Black Soldier Fly Market Worth $2.57 Billion by 2030
31 Jan 2020 • by Natalie Aster
According to this latest publication from Meticulous Research, in terms of value, the global black soldier fly market is expected to grow at a CAGR of 33.3% from 2019 to reach $2.57 billion by 2030; whereas, in terms of volume, this market is expected to reach 2,052.9 KT by 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 key players 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.
The global black soldier fly market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2030- by product type (protein meal, biofertilizer, whole dried larvae, larvae oil, chitin/chitosan), application (animal feed, agriculture, pet food, and other), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country level.
Based on product, the global black soldier fly market is segmented into protein meal, biofertilizer (frass), whole dried larvae, larvae oil, and chitin and Chitosan. 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. However, in terms of volume, the biofertilizers (frass) segment commanded the largest share of the overall black soldier fly market in 2019, which is mainly attributed to the fact that large quantity of fertilizer is generated during the BSF processing compared to protein meal and oil.
Based on application, the global black soldier fly market is mainly segmented into animal feed, agriculture, pet food, and others. In terms of value, animal feed application is estimated to witness a rapid growth in the overall black soldier fly market during the forecast period. The growth 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 and fish meal prices; and government approval for the BSF to be used as a feed ingredient. Also, agriculture is expected to command the second largest share of the overall black soldier fly market in 2019.
Geographically, Asia-Pacific region commanded the largest share of the overall black soldier fly market in 2019. The major share of this region is mainly attributed to the increasing consumption of meat and seafood, growing aquaculture industry, rising awareness of BSF as an alternative protein source for the use in animal feed, no regulatory hurdles, and an increase in the prices of fish meal. However, Europe is expected to witness the rapid growth during the forecast period.
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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