Black Soldier Fly Market Expected to Reach $2.57 Billion By 2030 with a CAGR of 33.3% by 2030 – Impact of COVID-19 On This Market

The global black soldier fly market is expected to reach $2.57 billion by 2030 with a CAGR of 33.3% during the forecast period of 2019 to 2030.

Fish and soybean meal are the major acting protein sources for the feed; however, these sources compete with food production for humans. Moreover, availability of fishmeal 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.

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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.

Insects have high levels of protein and their production has a small footprint. Insect species that are mass-reared such as black soldier fly have received significant attention mainly due to its 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.

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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.
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.
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.

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Scope of the Report:
Black Soldier Fly Market by Product Type

  • Protein Meal
  • Biofertilizers (Frass)
  • Whole Dried Larvae
  • Larvae Oil
  • Chitin/Chitosan
  • 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

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Key Players::

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.

Key questions answered in the report-

Which are the high growth market segments in terms of product type, application, and regions?
What are pricing trends for different BSF products across the globe?

What are the regulations affecting the growth of black soldier fly market?
What is the historical market for black soldier fly across the globe?
What are the market forecasts and estimates for the period of 2019-2030?
What are the major drivers, restraints, and opportunities in the global black soldier fly market?
Who are the major players in the global black soldier fly 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 are the recent developments in the global black soldier fly market?
What are the different strategies adopted by the major players in the global black soldier fly market?
What are the geographic trends and high growth countries?
Who are the local emerging players in the global black soldier fly market and how do they compete with the other players?

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