What’s behind Ÿnsect’s recent rebranding?

The French insect farming firm has undergone an identity change and moved its ingredient product portfolio to be part of Sprÿng.

Ynsect’s CEO and Founder Antoine Hubert told GlobalPETS in an interview that the new B2B2C brand “represents the company’s new structure and vision.” “Ÿnsect has identified 3 main markets to focus on: animal feed, plant and soil, and human food, with 3 sub-brands, Sprÿng being one of them.”

The firm plans to increase its order book and has signed $175 million (€‎160.6M) in contracts with $1 billion (€‎918M) in negotiation. 

The product will be sold through customer brands both online and offline. 

Increased demand

Insect-based pet food has seen significant development; according to data analyst site Future Market Insights (FMI), the market is estimated to reach $17.2 billion (€‎15.8B) by 2031.

“Pet food is a huge market, one where Ÿnsect’s mealworm ingredients can respond well to the industry’s nutritional and sustainability needs,” said Hubert.

During the firm’s Q1 2023 earnings presentation, the CEO announced they had secured Series D funding worth $174 million (€‎160M), which will help the company accelerate the marketing authorization in different target markets. “We expect to close a second round over the year,” concluded Hubert. 

More international presence

The French provider also hopes to accelerate its international presence in markets with greater demand for premium pet food products, including the US, Mexico, and Europe. 

Originally established in Paris, Ÿnsect also operates in the US and Europe with 3 production sites.

The company is also waiting to launch the new farm in Amiens by the end of 2023 and hopes it will deliver the biggest volumes to clients.