REDDING,
Calif., May 2, 2024 /PRNewswire/ -- According to a
new market research report titled, "Black Soldier Fly Market
by Product (Protein Meals, Whole Dried Larvae, Biofertilizers
{Frass}, Larvae Oil, Others {Cocoons, Pupa}), by Application
(Aquafeed, Animal Feed, Agriculture, Pet Food), and Geography -
Global Forecast to 2033", the global black soldier fly market
is projected to reach $3.96
billion by 2033, at a CAGR of 31.0% during the
forecast period of 2024 to 2033, while in terms of volume, the
market is expected to reach 8.23 million tons by 2033, at a
CAGR of 40.4% from 2024 to 2033.
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The growth of the black soldier fly market is mainly driven by
rising global meat demand, growing aquaculture industry, increasing
demand from the animal feed industry for alternative proteins due
to rising prices of soymeal and fishmeal, and increasing government
support for the application of insect meal in livestock feed. In
addition, expansions in developed and emerging economies provide
significant opportunities for the growth of the black soldier fly
market.
However, factors such as a non-standardized regulatory framework
across the globe and limited acceptance & approvals for BSFL to
be incorporated into the human diet hinder the overall black
soldier fly market growth. Furthermore, the availability of
economical substitutes, the high cost of skilled labor, and the
risk of disease transmission from BSF challenge the growth of this
market.
The developing geographies, such as Asia, Africa,
and Latin America, are witnessing
population increase along with economic growth and changing dietary
patterns. By 2050, this will account for a 70% increase in the
demand for livestock products from 2017. Furthermore, the prices of
livestock-based products have increased due to a rise in feed
costs. The feed cost currently contributes ~60–70% of the total
livestock production cost (Source: Feedipedia–Animal Feed Resources
Information System). Fish and soybean meal are the major acting
protein sources for the feed. However, these sources compete with
food production for humans. Moreover, fishmeal availability has
become limited due to the over-exploitation of marine, causing a
rapid increase in the cost of these feed ingredients. As a result,
the search for sustainable alternatives has led to a growing
interest in insects as feed ingredients.
Insects have high protein levels, and their production has a
small footprint. Mass-reared insect species, such as the black
soldier fly, have received significant attention mainly due to
their ability to feed on different substrates, including organic
waste streams. The ability of BSF to convert organic waste into
high-quality nutrients has rapidly opened commercial opportunities
with the development of products, such as protein meal, which can
become a cheaper alternative protein source as compared to fishmeal
or soybean meal for pig, poultry, and fish feeds. Thus, due the
factors such as the high growth performance of BSF meals and rising
prices for fishmeal and soya meals, animal feed manufacturers have
increasingly started incorporating BSF ingredients into their feed
products as an alternative source of protein, driving the growth of
the global black soldier fly market.
The global black soldier fly market is segmented by product,
application, and geography.
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Key Findings in the Global BSF Market Study:
On the basis of product, the BSF market is segmented into
protein meal, whole dried larvae, biofertilizers (frass), larvae
oil, and other BSF products. In terms of value, in 2024, the
protein meal segment is expected to account for the largest share
of 57%% of the black soldier fly market. The large
market share of this segment is mainly attributed to the increasing
demand for BSF protein meal from the animal feed industry due to
the rising awareness & demand for sustainable proteins, the
rising prices of fish and soy meals, and supportive government
initiatives aimed at promoting the use of insect meal in animal
feed. Moreover, in terms of volume, in 2024, the biofertilizers
(frass) segment is expected to account for the largest share of
67% of the BSF market.
On the basis of application, the BSF market is segmented into
aquafeed, animal feed, agriculture, pet food, and other
applications. In 2024, the aquafeed segment is expected to account
for the largest share of 44% of the black soldier fly
market. This segment's large share is mainly attributed to early
regulatory approval of BSF for this application, the increasing
adoption of fish meal, and volatile fish meal prices. Major
manufacturers of aquaculture feed heavily rely on fish meal and
soybean meal, both of which are considered unsustainable sources.
This dependency has created a demand for alternative protein
sources for fish feed. BSF whole meal has emerged as a promising
substitute, capable of partially or completely replacing fish meal
in the diets of various aquaculture species, including salmon,
zebrafish, yellow catfish, and shrimp.
However, the animal feed segment is expected to register the
highest CAGR of 34.6% during the forecast period due to the
growing demand for meat products and the subsequent increase in the
demand for protein-rich animal feed, rising soy meal prices, and
government approval for the use of BSF as a feed ingredient.
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Based on geography, the black soldier fly market is divided into
five regions, namely, North
America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024,
Europe is expected to account for
the largest share of 55% of the black soldier fly
market. The Europe BSF market is projected to reach USD 2.26 billion by 2033. Europe is one of the most active regions for
developing the black soldier fly industry. The growth of this
market is mainly attributed to the high demand for protein-rich
animal feed, the large supply of waste, including pre consumer food
waste from agriculture and food and beverage sectors, government
approval for BSF products to be used in animal feed and pet food,
the presence of supportive policies for BSF farming, and the
growing animal feed sector.
The Netherlands is the largest
BSF market in the European region. Significant expansions by major
companies in the Netherlands
showcase the potential for the BSF market. For instance, in 2022,
Protix (Netherlands) raised
USD 57.1 million from a group of
investors, including the European Circular Bioeconomy Fund (ECBF),
BNP Paribas, the Prince Albert II Foundation, and The Good
Investors for international expansion and development.
Moreover, North America black
soldier fly market is expected to witness the highest CAGR of
34.4% during the forecast period. The growth of this
regional market is mainly attributed to government approval for BSF
to be used in animal feed, the rising use of BSF for organic waste
valorization, continued expansion by major companies in the black
soldier fly processing sector, and the proliferation of end-use
industries in the region.
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Major companies in the global black soldier fly market have
implemented various strategies to expand their product offerings
& global footprints and augment their market shares. The key
strategies followed by most companies in the black soldier fly
market were product launches; expansions; mergers &
acquisitions; and agreements, collaborations, and partnerships.
Some of the prominent players operating in the black soldier fly
market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition
Technologies Group (Singapore),
Bioflytech S.L. (Spain), Entobel
Holdings PTE Ltd. (Singapore),
Entofood Sdn Bhd (Malaysia), SFly
Comgraf SAS (France), Hexafly
(Ireland), F4F SpA (Chile), Protenga Pte Ltd (Singapore), and nextProtein SA (France).
Prominent companies such as Protix B.V. (Netherlands), InnovaFeed (France), EnviroFlight, LLC (U.S.), and
Nutrition Technologies Group (Singapore) are the BSF industry leaders. These
market players have strong brand recognition and established
product offerings with a strong strategic focus on business
expansion. These players focus strongly on research and development
activities and are aligned to innovate their product portfolio in
line with the industry trends for the coming years. With business
strengths and strategic focus, these market players hold a vantage
point in the evolving market scenario.
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Scope of the Report:
Black Soldier Fly Market Assessment—by Product
- Protein Meal
- Whole Dried Larvae
- Biofertilizers (Frass)
- Larvae Oil
- Other BSF Products
Black Soldier Fly Market Assessment—by Application
- Aquafeed
- Animal Feed
- Agriculture
- Pet Food
- Other Applications
Black Soldier Fly Market Assessment—by Geography
- North America
- Europe
- Netherlands
- France
- Germany
- Finland
- Denmark
- Belgium
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- Japan
- Malaysia
- Vietnam
- Thailand
- Australia
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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