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Black Soldier Fly: Meticulous Research Reveals Why This Market is Growing at a CAGR of 34.7% to reach $3.4 billion by 2030

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Black Soldier Fly: Meticulous Research Reveals Why This Market is Growing at a CAGR of 34.7% to reach $3.4 billion by 2030

August 11
23:28 2021
Black Soldier Fly: Meticulous Research Reveals Why This Market is Growing at a CAGR of 34.7% to reach $3.4 billion by 2030
Black Soldier Fly Market is expected to reach $3.4 billion by 2030 at a CAGR of 34.7% during the forecast period of 2020 to 2030
Black Soldier Fly Market by Product (Protein Meals, Biofertilizers {Frass}, Chitin/ Chitosan, Others {Cocoons, Pupa}), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, Cosmetic, Biofuel), and Geography– Global Forecast to 2030

Black Soldier Fly Market is expected to reach $3.4 billion by 2030 at a CAGR of 34.7% during the forecast period of 2020 to 2030. Black soldier fly is receiving much attention because they can feed on different substrates, including organic waste streams. Also, the ability of BSF to convert organic waste into high-quality nutrients has rapidly opened commercial opportunities. These include insect-based protein as a cheaper alternative source than fishmeal or soybean meal for pig, poultry, and fish feeds.

Developing geographies, such as Asia, Africa, and Latin America, are experiencing a change in their dietary patterns. Further, the prices of livestock-based products have increased due to a rise in the feed cost. At present, the feed cost contributes ~60–70% of the total livestock production cost. Fish and soybean meal are the major acting protein sources for the feed. However, these sources compete with food production for humans.

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Moreover, fishmeal availability has become limited due to over-exploitation of marine, causing a rapid increase in the cost of these feed ingredients. As a result, the search for sustainable alternatives has led to a growing interest in insects as a feed ingredient. Insects have high levels of protein, and their production has a small footprint. Insect species that are mass-reared, such as the black soldier fly, have received significant attention mainly due to their ability to feed on different substrates, including organic waste streams. The ability of BSF to convert organic waste into high-quality nutrients has rapidly opened commercial opportunities with the development of products, such as protein meal, which is a cheaper alternative protein source as compared to fishmeal or soybean meal for pig, poultry, and fish feeds.

According to the FDA study, when soybean and fishmeal were replaced with BSF larvae meal in proportions of 10–56%, broiler quails and chickens had a satisfactory taste, aroma, and nutritional composition. In addition, BSF insects are also used as fish feed in Nile tilapia with different BSF meal levels, which resulted in similar growth performance and feed conversion. Therefore, owing to factors such as the high growth performance of BSF meals and rising prices for fishmeal and soya meals, animal feed manufacturers have increasingly started incorporating BSF ingredients into their feed products as an alternative source of protein. Meticulous Research®, in its latest publication on the Black Soldier Market, states that the market will increase at a CAGR of 34.7% from 2020 to 2030 to reach $3.4 billion by 2030.

To provide efficient analysis, Meticulous Research has segmented this market based on by product type (BSF larvae protein meal, biofertilizer {frass}, whole dried larvae, BSF larvae oil, chitin and derivatives {raw chitin fraction, processed chitin, and processed chitosan}), application (animal feed, agriculture, pet food, and other), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

To gain more insights into the market with a detailed table of content and figures, click here :https://www.meticulousresearch.com/product/black-soldier-fly-market-5074

Scope of the Report:

Black Soldier Fly Market, by Product Type

  • Protein Meals
  • Biofertilizers (Frass)
  • Whole Dried Larvae
  • Larvae Oil
  • Others (Live, Larvae, Adult, Cocoon, & Pupa)

Black Soldier Fly Market, by Application

  • Animal Feed
  • Agriculture
  • Pet Food
  • Others

Black Soldier Fly Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • The Netherlands
    • France
    • U.K.
    • Germany
    • Finland
    • Denmark
    • Belgium
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • South Korea
    • Japan
    • Malaysia
    • Vietnam
    • Thailand
    • Rest of Asia-Pacific (RoAPAC)
  • Latin America
    • Middle East and Africa

In terms of product, the protein meals segment accounted for the largest share of the global black soldier fly market in 2020. The large share of this market is mainly attributed to the increasing demand for protein meals from the animal feed industry, increased fish meal and soy meal prices, and government support and approval for an insect meal to be used in animal feed. However, a non-standardized regulatory framework in developed countries restricts the growth of the protein meal market. Moreover, some fish feeding trials have successfully demonstrated the BSF meal as a better substitute for fish meal in aquafeeds. For instance, a Science Direct Journal study showed that total replacement of fish meal with black soldier fly larvae meal in diets of salmon fish is possible without a negative impact on growth performance, feed utilization, nutrient digestibility, liver traits, or the sensory quality of fillet.

In addition, in terms of volume, the biofertilizers segment commanded the largest share of the global black soldier fly market in 2020. Growing waste from restaurants, agriculture, and food & drink industries; rising urbanization in developing countries; and growing awareness regarding the use of black soldier fly larvae to convert waste into organic fertilizer are some of the major factors driving the growth of the BSF biofertilizers in the market.

In terms of application, the animal feed segment is estimated to witness rapid growth during the forecast period. The fast growth of this market is mainly attributed to the growing demand for animal-derived products and subsequent increase in the demand for protein-rich animal feed, rising soy meal prices, and government approval of BSF to be used as a feed ingredient.

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Geographic Review:

Geographically, Asia-Pacific accounted for the largest share of the global black soldier fly market in 2020. The major share of this market is mainly attributed to the increasing consumption of meat and seafood, growing aquaculture industry, rising awareness of BSF as an alternative protein source for use in animal feed, and an increase in the prices of fish meal. Moreover, in terms of volume, the Asia-Pacific region is also commanded the largest share of the global black soldier fly market in 2020. However, Europe is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the high demand for protein-rich animal feed; large supply of waste, including pre-consumer food waste from agriculture and food and beverage sectors; government approval for BSF products to be used in animal feed and pet food; and presence of supportive policies for BSF farming.

Key Players:

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including 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), nextProtein (France), and Protenga Pte Ltd (Singapore), among others.

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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