Landscape and the Opportunity
Protein consumption is indeed a fundamental need for all living beings - humans, pets, poultry, aquatic animals alike! As humanity progresses, our appetite for protein continues to evolve and increase, with the global demand set to double by 2050.
Marine animals are one of the largest sources of protein with about 30% of the world dependent on them for their daily protein intake (shrimp being a major contributor). India is a major exporter of shrimp, with a market share of over 23%, reaching a record value of $5.48 Billion in 2022.
According to the Food and Agriculture Organization (FAO), farming of animals had the following global feed requirement in the year 2021:
Shrimp feed - 17.3 million tonnes (1.39 million tonnes in India, i.e. 8% of global consumption)
Poultry feed - 428.1 million tonnes (42.8 million tonnes in India, i.e. 10% of Global consumption)
Close to 40% of the feed for Shrimp comes from Fish Meal, 30% from Soy and 30% from other Cereals, while 60% of the Poultry feed comprises of Cereals. 51% of agricultural land and 90% of the worlds marine fish stocks have already been exploited in meeting the current needs. This is putting a strain on the supply of essential nutrients for animal feed as it is almost 50% of the total production cost for these industries, which is leading to unstable and inflated prices globally. It has therefore become critical to find alternative sources of protein and essential nutrients.
GreenGrahi produces high quality ingredients and supplements for animal and plant nutrition by treating food waste with Black Soldier Flies (BSF) using proprietary technology called 'Climate Cubes'. This process efficiently converts food waste into high-quality protein-rich feed.
This insect-based protein offers a sustainable alternative to traditional feed sources, with potential benefits such as:
Higher total amino acids with similar amino acid profile to fish meal, providing more protein per unit of weight
Antimicrobial properties, leading to improved yield, increased longevity, and increased revenues for farmers
Sustainable and scalable production owing to lesser land and water requirement (upto 100x lesser land compared to beef protein) and availability of cheap and variety of agricultural/food waste as input
Insect protein has already found value in European markets, which are traditionally not suited for breeding BSF due to their climate. India, on the other hand, has ideal climatic conditions (warm and humid), which are optimal for BSF growth.
Insect protein also offers a promising, sustainable solution for pet food. Furthermore, as insect protein becomes integrated into animal feed to address protein deficiencies, it also shows potential avenues for human consumption in the medium term.
A byproduct in the process of producing high quality protein is Organic fertilizer which has a promising market for itself. Factors such as government and the growing popularity of organic food in the country, are expected to fuel the demand for organic fertilizers valuing it to be a billion dollar industry in itself by 2030.
As the world grapples with growing demands and the need to explore alternative nutrient sources, GreenGrahi is poised to revolutionize this space with a ground-breaking alternative that not only meets but surpasses existing options in terms of quality and efficacy. With proprietary technology that is commercially viable and globally scalable GreenGrahi's approach also aligns with the tenets of circular economy, contributing to a more eco-friendly and resource-efficient system.
GreenGrahi's founders, Siddharth Sharma (student founder) and Shivali Sugandh make a formidable team. Shivali brings in years of experience of working in Germany in waste management, Master’s in Environment and Sustainability from TERI institute, and her work as a Humboldt Fellow. Siddharth, with an MBA from Kellogg School of Management, aptly complements her in scaling the business, rapidly.