Impact of COVID-19 On Black Soldier Fly (BSF) Market: Meticulous Research® Viewpoint


London, June 08, 2020 (GLOBE NEWSWIRE) -- Increasing global meat demand, growing aquaculture industry, increasing demand from animal feed industry for alternative proteins due to rising prices of soymeal, growing government support for the use of insect meal in livestock feed, and growing investment by the key players in the BSF industry has created traction in the new environmentally sustainable protein source, like black soldier fly.

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The outbreak of COVID-19 has had a significant impact not only on the public health, but also on all stages of the supply chain and of various industries. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impact of the coronavirus disease 2019 (COVID-19) is already starting to be felt and will significantly affect the insect feed market in 2020. The black soldier fly market is experiencing a negative impact mainly due to the decreasing international sea food trade, as restrictions on the fishing industry have minimized the yield and production.  Also, the global demand for seafood from restaurants and the hospitality industry has dropped dramatically. For instance, according to the sea food industry experts, shipments to the U.S., India`s largest market for marine food, are down by over 50% since the outbreak of COVID-19 and the subsequent lockdown. Also, no fresh orders are forthcoming from other key markets like EU (European Union), Vietnam, and Japan, while Spain has stopped procurement. In addition, the poultry industry is battling with rumours of coronavirus spreading through the consumption of meat and meat products. Thus, the decreasing demand for sea food and false rumours about the poultry meat are restricting the demand for animal feed, in turn, hindering the growth of the BSF market.

The health officials haven`t determined the exact cause of COVID-19, which has sickened more than  6,799,713 people and killed 397,388 as of 7th June 2020 (Source: WHO). According to the health officials from WHO, the COVID-19 might have originated in the bats, while others say the virus was transmitted to humans in Wuhan, China, at a wet market, where animals like bats, snakes, rabbits, and birds are illegally sold. So, the fear and delusion of coronavirus transmission from the animals and use of animal-based products have hit hard the consumption of animal protein in recent days. Also, the global export for chicken, beef, and pork meat trade has been reduced due to the emerging threats from the spread of COVID-19 pandemic. This trend is expected to sluggish the demand for animal-based products, subsequently hindering the growth of the black soldier fly market.

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Furthermore, as the U.S. government implemented stay-at-home orders, many farmers resorted to panic buying of animal feed in the anticipation of potential shortages. Several concerns such as truck shortages, reduced deliveries, and employees contracting Covid-19 compelled farmers to stock their animal feed supplies. In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia are expected to escalate as stricter measures are implemented by governments. The consumption of fish, poultry, pork, and beef will decline in Southeast Asian economies through the second quarter. Thus, this decline in the consumption of fish, poultry, pork, and beef is expected to decrease the demand for black soldier fly in the market.

In addition, in some regions, lockdowns have been announced to control the coronavirus pandemic, which has been impacting the movement of vehicles carrying livestock, feed, and feed ingredients. Along with the risk of animal feed suppliers slowing their production or closing altogether, farmers are concerned that 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 can be harder to come by, prioritizing other products and industries. All 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 is using black soldier fly as a feed ingredient, has seen a slight increase in the sales of its livestock business. In addition, Cargill company had seen its global feed sales volume growth by 10% or more in the March 2020. Thus, the increased demand for animal feed may support the growth in the demand for black soldier fly, thereby driving the growth of the BSF market in this hard rime.

Asia-Pacific region is estimated to command the largest share of the overall black soldier fly market in 2020. The major share of this region is mainly attributed to the increasing consumption of meat and seafood, growing aquaculture industry, rising awareness of BSF as an alternative protein source for the use in animal feed, no regulatory hurdles, and an increase in the prices of fish meal. However, Europe is expected to witness the rapid growth during the forecast period. The rapid growth in this region is mainly attributed to the government approvals for the use of BSF in animal feed and pet food; growing funding and investments in BSF industry; and presence of large number of startups. Moreover, factors such as high demand for protein-rich animal feed; large supply of organic waste, including pre-consumer food waste from agriculture and food and beverage sectors; and supportive government policies for BSF farming condition are also encouraging the BSF insect farming, and their consumption in food, feed, and other industrial applications.

Some of the key players operating in the global black soldier fly 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.

Meticulous Research®– leading global market research company published a research report titled “Black Soldier Fly Market by Product Type (Protein Meal, Whole Dried Larvae, Oil, Biofertilizer, Live Insect, Chitin/Chitosan), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, and Cosmetics), and Region - Global Forecast to 2030”. 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.

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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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-

 Related Reports:

Black Soldier Fly Market by Product Type (Protein Meal, Whole Dried Larvae, Oil, Biofertilizer, Live Insect, Chitin/Chitosan), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, and Cosmetics), and Geography- Global Forecast to 2030

Edible Insects Market by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2030

Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography - Global Forecast to 2025

Human Nutrition Market by Type (Vitamin, Probiotics, Proteins, Carbohydrates, Fatty Acid, Minerals), Age (Adult, Childhood), Population (Pediatric, Geriatric, Maternal), and Application (Dietary Supplement, Functional Nutrients) - Global Forecast to 2025

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