WASHINGTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The global Black Soldier Fly Market is expected to gain significant growth in the forecast period of 2022 to 2028. Vantage Market Research analyses that the market is growing with a CAGR of 34.00% in the forecast period of 2022 to 2028 and is expected to reach USD 1400 Million by 2028.
Global Black Soldier Fly Market from Vantage Market Research, this research helps businesses thrive by offering in-depth market analyses and insights. To thrive in this swiftly changing market landscape, businesses must take up the world-class solution such as this Black Soldier Fly Market research report. This report helps you effortlessly figure out brand awareness and perception of your brand and product among potential customers of Black Soldier Fly industry. This market research report also covers strategic profiling of major players in the market, meticulously analysing their core competencies, and drawing a competitive landscape for the market. Top players and brands are analysed with respect to their actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive research in the market.
Also, rising meat demand and prices of soymeal and increasing support of government bodies to invest in insect meal in livestock feed are the key factors to drive the Black Soldier Fly Market.
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What is Black Soldier Fly? How Big is Black Soldier Fly Market Size?
Market Dynamics:
Drivers: Rising Global Meat Demand
According to World Bank, the global population is expected to reach 9.10 billion in 2050. The traditional livestock farming cannot keep up with the growing need resulting in the shortage. The global meat production is expected to rise up to 39.8 kg r.w.e (real weight equivalent) by 2027. To fulfil the meat demand major manufacturers are focusing in developing alternative solution to livestock feed. Insect driven feed is promising solution to livestock feed and hence is expected to increase in the forecast period. Furthermore, insects are cheaper alternative protein source as compared to fish meal and soy meal for animal feed. Hence, insects contribute to high-quality and low-priced feed for livestock, poultry, and fish.
List of Prominent Players in the Black Soldier Fly Market:
- Protix B.V. (Netherlands)
- Innova Feed (France)
- Enterra Feed Corporation (Canada)
- Enviro Flight LLC (U.S.)
- Agri Protein (A Part of Insect Technology Group) (England)
- Entobel Holding PTE. Ltd. (Singapore)
- Bio flytech (Spain)
- Entofood (Malaysia)
- Hexafly (Ireland)
- Sfly (France)
- Nutrition Technologies Group (Malaysia)
- F4F (Chile)
- Protenga Pte Ltd (Singapore)
- nextProtein (France)
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Key Findings:
- The protein meal sub-segment from the product segment is anticipated to dominate for Black Soldier Fly Market. The growth in this segment is attributed owing to the increasing use of protein feed for animals, this has huge potential in coming years.
- The application segment is accounted for the largest market share in 2021. Animal feed is considered to be the most appropriate factor for the growth of the market thus accounting for the segment to growth.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for black soldier fly protein diet for animals in developing economies such as China and India.
Restrain: Limited Acceptance & Approvals for BSFL Application in Human Diet
There is interesting fact about black soldier fly larvae for human food from certain groups. Currently, products manufactured from black solider fly are not approved in human diet. BSFL nutrition is acceptable for human feeding as it contains 42% crude protein and 29% fat, although they are higher in saturated fats. Further, the global protein consumption increased by 40% between 2000 and 2018; more than 50% of this increase was driven by Asia. Also, in 2018, annual per capita average consumption of protein was 26kg, which is projected to grow by 27% to 33kg in 2025. Thus, the higher protein content of BSF has a potential to support the growing demand for protein. Owing to these factors Black Soldier Fly Market is facing certain restraining conditions for the market to flourish.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the feed manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Black Soldier Fly Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Black Soldier Fly Market in 2021. As per Food Agriculture Organisation (FAO), the overall meat production is believed to expand around 48 metric ton by 2025, especially in developing countries. Hence, to satisfy this demand, meat producers are continuously focusing on improving the production and quality of the meat with the help of high-quality protein containing feed. These are leading meat producers towards the adoption of insect-derived feed such as BSFL protein meals. Hence, the high demand for insect feed in the emerging economies encouraging the insect producer to invest in developing countries. Owing to this opportunity, major market player is expanding in this market.
For instance, the Agri Protein is planning to build a series of factories in Africa, the Middle East, and Asia, mainly due to increasing demand for a sustainable protein source for use in animal diets.
Browse market data Tables and Figures spread through 124 Pages and in-depth TOC on Black Soldier Fly Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 180 Million |
| Revenue Forecast by 2028 | USD 1400 Million |
| CAGR | 34.00% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Protix B.V., Innova Feed, Enterra Feed Corporation, Enviro Flight LLC, Agri Protein (A Part of Insect Technology Group), Entobel Holding PTE. Ltd., Bio flytech, Entofood, Hexafly, Sfly, Nutrition Technologies Group, F4F, Protenga Pte Ltd, next Protein |
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