USD 180 million
Report ID: SQSG30H2003 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 67 | Figures: 75
Global Black Soldier Fly Market size was valued at USD 180 million in 2021 and is poised to grow from USD 240.66 million in 2022 to USD 3285.39 million by 2030, growing at a CAGR of 33.7% in the forecast period (2023-2030).
The Black Soldier Fly (Hermetia illucens) is a revolutionary insect species that provide an alternative meal source to the feed industry. Larvae of the Black Soldier Fly (BSFL) can grow on any organic waste and convert it into high protein and lipid manure. It has emerged as a cheaper protein alternative source for animal feed applications due to its high protein content (40-44%) and lipid content (7-36%). Furthermore, high-quality chitin can be derived from defatted BSF exoskeleton, which is also one of the fastest-growing biopolymers.
The expanding aquaculture industry, increasing demand from the animal feed industry for alternative proteins due to rising soymeal prices, and increasing government approvals of insect meal in livestock feed are some of the major driving factors that help to boost demand for black soldier fly. Many government agencies are collaborating to promote a sustainable supply of safe, healthy feed in the global insect feed industry. Some government officials are advocating for the use of BSF-based products in animal feed, which is increasing demand.
Meat producers are focusing on the nutritional aspects of livestock rearing because it controls several aspects of meat quality due to consumer-driven demands for high-quality meat. Black soldier fly is a dry product with a protein content of 50% to 80%, adding to the animal nutrition value. Additionally, it contains amino acids, which are very easily absorbed by animals. Sales of insects for use in animal feed will therefore increase due to increased efforts to improve the quality of meat through nutrient-infused feed. Insect consumption as a source of animal protein is becoming more popular, drawing attention to this trend. Cost-effectiveness is a major factor in why people choose these as meat substitutes for animals.
US Black Soldier Fly Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 180 million
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The Global Black Soldier Fly Market is segmented based on Product, Application, and Region. Based on the Product Black Soldier Fly Market is categorized into Protein Meals, Biofertilizers, Chitin/ Chitosan, and Others. By Application, the Black Soldier Fly Market studied is segmented into Animal Feed, Agriculture, Pet Food, Pharmaceutical, Cosmetic, and Biofuel. Based on the Region Black Soldier Fly Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Black Soldier Fly Market Analysis by Product
During the forecast period, the protein meal segment is expected to grow rapidly. Some of the major drivers for this segment include increased demand for alternative protein meals from animal feed manufacturers, increased fish meal and soy meal prices, and government support and approval for an insect meal. Moreover, some fish feeding trials have shown that BSF meal is a better substitute for fish meal in aquafeeds.
Black Soldier Fly Market Analysis by Application
In 2021, animal feed held the largest share of the global black soldier fly market. This market's large share is primarily due to the world's growing population and the rapidly increasing demand for meat products. In addition, the use of insects as a protein source for animal feed presents a significant opportunity during the forecasted period.
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Asia-Pacific held the largest share of the global black soldier fly market in 2021. The Asia-Pacific region accounts for the majority of the market, owing to rising meat and seafood consumption, a growing aquaculture industry, increased awareness of BSF as an alternative protein source for use in animal feed, and an increase in fish meal prices.
Europe is expected to grow rapidly during the forecast period. This region's rapid growth can be attributed primarily to the high demand for protein-rich animal feed; a large supply of waste, including pre-consumer food waste from the agriculture and food and beverage sectors; government approval for BSF products to be used in animal feed, and pet food; and the presence of supportive policies for BSF farming.
The highlighted manufacturers' desire to increase their market share in this sector will drive demand for black soldier fly in the U.S. and Canadian markets. Numerous American manufacturers have increased their production capacity, and many more are in the process of doing so, as interest in the potential use of insects as animal feed in the near future has grown.
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Black Soldier Fly Market Driver
Black Soldier Fly Market Restraint
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The market includes both international and domestic participants. The key players profiled in the global black soldier fly market report are AgriProtein (A Part of Insect Technology Group) (England), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight LLC (U.S.), Bioflytech (Spain), Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Sfly (France), Hexafly (Ireland), F4F (Chile), Nutrition Technologies Group (Malaysia), next protein (France), and Protenga Pte Ltd (Singapore), among others.
Black Soldier Fly Market Top Player’s Company Profiles
Black Soldier Fly Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, food scarcity is becoming a major concern around the world as the world's population grows. As a result of the shortage of land for cattle production and water supplies, meeting this rising demand is becoming increasingly difficult. As a result, insect protein is the best feasible substitute for traditional protein because it uses a fraction of the resources. Taste, texture, and appearance are some of the most important sensory characteristics to consider when developing insect protein-based products. Apart from that, rules established by governments and associated edible insect organizations aid in earning consumer confidence by providing assurance of safety and hygiene.
|Market size value in 2021||USD 180 million|
|Market size value in 2030||USD 240.66 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Black Soldier Fly Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Black Soldier Fly Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Black Soldier Fly Market:
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Based on the application, the black soldier fly market is segmented into animal feed, agriculture, pet food, pharmaceutical, cosmetic, and biofuel.
Decline in fish consumption, poultry, pork, and beef restrains the black soldier fly market, whereas, non-standardized regulatory framework across Europe will challenge market growth.
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