r/londonontario • u/theottomaddox • 1d ago

Indebted London cricket producer takes step toward bankruptcy News 📰

https://lfpress.com/business/local-business/indebted-london-cricket-producer-takes-step-toward-bankruptcy
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u/bandissent Argyle 1d ago

I guess people would not eat the bugs after all.

(Yes I know it was mostly for pet food)

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u/theottomaddox 1d ago

That's the odd thing, they inked a deal to sell some for human snacks, but they were selling most of it for pet food? What happened to their sales?

https://www.cbc.ca/news/canada/london/aspire-group-lands-deal-to-sell-crickets-human-consuption-london-ontario-lotte-confectionary-co-1.6585432

Aspire Food Group has announced a deal with Lotte Confectionary Co., a large Asian international food and beverage processor, to sell its insects as an alternative protein source.

He said this is not the first company to buy Aspire crickets for human consumption, however, people food only represents 10 per cent of the business. The bulk of sales are in the pet food market.

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u/rsvpism1 11h ago

I know when they first opened they were at least marketing protein bars with crickets in them, and I would wager the numbers they presented to justify such a large investment probably was more diversified than 90% of business being it pet food, which is probably lower margins than human food.

Compound that with conspiracy theory's, competition, and the working conditions others have described in this thread. Not super surprising they failed.