Lotte Confectionery Invests 10 Billion KRW in Canadian Edible Insect Manufacturer
[Asia Economy Reporter Eunmo Koo] Lotte Confectionery announced on the 10th that it has invested approximately 10 billion KRW in the Canadian edible insect manufacturer 'Aspire Food Group.'
Founded in 2016, Aspire Food Group is a food tech company that produces protein powder products using crickets.
They developed an independent cricket farming method and established an unmanned automated production system by utilizing artificial intelligence (AI) and intelligent farm technology. They mainly produce and sell freeze-dried crickets, which are raw materials for pet food, cricket granola, and cricket flour.
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A Lotte Confectionery official stated, "Lotte Confectionery has recently shown great interest in the edible insect business, which is gaining attention as a future alternative protein," adding, "Starting with this investment, we will collaborate with Aspire Food Group in various fields such as technology partnerships and product development."
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