On April 1, 2023, Sumitomo Corp. signed a memorandum of understanding (MoU) agreement with Nutrition Technologies with a portfolio valued at more than $100M.

The MoU allows Sumitomo to distribute Nutrition Technologies products into the Japanese market for use in a range of sectors, including petfood and aquafeed products. Sumitomo Corp. is an existing investor of Nutrition Technologies and is strategically aligned to the company’s mission of sustainably feeding the global population through a circular economy.

Sumitomo Corp. recognizes the advantage of Nutrition Technologies’ low-energy, tropical production technology compared to other manufacturers of insect-based products. With the growing demand for food and increasing pressure on protein supply, Sumitomo Corp. sees the need for more sustainable products and the opportunity presented by Nutrition Technologies products, which are made from black soldier fly larvae (BSFL).

This is an opportunity for Nutrition Technologies to extend its commercial reach in Japan, thanks to Sumitomo Corp.’s extensive distribution network and aligned companies within their group. This extensive market network and in-depth consumer insight will facilitate the Japanese market to access sustainably manufactured insect-based products, creating a more sustainable and equitable food system in the process.

"This distribution agreement not only secures supply for our existing customers and the strength of demand we have for future production, but emphasizes our commitment to the success of Nutrition Technologies, and underlines the strategic alignment between the two companies. We envisage a bright future where the two businesses can grow together," said Masahito Uno, general manager Life Sciences Division Sumitomo Corp.

Sumitomo Corporation also recognizes that there are many other opportunities outside of the feed sector, such as in sustainable cosmetics and sustainable aviation fuel (SAF), and is already creating linkages with key partners to develop these products, which are expected to come online in the coming years.