In response to the escalating costs of fishmeal, two major Japanese trading companies, Marubeni and Sumitomo, have embarked on separate collaborations with insect protein firms, signalling a strategic shift in the country’s aquaculture sector.
Japan, the world’s second-largest consumer of fishmeal, heavily relies on imports from Peru for its yellowtail and sea bream aquaculture operations. However, with fishmeal prices soaring, there is a growing quest for viable alternatives. According to data from the World Bank on Peru’s fishmeal pellets with 65 percent protein, prices have surged from USD 376 (EUR 341) per metric ton (MT) in November 2000 to USD 1,760 (EUR 1,642) in February 2023.
On March 7, Marubeni, a diversified conglomerate with interests across various industries, including food and agribusiness, announced its intent to collaborate with Ÿnsect, a Paris-based producer of insect protein and fertilizers. The objective is to introduce insect feed to the Japanese market, addressing concerns about a potential supply-demand gap for fishmeal, a crucial aquaculture feed ingredient. Marubeni recognizes the necessity to explore alternatives to imported fishmeal, anticipating further price increases in the future.
Founded in 2011, Ÿnsect operates fully automated vertical farms producing lesser mealworms and yellow mealworms. With production sites in France, the Netherlands, and the U.S., including an upcoming facility in Amiens, France, slated to be the world’s largest vertical insect farm, the company is positioned as a key player in sustainable protein solutions.
On April 23, Sumitomo, Marubeni’s formidable competitor, announced a memorandum of understanding with Singapore-based Nutrition Technologies. The agreement, valued at approximately USD 100 million (EUR 93.4 million), aims to initiate sales in Japan of protein powder derived from black soldier flies for use in pet food and animal feed. Sumitomo, having invested in Nutrition Technologies in September 2022, envisions becoming the first major trading company to fully launch domestic sales of insect powder in Japan. The collaboration aligns with Sumitomo’s commitment to expanding the market for innovative products and contributing to stable and sustainable global food production.
Both Marubeni and Sumitomo’s strategic partnerships underscore a growing industry-wide recognition of the need for sustainable alternatives amidst challenges posed by the escalating costs of traditional fishmeal. These collaborations mark a pivotal step towards a more resilient and environmentally friendly future for Japan’s aquaculture sector.
