Black Soldier Fly Market Future Growth Dynamics 2022 | CAGR of 34.00% Forecast During 2022-2026, with Market Set to Reach US$1400 Million by 2028 | Vantage Market Research

WASHINGTON, March 29, 2022 (GLOBE NEWSWIRE) -- 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. The total Global Black Soldier Fly Market is estimated to reach USD 1,400 Million by 2028.

The Market stood at a revenue of USD 180 Million in the year 2021, and expected to exhibit a Compound Annual Growth Rate (CAGR) of 34.00%, states Vantage Market Research, in a report, titled “Black Soldier Fly Market Size, Share & Trends Analysis Report by Product (Protein Meals, Biofertilizers, Chitin/ Chitosan, Others), by Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Black Soldier Fly Market is predicted to grow at a CAGR of roughly 34.00% during the forecast period.
• The Black Soldier Fly market was estimated to be worth roughly USD 180 Million in 2021 and is expected to reach USD 1,400 Million by 2028; based on primary research.
• On the basis of region, Asia-Pacific is projected to dominate the worldwide Black Soldier Fly market.
  

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.

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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:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. 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 are 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.

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)
• Ento food (Malaysia)
• Hexafly (Ireland)
• Sfly (France)
• Nutrition Technologies Group (Malaysia)
• F4F (Chile)
• Protenga Pte Ltd (Singapore)
• Next Protein (France)

Browse market data Tables and Figures spread through 124 Pages and in-depth TOC on "Black Soldier Fly Market Size, Share & Trends Analysis Report by Product (Protein Meals, Biofertilizers, Chitin/ Chitosan, Others), by Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/black-soldier-fly-market-691887

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Black Soldier Fly Market?
• How will the Black Soldier Fly Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Black Soldier Fly Market?    
• What is the Black Soldier Fly market drivers and restrictions?
• What will be the CAGR and size of the Black Soldier Fly Market throughout the forecast period?       

This market titled “Black Soldier Fly Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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