Black Soldier Fly Market is Expected to Reach $3.96 Billion by 2033 – Exclusive Report by Meticulous Research®

REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, “Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), by Application (Aquafeed, Animal Feed, Agriculture, Pet Food), and Geography – Global Forecast to 2033″, the global black soldier fly market is projected to reach $3.96 billion by 2033, at a CAGR of 31.0% during the forecast period of 2024 to 2033, while in terms of volume, the market is expected to reach 8.23 million tons by 2033, at a CAGR of 40.4% from 2024 to 2033.

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The growth of the black soldier fly market is mainly driven by rising global meat demand, growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins due to rising prices of soymeal and fishmeal, and increasing government support for the application of insect meal in livestock feed. In addition, expansions in developed and emerging economies provide significant opportunities for the growth of the black soldier fly market.

However, factors such as a non-standardized regulatory framework across the globe and limited acceptance & approvals for BSFL to be incorporated into the human diet hinder the overall black soldier fly market growth. Furthermore, the availability of economical substitutes, the high cost of skilled labor, and the risk of disease transmission from BSF challenge the growth of this market.

The developing geographies, such as Asia, Africa, and Latin America, are witnessing population increase along with economic growth and changing dietary patterns. By 2050, this will account for a 70% increase in the demand for livestock products from 2017. Furthermore, the prices of livestock-based products have increased due to a rise in feed costs. The feed cost currently contributes ~60–70% of the total livestock production cost (Source: Feedipedia–Animal Feed Resources Information System). Fish and soybean meal are the major acting protein sources for the feed. However, these sources compete with food production for humans. Moreover, fishmeal availability has become limited due to the 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 feed ingredients.

Insects have high protein levels, and their production has a small footprint. Mass-reared insect species, 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 can become a cheaper alternative protein source as compared to fishmeal or soybean meal for pig, poultry, and fish feeds. Thus, due the 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, driving the growth of the global black soldier fly market.

The global black soldier fly market is segmented by product, application, and geography.

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Key Findings in the Global BSF Market Study:

On the basis of product, the BSF market is segmented into protein meal, whole dried larvae, biofertilizers (frass), larvae oil, and other BSF products. In terms of value, in 2024, the protein meal segment is expected to account for the largest share of 57%% of the black soldier fly market. The large market share of this segment is mainly attributed to the increasing demand for BSF protein meal from the animal feed industry due to the rising awareness & demand for sustainable proteins, the rising prices of fish and soy meals, and supportive government initiatives aimed at promoting the use of insect meal in animal feed. Moreover, in terms of volume, in 2024, the biofertilizers (frass) segment is expected to account for the largest share of 67% of the BSF market.

On the basis of application, the BSF market is segmented into aquafeed, animal feed, agriculture, pet food, and other applications. In 2024, the aquafeed segment is expected to account for the largest share of 44% of the black soldier fly market. This segment’s large share is mainly attributed to early regulatory approval of BSF for this application, the increasing adoption of fish meal, and volatile fish meal prices. Major manufacturers of aquaculture feed heavily rely on fish meal and soybean meal, both of which are considered unsustainable sources. This dependency has created a demand for alternative protein sources for fish feed. BSF whole meal has emerged as a promising substitute, capable of partially or completely replacing fish meal in the diets of various aquaculture species, including salmon, zebrafish, yellow catfish, and shrimp.

However, the animal feed segment is expected to register the highest CAGR of 34.6% during the forecast period due to the growing demand for meat products and the subsequent increase in the demand for protein-rich animal feed, rising soy meal prices, and government approval for the use of BSF as a feed ingredient.

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Based on geography, the black soldier fly market is divided into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Europe is expected to account for the largest share of 55% of the black soldier fly market. The Europe BSF market is projected to reach USD 2.26 billion by 2033. Europe is one of the most active regions for developing the black soldier fly industry. The growth of this market is mainly attributed to the high demand for protein-rich animal feed, the 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, the presence of supportive policies for BSF farming, and the growing animal feed sector.

The Netherlands is the largest BSF market in the European region. Significant expansions by major companies in the Netherlands showcase the potential for the BSF market. For instance, in 2022, Protix (Netherlands) raised USD 57.1 million from a group of investors, including the European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation, and The Good Investors for international expansion and development.

Moreover, North America black soldier fly market is expected to witness the highest CAGR of 34.4% during the forecast period. The growth of this regional market is mainly attributed to government approval for BSF to be used in animal feed, the rising use of BSF for organic waste valorization, continued expansion by major companies in the black soldier fly processing sector, and the proliferation of end-use industries in the region.

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Major companies in the global black soldier fly market have implemented various strategies to expand their product offerings & global footprints and augment their market shares. The key strategies followed by most companies in the black soldier fly market were product launches; expansions; mergers & acquisitions; and agreements, collaborations, and partnerships. Some of the prominent players operating in the black soldier fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Bioflytech S.L. (Spain), Entobel Holdings PTE Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly Comgraf SAS (France), Hexafly (Ireland), F4F SpA (Chile), Protenga Pte Ltd (Singapore), and nextProtein SA (France).

Prominent companies such as Protix B.V. (Netherlands), InnovaFeed (France), EnviroFlight, LLC (U.S.), and Nutrition Technologies Group (Singapore) are the BSF industry leaders. These market players have strong brand recognition and established product offerings with a strong strategic focus on business expansion. These players focus strongly on research and development activities and are aligned to innovate their product portfolio in line with the industry trends for the coming years. With business strengths and strategic focus, these market players hold a vantage point in the evolving market scenario.

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Scope of the Report:

Black Soldier Fly Market Assessment—by Product

Protein MealWhole Dried LarvaeBiofertilizers (Frass)Larvae OilOther BSF Products

Black Soldier Fly Market Assessment—by Application

AquafeedAnimal FeedAgriculturePet FoodOther Applications

Black Soldier Fly Market Assessment—by Geography

North AmericaU.S.CanadaEuropeNetherlandsFranceGermanyFinlandDenmarkBelgiumRest of EuropeAsia-PacificChinaSouth KoreaJapanMalaysiaVietnamThailandAustraliaIndiaRest of Asia-PacificLatin AmericaMiddle East & Africa

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