Can the Middle East & Africa Black Soldier Fly Market Really Reach $47.88 Million by 2033?


Posted August 23, 2024 by Pratiksha

The Middle East & Africa Black Soldier Fly Market is on track to experience a CAGR of 20.2% from 2024 to 2033, with market value expected to reach $47.88 million by 2033.
 
The ‘Middle East & Africa Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers (Frass), Larvae Oil, Other BSF Products); Application (Animal Feed, Agriculture, Pet Food, Other Applications); and Country – Forecasts to 2033’ report anticipates that the Middle East & Africa black soldier fly market will reach $47.88 million by 2033, growing at a CAGR of 20.2%.

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Key Growth Drivers The market's expansion is driven by the growing acceptance of insect-based feed by feed processors and farmers. Additionally, the demand for alternative proteins in the animal feed industry is increasing due to the rising prices of fish and soy meal. The aquaculture industry's growth also contributes to this trend.

Market Challenges Nonetheless, the market faces obstacles, particularly in terms of limited acceptance and regulatory challenges for incorporating BSFL into human diets, which may impede market growth.

Segmentation Details The market is segmented by product types including whole dried larvae, oil, protein meals, biofertilizers (frass), and other BSF products, and by applications such as agriculture, animal feed, pet food, and others. The geographical focus includes Saudi Arabia, UAE, South Africa, and the Rest of the Middle East & Africa. The report also covers competitor analysis and market dynamics at the country level.

Product Segment Insights The protein meals segment is predicted to achieve the highest CAGR due to increasing demand from the animal feed sector, higher fish and soy meal prices, and government support for insect-based feed ingredients.

Application Segment Insights The animal feed segment is set to dominate the market, driven by the growing demand for meat and the resulting need for protein-rich feed. Rising soy meal prices and the adoption of BSF meal in animal feed further support this trend.

Key Market Players The market has seen several product launches, partnerships, and collaborations in recent years. Leading companies in the market include BioflyTech (Spain), Entoprotech Ltd (Israel), PROTICYCLE (South Africa), KIMMY FARM (Vietnam), and NovFeed (T) Limited (Tanzania).

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Last Updated August 23, 2024