Product ID: SQMIG30H2153
Global Black Soldier Fly Market Size, Share, Growth Analysis, By Product(Protein Meals, Biofertilizers), By Application(Animal Feed, Agriculture) - Industry Forecast 2024-2031
Report ID:
SQMIG30H2153 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
67 |
Figures:
75
Global Black Soldier Fly Market Insights
Black Soldier Fly Market size was valued at USD 180 million in 2019 and is poised to grow from USD 240.66 million in 2023 to USD 3285.39 million by 2031, growing at a CAGR of 33.7% in the forecast period (2024-2031).
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 Black Soldier Fly Market Report Snapshots
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