Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), by Application (Animal Feed, Agriculture, Pet Food, Others), and Country - Forecast to 2033.'
According to this latest publication from Meticulous Research®, the South East Asia black soldier fly market is projected to reach $137.8 million by 2033, at a CAGR of 21.9% from 2023 to 2033. The growth of the South East Asia black soldier fly market is mainly attributed to the growing aquaculture industry, increasing demand for alternative proteins due to rising fish and soy meal prices, rising meat demand, and environmental sustainability with the production and consumption of alternative protein. Furthermore, the rising investment in insect-based processing companies is expected to create market growth opportunities. However, the limited acceptance and approvals for BSFL to be incorporated into the human diet and psychological and ethical barriers to consuming insects as food are expected to hinder the growth of this market to some extent. However, the high cost of skilled labor and the availability of cheaper substitutes are a challenge for market growth.
Key Players
The South East Asia Black Soldier Fly market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the South East Asia Black Soldier Fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Malaysia), nextProtein (France), Hexafly (Ireland), SFly Comgraf SAS (France) Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Insectta (Singapore), and Protenga Pte. Ltd. (Singapore).
The South East Asia black soldier fly market study is segmented based on product (protein meals, whole dried larvae, biofertilizers [frass], larvae oil and other BSF products), application (animal feed, agriculture, pet food, and other applications), and country (Malaysia, Vietnam, Thailand, Singapore, Indonesia, and Rest of South East Asia). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the products studied in this report, the protein meals segment is expected to account for the largest share of the South East Asia black soldier fly market in 2023. The large market share of this segment is attributed to the rising aquaculture industry, increased fish meal and soy meal prices, government support and approval for an insect meal to be used in animal feed and containing higher indispensable amino acid contents than other meal types, with contents closely related to fish meal. This segment is also expected to register the fastest CAGR during the forecast.
Among all the applications studied in this report, the animal feed segment is expected to account for the largest share of the South East Asia black soldier fly market in 2023. The large market share of this segment is attributed to the growing demand for meat products, rising soy meal prices, early government approval for the BSF to be used as a feed ingredient, and rising product innovation from animal feed companies. This segment is also expected to record the fastest CAGR during the forecast.
Among all the countries studied in this report, in 2023, Malaysia is expected to account for the largest share of the South East Asia black soldier fly market. The large market share of this country is attributed to the growing population and increasing demand for animal protein, the rising number of start-ups in the Malaysian BSF sector, and the increasing demand for BSFL in pet food. However, it is also slated to register the highest CAGR during the forecast period.
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Key Questions Answered in the Report-
• What is the current value of revenue generated by the South East Asia black soldier fly market?
• At what rate is the South East Asia black soldier fly market demand projected to grow for the next 5–7 years?
• What are the historical market sizes and growth rates of the South East Asia black soldier fly market?
• What are the major factors impacting the growth of this market at the regional level? What are the major opportunities for existing players and new entrants in the market?
• Which segments in terms of product and application create major traction for the manufacturers in this market?
• What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the manufacturers operating in the South East Asia black soldier fly market?
• Who are the major players in the South East Asia black soldier fly market? What are their specific product offerings in this market?
• What are the recent strategic developments in the South East Asia black soldier fly market? What are the impacts of these strategic developments on the market?
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