Redding, California, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Southeast Asia Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), by Application (Animal Feed, Agriculture, Pet Food, Others), and Country - Forecast to 2033,’ the Southeast Asia black soldier fly market is projected to reach $137.8 million by 2033, at a CAGR of 21.9% during the forecast period.
The growth of the Southeast Asia black soldier fly market is mainly attributed to the growing aquaculture industry, increasing demand for alternative proteins due to rising prices of fish and soy meal, rising meat demand, and environmental sustainability with production and consumption of alternative protein. Furthermore, the rising investment in insect-based processing companies is expected to create market growth opportunities. However, the limited acceptance and approvals for BSFL to be incorporated into the human diet and psychological and ethical barriers to consuming insects as food are expected to hinder the growth of this market to some extent. However, the high cost of skilled labor and the availability of cheaper substitutes are a challenge for market growth.
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The Southeast Asia Black Soldier Fly market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the Southeast Asia Black Soldier Fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Malaysia), nextProtein (France), Hexafly (Ireland), SFly Comgraf SAS (France) Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Insectta (Singapore), and Protenga Pte. Ltd. (Singapore).
The Southeast Asia black soldier fly market is segmented based on product (protein meals, whole dried larvae, biofertilizers [frass], larvae oil and other BSF products), application (animal feed, agriculture, pet food, and other applications), and country (Malaysia, Vietnam, Thailand, Singapore, Indonesia, and Rest of Southeast Asia). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the products studied in this report, the protein meals segment is expected to account for the largest share of the Southeast Asia black soldier fly market in 2023. The large market share of this segment is attributed to the rising adoption of BSF protein meal in the region as an alternative protein source for animal feed production, considering the rising aquaculture industry, increased fish meal and soy meal prices, government support and approval for an insect meal to be used in animal feed and the presence of higher indispensable amino acid contents than other meal types, with contents closely related to fish meal. This segment is also expected to register the fastest CAGR during the forecast.
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Among all the applications studied in this report, the animal feed segment is expected to account for the largest share of the Southeast Asia black soldier fly market in 2023. The large market share of this segment is attributed to the growing demand for meat products, rising soy meal prices, early government approval for the BSF to be used as a feed ingredient, and rising product innovation from animal feed companies. This segment is also expected to register the fastest CAGR during the forecast.
Among all the countries studied in this report, in 2023, Malaysia is expected to account for the largest share of the Southeast Asia black soldier fly market. The large market share of this region is attributed to the growing population and increasing demand for animal protein, the rising number of start-ups in the Malaysian BSF sector, and the increasing demand for BSFL in pet food. However, it is also slated to register the highest CAGR during the forecast period.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/south-east-asia-black-soldier-fly-market-5565
Scope of the Report:
Southeast Asia Black Soldier Fly Market Assessment - by Product
- Protein Meals
- Whole Dried Larvae
- Biofertilizers (Frass)
- Larvae Oil
- Other BSF Products
Southeast Asia Black Soldier Fly Market Assessment - by Application
- Animal Feed
- Agriculture
- Pet Food
- Other Applications
Southeast Asia Black Soldier Fly Market Assessment - by Country
- Malaysia
- Vietnam
- Thailand
- Singapore
- Indonesia
- Rest of Southeast Asia
Quick Buy – South East Asia Black Soldier Fly Market- Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/57251388
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