Meticulous Research®—a leading global market research company, published a research report titled, ‘‘Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), Application (Animal Feed, Agriculture, Pet Food, Others), and Geography– Global Forecast to 2033.”
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According to this latest publication from Meticulous Research®, in terms of value, the global black soldier fly market is projected to reach $3.96 billion by 2033, at a CAGR of 30.8% during the forecast period of 2023–2033. In terms of volume, this global black soldier fly market is projected to reach 8,003.7 thousand tons by 2033, at a CAGR of 39.1% during the forecast period of 2023–2033. The market is experiencing growth propelled by factors such as escalating worldwide meat demand, the expanding aquaculture sector, rising requirements from the animal feed industry for alternative proteins in response to soaring prices of soymeal and fishmeal, and increasing governmental backing for the utilization of insect meal in livestock feed.
Moreover, the black soldier fly market is poised for substantial growth due to expansions in both developed and emerging economies. Nevertheless, impediments like a non-standardized regulatory framework across Europe and restricted acceptance and approvals for incorporating black soldier fly larvae (BSFL) into the human diet act as obstacles to the overall market growth. Additionally, the presence of more affordable substitutes, elevated costs associated with skilled labor, and the potential risk of disease transmission from black soldier flies pose challenges to the market's expansion.
Key Players
The key players operating in the global black soldier fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight LLC (Part of Darling Ingredients) (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), among others.
The black soldier fly market is segmented based on product (protein meal, biofertilizer (frass), whole dried larvae, larvae oil, and other BSF products), application (animal feed, agriculture, pet food, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on product, the global black soldier fly market is segmented into protein meals, biofertilizers (frass), whole dried larvae, larvae oil, and others. In terms of value, in 2023, the protein meals segment is expected to account for the largest share of the global black soldier fly market. The large share of this market is mainly attributed to the increasing demand for protein meals from the animal feed industry, increased fish meal and soy meal prices, and government support and approval for an insect meal to be used in animal feed. Moreover, in terms of volume, in 2023, the biofertilizers segment is expected to account for the largest share of the global black soldier fly market. Growing awareness regarding the use of black soldier fly larvae to convert waste into organic fertilizer; growing waste from restaurants, agriculture, and food & drink industries; and rising urbanization in developing countries are some of the major factors driving the growth of the BSF biofertilizers market.
Based on application, the global black soldier fly market is mainly segmented into animal feed, agriculture, pet food, and others. In 2023, the animal feed segment is expected to account for the largest share of the global black soldier fly market. The large share of this market is mainly attributed to the growing demand for meat products and subsequent increase in the demand for protein-rich animal feed, rising soy meal prices, and government approval for the BSF to be used as a feed ingredient. Moreover, this segment is also expected to grow at the highest CAGR during the forecast period of 2023–2030 due to the entry of leading animal feed companies in the edible insects’ space and the expected rise in the number of product approvals in upcoming years.
Based on geography, the black soldier fly market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global black soldier fly market. The major share of this market is mainly attributed to the growing aquaculture industry, rising awareness of an alternative protein source for use in animal feed, and increased fish meal prices. Moreover, this region is further slated to grow at the highest CAGR during the forecast period of 2023–2030.
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Key Questions Answered in the Report:
• What are the historical market sizes, volume, and growth rates of the global black soldier fly market?
• At what rate is the global black soldier fly demand projected to grow for the next 5–7 years?
• What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
• Which segments, in terms of type and application, are expected to create major traction for the manufacturers in this market during the forecast period of 2023–2033?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global black soldier fly market during the forecast period of 2023–2033?
• Who are the major players in the global black soldier fly market? What are their specific product offerings in this market?
• What are the recent strategic developments in the global black soldier fly market? What are the impacts of these strategic developments on the market?
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