Global Black Soldier Fly Market Trends, Size and Recent Developments with Forecast till 2030
Black Soldier Fly Market By Product Type (Protein Meal, Whole Dried Larvae, Oil, Biofertilizer, Live Insect, Chitin/Chitosan), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, and Cosmetics), and Geography- Global Forecast to 2030
The research report titled “Black Soldier Fly Market By Product Type (Protein Meal, Whole Dried Larvae, Oil, Biofertilizer, Live Insect, Chitin/Chitosan), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, and Cosmetics), and Geography - Global Forecast to 2030” provides an in-depth analysis of the black soldier fly market in five major geographies and emphasizes the current market trends, market size, recent developments, and forecast till 2030. The global black soldier fly market is expected to reach $2.57 billion by 2030 with a CAGR of 33.3% during the forecast period of 2019 to 2030.
The high growth of the Black Soldier Fly Market is mainly attributed to the increasing global meat demand, growing aquaculture industry, increasing demand from animal feed industry for alternative proteins due to rising prices of soy meal, growing government support for the use of insect meal in livestock feed, and growing investments by the key players operating in the BSF industry. However, factors such as non-standardized regulatory framework across the Europe and limited acceptance and approval for BSFL application in human diet are hindering the growth of this market.
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The study offers a comprehensive analysis of the global black soldier fly market with respect to various product types and applications. The global black soldier fly market is segmented on the basis of product type (protein meal, biofertilizer, whole dried larvae, larvae oil, chitin/chitosan), application (animal feed, agriculture, pet food, and other), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on product, in terms of value, protein meal commanded the largest share of the overall black soldier fly market in 2019. The large share of this market is mainly attributed to increasing demand for protein meal from animal feed manufacturers; rising soy meal prices; and government support and approval for an insect meal to be used in animal feed and pet food.
Geographically, Europe is expected to witness the rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the ggovernment approvals for the use of BSF in animal feed and pet food; growing funding and investments in BSF industry; and presence of large number of startups. Moreover, factors such as high demand for protein-rich animal feed; large supply of organic waste, including pre-consumer food waste from agriculture and food and beverage sectors; and supportive government policies for BSF farming conditions are also encouraging the BSF insect farming, and their consumption in food, feed, and other industrial applications.
Some of the key players operating in the global black soldier market are AgriProtein (South Africa), Bioflytech (Spain), Enterra Feed Corporation (Canada), Entobel (Vietnam), Entofood (Malaysia), Entomo Farm (France), EnviroFlight (U.S.), Hexafly (Ireland), F4F (Chile), Hermetia GmbH (Germany), InnovaFeed (France), Protenga (Malaysia), and Protix (The Netherlands) among others.
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Last Update : 21 February 2020
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