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S. Korean government to grow local edible insect market to $436 mn industry.

Collected: 2016.04.05

Distributed: 2016.04.06

Source: Go Direct

The South Korean government aims to grow the country’s edible insect market to 500 billion won ($436 million) by 2020 as part of efforts to create a new growth source for rural economies.

The country’s Ministry of Agriculture, Food and Rural Affairs on Monday announced its comprehensive five-year plan to nurture the edible insect industry that includes measures to boost edible insect consumption, upgrade distribution network, and create a new market. The government’s plan, the second of its series, targets to establish production base and ramp up industrial infrastructure in a bid to expand the local edible insects market to 500 billion won industry and stretch the number of edible insect farms to 1,200.

The edible insect market in Korea is currently in the early development stage as many farms cultivating edible insects are small-sized. As of last year, the size of the edible insect market in Korea was 304 billion won in value with 724 farms breeding edible insects.

Although the edible insect industry in Korea is still in its infancy, the country targets to invigorate the sector as part of efforts to cultivate a new income source for rural economies. The ministry plans to invest 15 billion won in research and development for the edible insect sector until 2020 with a focus on breeding and processing edible insects to mass produce multi-functional feedstock and food resources.

By Seo Dong-cheol

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