Redding, California, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Europe 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 Europe black soldier fly market is projected to reach $2.29 billion by 2033, at a CAGR of 31.3% during the forecast period. In terms of volume, the Europe black soldier fly market is expected to reach 4,605,369.9 tons by 2033, at a CAGR of 40.6% during the forecast period 2023–2033.
The growth of the Europe black soldier fly market is mainly attributed to the Increasing government support for the use of insect meal in livestock feed, increasing demand from the animal feed industry for alternative proteins due to rising prices of fish and soy meal, rising demand for alternative protein, and environmental sustainability with production and consumption of alternative protein. Furthermore, minimizing dependency on imported protein sources is expected to create market growth opportunities. However, the non-standardized regulatory framework across Europe, and risk of allergies due to insect consumption are expected to hinder the growth of this market to some extent. However, risk of disease transmission from BSF, and lack of awareness are a challenge for market growth.
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The Europe 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 Europe Black Soldier Fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), BioflyTech (Spain), nextProtein (France), Hexafly (Ireland), SFly Comgraf SAS (France) and Protenga Pte. Ltd. (Singapore).
The Europe 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 (Netherlands, France, Germany, Finland, Denmark, Belgium, Turkey, and Rest of Europe [RoE]). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the product studied in this report, the protein meals segment is expected to account for the largest share of the Europe black soldier fly market in 2023. The large market share of this segment is attributed to the increasing demand for alternative protein, increasing demand for protein meals from the animal feed industry, increased fish meal and soy meal prices, and containing high protein in BSF. This segment is also expected to grow at the fastest CAGR during the forecast.
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Among all the application studied in this report, the animal feed segment is expected to account for the largest share of the Europe black soldier fly market in 2023. The large market share of this segment is attributed to the rising aquaculture farming, subsequent increase in the demand for protein-rich animal feed and entry of leading animal feed companies in the edible insects’ space. This segment is also expected to grow at the fastest CAGR during the forecast.
Among all the countries studied in this report, France is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the growing alternative protein industry; the growing investments in research, innovation, and scaling-up future protein sources such as insects; and the rising demand for fish feed.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/europe-black-soldier-fly-market-5562
Scope of the Report:
Europe Black Soldier Fly Market Assessment - by Product
- Protein Meals
- Whole Dried Larvae
- Biofertilizers (Frass)
- Larvae Oil
- Other BSF Products
Europe Black Soldier Fly Market Assessment - by Application
- Animal Feed
- Agriculture
- Pet Food
- Other Applications
Europe Black Soldier Fly Market Assessment - by Country
- Netherlands
- France
- Germany
- Finland
- Denmark
- Belgium
- Turkey
- Rest of Europe (RoE)
Quick Buy – Europe Black Soldier Fly Market- Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/17529291
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