteins are all that are needed as sustainable alternatives.
• SYSTEMIC BARRIER: BROKEN FOOD SYSTEM
Altogether, the traditional food value chain will be an
extremely slow route for commercialising insects. Insect
farming won’t leap into big volumes quickly, due to the
resistance and lack of demand at every step in the long value
chain. In fact, the traditional food value chain could even be a
trap for the insect opportunity. Long and complex value chains
with poor transparency could easily create new sustainability
problems such as adulteration and social injustice, as well as
safety and hygiene risks. These problems would hinder gaining
consumer trust and acceptance even further.
To conclude, traditional commercialisation paths and
food value chains are full of barriers and lacking the
drivers to make insects big. If insects are seen purely
as an alternative protein ingredient, they can’t
compete with existing solutions - therefore the
commercial potential is limited!
The three potential paths
to better business
Invenire White Paper
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
BEALEADEROFCHANGENA
When you decide something
is important, that’s the moment
you start to lead change.
Invenire can help integrate growth
and sustainability into your
company’s Dna – to be strategic,
effective and thrive.
Insects can’t be just as good as existing solutions for
sustainable protein. They need to be superior!
Rationally thinking, it is easy to understand the
benefits insects could offer: a complete protein source
with a mild and nutty taste, and the possibility to
produce them efficiently and sustainably. But there’s
much more to insects than just that. To unlock the
full potential of insects – both technically and
commercially – the business models to commercialise
insects should be reconsidered. In fact, the
opportunities are unlimited, if you start searching
business opportunities through the following
paths:
1) AIM FOR INCREASED EFFICACY AND SAVINGS
Stop seeing insects (only) as a protein ingredient.
The beauty of them is that they are also great natural
bioconverters and waste managers. Well-designed
circular economy solutions based on insects could offer
enhanced efficacy and cost savings - with a sustainable
and nutritious protein ingredient as a bonus!
Think about new business opportunities
through…
• Reducing waste streams and their costs
• Maximising the use of material and energy
flows
• On-site circular economy solutions
Invenire White Paper
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
ROVEAOTONANANEERENCE
2) ProvIDe a SoLUtIon anD an eXPerIence
Stop asking “Why would consumers want to eat
insects?”. Forget insects and think about what burning
consumer problem you could solve. Don’t force them
to make a conscious decision to eat insects. Insects will
thrive in “good-tasting” solutions that make
intrinsically sustainable choices easy. This is about
social innovations that can alter demand and
consumer behaviour.
Think about new business opportunities
through…
• Making life easier and more meaningful
• Providing new experiences
• Utilising services and digital technologies
3) ADD VALUE BY RETHINKING PRODUCTION
Insects can technically be grown anywhere – in homes,
restaurants, cities, communities, farms etc. Forget long
value chains; insects can – and should – be produced
close to the point of consumption, whether it is in
developed or developing countries. There is an
opportunity to start building the value chains from
scratch, with the possibility of embodying transparency,
traceability and trust.
Think about new business opportunities
through…
• Giving	power	within	food	production	back	to
consumers
• Utilising	robotics	and	automatisation	for
growing	insects	anywhere
• Producing	food	within	cities	and
communities
Invenire White Paper
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
AATN
Why better business needs
new thinking
Businesses in the current food value chain are struggling with competition,
profitability and poor long-term growth prospects. At the same time,
businesses can no longer ignore their responsibility to our planet and people.
Sustainability opens up new opportunities for future business!
So far, sustainability has been an underutilised asset to make profitable
business. The problem is that it’s difficult to create good business with a
slightly greener or more socially conscious version of an existing product.
Instead, the real sustainability business makers are creating innovations
that disrupt existing categories. and this doesn’t mean merely creating
sustainability innovations, but improving other product features just as
drastically. also, for the top sustainability performers, sustainability
isn’t a separate function or department within the company.
Instead, it is integrated into core structures of the business, including
organisational structure, cost structure and governance structure.
this means sustainability then becomes a revenue driver, not a drag.
Lastly, to create bigger impact, sustainable businesses should target
mainstream customers and consumers, not only the “super green”
niche groups.
Better business is not built in the same way that current problems are.
new ways of thinking are imperative for the future!
Further reading: Williams E.F. (2016) Green Giants: How Smart Companies Turn Sustainability
Into Billion-Dollar Businesses.
Invenire White Paper
© Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi
As CMO of the Future, Invenire empowers leaders to make change happen. Better business for People Planet and Profit.
Through excellent Design, Strategy and Conversations, we help leaders act on their values and purpose.
Together we craft innovative business strategies that enable profitable growth with sustainability at the core.
We create impact that matters.
HEALTH. HAPPINESS. RESPONSIBILITY. EMPATHY. CREATIVITY. EFFECTIVENESS.
www.invenire.fi | doorbell@invenire.fi | +358 40 8228 848
MAKEREALIMPACTTHATMATTERS
Better business starts
by taking action.
Hire Invenire as your
Chief Marketing Officer (CMO)
of the Future. Together we can
build brands with purpose
and conversations that sell – with
customer happiness at the core.
We wrote this whitepaper
Get in touch and see us at the HiEurope Conference!
Virpi Varjonen
Strategist and Ingredient Market Expert
virpi.varjonen@invenire.fi
+45 2938 6104
Twitter: @vvarjonen
LinkedIn: virpivarjonen
THE FUTURE OF NUTRITION
Unlocking the commercial potential of insect proteins
Monday 28th November, 13:30 – 14:00
MODULE 3A: NATURAL TO THE NEXT LEVEL
New natural: embracing the potential for organic claims
Tuesday 29th November, 15:30 – 16:00
Johanna Tanhuanpää
Sustainability and Market Intelligence Expert
johanna.tanhuanpaa@invenire.fi
+358 40 8228 140
Twitter: @jtanhuanpaa
LinkedIn: johannatanhuanpaa
MODULE 8B: PERSONALISED NUTRITION
Explaining bio-hacking: is there a marketing
opportunity for food companies?
Thursday 1st December, 11:00 – 11:30

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WHITEPAPER: "Making the unwanted (insects) desirable" - unlocking the commercial potential of edible insects

  • 1. Invenire White Paper MAKING THE UNWANTED DESIRABLE © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi Unlocking the commercial potential of edible insects At a time when first-world consumers are hungrier for proteins and the global food crisis is escalating, edible insects offer potentially one of the best solutions to meet these demands. They are high in nutrients, especially protein, and can be produced efficiently with extremely low environmental impact. To be a real solution, insects need to become big! Within animal feed, insects can deliver a big sustainability impact already in the short term. But to harness the true sustainability impact insects can offer, they should be used in human food as well. That requires quantity and penetration across many categories. Insects need to impact the mainstream, because quite frankly, the snack bars on the market today with 5% insect protein are not going to save us from a food crisis. This whitepaper explores the potential paths to unlock the wider commercial potential of edible insects for human food.
  • 2. Invenire White Paper Rise of the responsible consumer © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi Without a doubt responsible food is an increasing trend, which is a perfect fit with edible insects! There are two major trends that are creating opportunities for insect protein: THE SHIFT TOWARDS MORE SUSTAINABLE PROTEINS HAS ALREADY STARTED While consumers in industrialised countries may not actually be protein-deficient, protein fortification and high protein claims have become a huge trend in the past few years. While Western Europeans have the highest protein consumption globally – at 49 grams per capita daily – sustainable proteins are gaining increas- ing attention. Europeans are spending more on meat alternatives. For example, in 2015 Swedish and U.K. consumers spent more than double per capita, about €5, on meat alternative foods compared to the USA. The meat substitutes market value in some European countries is even experiencing growth rates higher than 20% yearly. (Source: Euromonitor International, 2016). Figure 1. Meat Substitutes market size and forecast*, retail value €mn at year-on-year exchange rates (source: Euromonitor International) Figure 2. Animal/Dairy and Plant proteins, Western Europe, All Packaged Product Categories, volume tonnes (source: Euromonitor International) Protein Types, Western Europe, Volume mt Meat Substitutes - Retail Value €mn Sweden United Kingdom Plant proteins Animal & Dairy proteins 350 300 250 200 150 100 50 0 200 000 180 000 160 000 140 000 120 000 100 000 2012 2013 2014 2015 2016* 2017* 2018* 2015 2016* 2017* 2018* 2019* 2010*
  • 3. STARTWITHADREAM Anything is possible. Big dreams are the reason why the world changes for the better. Let’s explore your future growth opportunities together, and make your better business ideas a reality. Invenire White PaperNNETOAFOROTVEOCAANENVRONENTAACT WILLInGneSS to PaY for PoSItIve SocIaL anD envIronMentaL IMPact Taste, price and other core benefits still matter. However, more than half of global consumers are willing to pay more for products and services from companies that are committed to positive social and environmental impact (Source: The Nielsen Company, 2014). But consumers who take sustainability aspects into consideration in their buying decisions do it in different ways. Some rely on ecolabels like organic or Fair Trade, some are flexitarians, vegetarians or vegans, and some consciously avoid products they deem unsustainable. Evidence of growing interest is strong, as every second consumer checks product packaging to ensure sustainability (Source: The Nielsen Company, 2014.). © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi Figure 3. Key ethical purchasing factors, Global market size and forecast*, €mn at 2015 fixed exchange rates (source: Euromonitor International)FRV Key Ethical Purchasing factors, Global, retail value €mn Sustainable Trade and Farming incl. Fairtrade Vegetarian/Vegan 2015 2016* 2017* 2018* 2019* 2010* 35 000 30 000 25 000 20 000 15 000 10 000
  • 4. Invenire White Paper © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi The death valley of insects Despite the big media hype, the edible insects industry is still in its infancy. There are only a few larger scale edible insects producers globally – and even those are small companies who produce small quantities. Existing production is mostly low-tech and includes a lot of manual labour. The lack of industrialisation is one of the major roadblocks preventing larger scale use. Another obstacle in the EU is restrictive regulation, which is holding back many players from actively developing insect-based products. In fact, there’s a big risk insects will never take off sizeably in human food. The main reasons are:CFA • SCALE BARRIER: TOO BIG A CHASM TO CROSS currently the average price for edible insect powders is 10 – 50 times higher than whey or soy proteins. for the mainstream food industry, prices need to be competitive and supply volumes comparably big. Most food players want ready to use new ingredients, without taking the risk involved in ‘time and money consuming’ scale-up. also, the food industry doesn’t desperately need a new protein source. Soy rules with its low price, whey with its good amino acid profile. The driver for quick scale-up of production is simply lacking. • MENTAL BARRIER: LACK OF MARKET PULL Let’s face it! No one really WANTS insects. They disgust most people and we’re not used to eating them. There’s no consumer demand, no market pull. And although some industry professionals can see the big opportunity, most are reluctant to work with insects. Neophobia is practically hindering the developments. Many believe plant-based proteins are all that are needed as sustainable alternatives. • SYSTEMIC BARRIER: BROKEN FOOD SYSTEM Altogether, the traditional food value chain will be an extremely slow route for commercialising insects. Insect farming won’t leap into big volumes quickly, due to the resistance and lack of demand at every step in the long value chain. In fact, the traditional food value chain could even be a trap for the insect opportunity. Long and complex value chains with poor transparency could easily create new sustainability problems such as adulteration and social injustice, as well as safety and hygiene risks. These problems would hinder gaining consumer trust and acceptance even further. To conclude, traditional commercialisation paths and food value chains are full of barriers and lacking the drivers to make insects big. If insects are seen purely as an alternative protein ingredient, they can’t compete with existing solutions - therefore the commercial potential is limited!
  • 5. The three potential paths to better business Invenire White Paper © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi BEALEADEROFCHANGENA When you decide something is important, that’s the moment you start to lead change. Invenire can help integrate growth and sustainability into your company’s Dna – to be strategic, effective and thrive. Insects can’t be just as good as existing solutions for sustainable protein. They need to be superior! Rationally thinking, it is easy to understand the benefits insects could offer: a complete protein source with a mild and nutty taste, and the possibility to produce them efficiently and sustainably. But there’s much more to insects than just that. To unlock the full potential of insects – both technically and commercially – the business models to commercialise insects should be reconsidered. In fact, the opportunities are unlimited, if you start searching business opportunities through the following paths: 1) AIM FOR INCREASED EFFICACY AND SAVINGS Stop seeing insects (only) as a protein ingredient. The beauty of them is that they are also great natural bioconverters and waste managers. Well-designed circular economy solutions based on insects could offer enhanced efficacy and cost savings - with a sustainable and nutritious protein ingredient as a bonus! Think about new business opportunities through… • Reducing waste streams and their costs • Maximising the use of material and energy flows • On-site circular economy solutions
  • 6. Invenire White Paper © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi ROVEAOTONANANEERENCE 2) ProvIDe a SoLUtIon anD an eXPerIence Stop asking “Why would consumers want to eat insects?”. Forget insects and think about what burning consumer problem you could solve. Don’t force them to make a conscious decision to eat insects. Insects will thrive in “good-tasting” solutions that make intrinsically sustainable choices easy. This is about social innovations that can alter demand and consumer behaviour. Think about new business opportunities through… • Making life easier and more meaningful • Providing new experiences • Utilising services and digital technologies 3) ADD VALUE BY RETHINKING PRODUCTION Insects can technically be grown anywhere – in homes, restaurants, cities, communities, farms etc. Forget long value chains; insects can – and should – be produced close to the point of consumption, whether it is in developed or developing countries. There is an opportunity to start building the value chains from scratch, with the possibility of embodying transparency, traceability and trust. Think about new business opportunities through… • Giving power within food production back to consumers • Utilising robotics and automatisation for growing insects anywhere • Producing food within cities and communities
  • 7. Invenire White Paper © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi AATN Why better business needs new thinking Businesses in the current food value chain are struggling with competition, profitability and poor long-term growth prospects. At the same time, businesses can no longer ignore their responsibility to our planet and people. Sustainability opens up new opportunities for future business! So far, sustainability has been an underutilised asset to make profitable business. The problem is that it’s difficult to create good business with a slightly greener or more socially conscious version of an existing product. Instead, the real sustainability business makers are creating innovations that disrupt existing categories. and this doesn’t mean merely creating sustainability innovations, but improving other product features just as drastically. also, for the top sustainability performers, sustainability isn’t a separate function or department within the company. Instead, it is integrated into core structures of the business, including organisational structure, cost structure and governance structure. this means sustainability then becomes a revenue driver, not a drag. Lastly, to create bigger impact, sustainable businesses should target mainstream customers and consumers, not only the “super green” niche groups. Better business is not built in the same way that current problems are. new ways of thinking are imperative for the future! Further reading: Williams E.F. (2016) Green Giants: How Smart Companies Turn Sustainability Into Billion-Dollar Businesses.
  • 8. Invenire White Paper © Invenire Market Intelligence 2016 INTELLIGENCE • STRATEGY • COMMUNICATION • TALKS | doorbell@invenire.fi | www.invenire.fi As CMO of the Future, Invenire empowers leaders to make change happen. Better business for People Planet and Profit. Through excellent Design, Strategy and Conversations, we help leaders act on their values and purpose. Together we craft innovative business strategies that enable profitable growth with sustainability at the core. We create impact that matters. HEALTH. HAPPINESS. RESPONSIBILITY. EMPATHY. CREATIVITY. EFFECTIVENESS. www.invenire.fi | doorbell@invenire.fi | +358 40 8228 848 MAKEREALIMPACTTHATMATTERS Better business starts by taking action. Hire Invenire as your Chief Marketing Officer (CMO) of the Future. Together we can build brands with purpose and conversations that sell – with customer happiness at the core. We wrote this whitepaper Get in touch and see us at the HiEurope Conference! Virpi Varjonen Strategist and Ingredient Market Expert virpi.varjonen@invenire.fi +45 2938 6104 Twitter: @vvarjonen LinkedIn: virpivarjonen THE FUTURE OF NUTRITION Unlocking the commercial potential of insect proteins Monday 28th November, 13:30 – 14:00 MODULE 3A: NATURAL TO THE NEXT LEVEL New natural: embracing the potential for organic claims Tuesday 29th November, 15:30 – 16:00 Johanna Tanhuanpää Sustainability and Market Intelligence Expert johanna.tanhuanpaa@invenire.fi +358 40 8228 140 Twitter: @jtanhuanpaa LinkedIn: johannatanhuanpaa MODULE 8B: PERSONALISED NUTRITION Explaining bio-hacking: is there a marketing opportunity for food companies? Thursday 1st December, 11:00 – 11:30