"Lotte Confectionery Expands Edible Insect Business, Signs MOU with Aspire Food Group"

August 31: MOU Signed for Partnership and Business Expansion in Alternative Protein Industry
Designation as Exclusive Distributor of Aspire Food Group Products in Korea and Research Collaboration

[Asia Economy Reporter Eunmo Koo] Lotte Confectionery announced on the 6th that it has signed a memorandum of understanding (MOU) with Canadian edible insect manufacturer Aspire Food Group to strengthen strategic partnerships in the alternative protein industry and expand business in the insect-based materials sector.

Through this agreement, Lotte Confectionery is expected to be designated as the exclusive distributor of products produced by Aspire Food Group in South Korea. Additionally, the two companies signed the agreement to cooperate on business expansion into other regional markets such as Asia and to conduct various joint research projects utilizing insect-based materials.

Founded in 2016, Aspire Food Group is a cutting-edge food tech company that developed its own cricket farming method and integrated artificial intelligence (AI) and smart farm technologies to evolve into an unmanned automated production system. Its main business involves producing and selling freeze-dried crickets, which serve as raw materials for pet food, cricket granola, cricket flour, and more, through automated mass rearing of edible insects.

Lotte Confectionery plans to strengthen its strategic partnership and expand its business model through various collaborations such as technology alliances and product development with Aspire Food Group based on this MOU.