According to a new market research report titled “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”, published by Meticulous Research®, the black soldier fly market is expected to grow at a CAGR of 34.7% from 2020 to 2030 to reach $3.4 billion by 2030.
Over the last decade, the world has witnessed enormous growth in the aquaculture sector of many developing countries of Asia and Africa. Nutrition and feeding play a central and essential role in the sustained development of aquaculture. Hence, fertilizers and feed resources are continuing to dominate aquaculture needs. In fish farming, nutrition is critical because feed represents 40-50% of the production cost. Fish nutrition has advanced dramatically in recent years by developing new balanced commercial diets that promote optimal fish growth and health. The essential nutrients for fish growth are amino acids, fatty acids, vitamins, minerals, and energy-yielding macronutrients (protein, lipid, and carbohydrate). Further, it is projected that the aquaculture sector will expand to 93 million tons by 2030 (Source: FAO).
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BSF larvae contain high amounts of protein (~40%) and have a well-balanced profile of essential amino acids. Therefore, it can be used as an alternative source of protein for fish feed. Owing to these factors, some countries have approved insect-based meals, such as BSFL, for aquafeed applications. Thus, the growing aquaculture industry and government approvals of insects as aquafeed are expected to spur the demand for BSF in the aquaculture industry.
The growth of the global black soldier fly market is increasing mainly due to expanding global meat demand. Moreover, an increasing number of health-conscious consumers are demanding environmentally safe and chemical-residue-free meat. Such factors are leading meat producers to adopt insect-derived ingredient feed, such as BSFL protein meals. Furthermore, insects are an inexpensive alternative protein source compared to fish and soy meals for animal feed. Hence, insects contribute high-quality and low-price feed for livestock, poultry, and fish.
Impact of COVID-19 on the Black Soldier Fly Market
The outbreak of COVID-19 has had a significant impact on public health and all stages of the supply chain and various industries. The global impacts of the COVID-19 significantly affected the black soldier fly market in 2020.
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In some regions, lockdowns have been announced to control the coronavirus pandemic, impacting the movement of vehicles carrying livestock, feed, and feed ingredients. Due to the risk of animal feed, suppliers are slowing their production or closing altogether. Farmers are concerned they may need to slow or stop slaughterhouse operations and keep their animals for longer due to lower demand, requiring them to use more feed than usual. Even delivery trucks are difficult to procure. These factors have led to livestock farms building up two-week supplies of feed when normally they might only keep enough for one or two days. For example, Purina Animal Nutrition LLC, which uses black soldier fly as a feed ingredient, has seen a slight increase in its livestock business sales. In addition, Cargill had seen its global feed sales volume grow by 10% or more in March 2020.
The black soldier fly market is mainly segmented based on product, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Key Findings in the Global Black Soldier Fly Market Study:
Based on the product type, in terms of value, the protein meal segment accounted for the largest share of the overall black soldier fly market in 2020. The large share of this market is mainly attributed to the increasing demand for protein meals from animal feed manufacturers, increased fish meal and soy meal prices, and government support and approval for an insect meal to be used in animal feed. Moreover, in terms of volume, the biofertilizers segment commanded the largest share of the overall 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 market.
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Based on the 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 for the BSF to be used as a feed ingredient. Also, the growing adoption of insects as an alternative source of protein for animal feed offers immense opportunities for market growth.
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 fish meal prices.
The key players operating in the global black soldier fly market 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), nextProtein (France), and Protenga Pte Ltd (Singapore), among others.
Top 10 companies operating in Black Soldier Fly Market : https://meticulousblog.org/top-10-companies-in-black-soldier-fly-market/
Key questions answered in the report-
- Which are the high growth market segments in terms of the product, application, and countries/regions?
- What is the historical market for black soldier fly across the globe?
- What are the market forecasts and estimates for the period of 2020-2030?
- What are the major drivers, restraints, and opportunities in the global black soldier fly market?
- Who are the major players in the global market, and what share of the market do they hold?
- Who are the major players in various countries, and what share of the market do they hold?
- How is the competitive landscape?
- What recent developments have taken place in the global black soldier fly market?
- What are the different strategies adopted by the major players in this market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global black soldier fly market, and how do they compete with the other market players?
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