Dublin, July 25, 2024 (GLOBE NEWSWIRE) -- The "Global Black Soldier Fly Market Size, Share, Forecast, & Trends Analysis by Product, Application, and Geography - Forecast to 2033" report has been added to ResearchAndMarkets.com's offering.
Black soldier fly market is projected to reach $3.96 billion by 2033, at a CAGR of 31.0% during the forecast period 2024-2033, while in terms of volume, the market is expected to reach 8.23 million tons by 2033, at a CAGR of 40.4% from 2024 to 2033.
The report provides an in-depth analysis of the black soldier fly market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2033.
The growth of the black soldier fly market is mainly driven by rising global meat demand, growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins due to rising prices of soymeal and fishmeal, and increasing government support for the application of insect meal in livestock feed. In addition, expansions in developed and emerging economies provide significant opportunities for the growth of the black soldier fly market.
However, factors such as a non-standardized regulatory framework across the globe and limited acceptance & approvals for BSFL to be incorporated into the human diet hinder the overall black soldier fly market growth. Furthermore, the availability of economical substitutes, the high cost of skilled labor, and the risk of disease transmission from BSF challenge the growth of this market.
In 2024, Europe is expected to account for the largest share of 55.3% of the black soldier fly market. Europe's large market share is attributed to the growing aquaculture industry, rising awareness of alternative protein sources for use in animal feed, and increased fish meal prices.
Based on product, the black soldier fly market is segmented into into protein meal, whole dried larvae, biofertilizers (frass), larvae oil, and other BSF products.
In 2024, the protein meal segment is expected to account for the largest share of 57.4% of the black soldier fly market. The large market share of this segment is mainly attributed to the increasing demand for BSF protein meal from the animal feed industry due to the rising awareness & demand for sustainable proteins, the rising prices of fish and soy meals, and supportive government initiatives aimed at promoting the use of insect meal in animal feed. In addition, the protein meal segment is expected to register the highest CAGR during the forecast period.
Based on application, the black soldier fly market is segmented into aquafeed, animal feed, agriculture, pet food, and other applications.
In 2024, the aquafeed segment is expected to account for the largest share of 44.3% of the black soldier fly market. This segment's large share is mainly attributed to early regulatory approval of BSF for this application, the increasing adoption of fish meals, and volatile fish meal prices. However, the animal feed segment is expected to register the highest CAGR during the forecast period.
Key Questions Answered in the Report:
- What is the current revenue generated by black soldier flies globally?
- At what rate is the black soldier fly demand projected to grow for the next 7-9 years?
- What are the historical market sizes and growth rates of the black soldier fly market?
- What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
- Which segments in terms of product and application are expected to create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the black soldier fly market?
- Who are the major players in the black soldier fly market? What are their specific product offerings in this market?
- What are the recent strategic developments in the black soldier fly market? What are the impacts of these strategic developments on the market?
Market Insights
Factors Affecting Market Growth
- Rising Global Meat Demand Driving the Consumption of Black Soldier Fly
- Growing Aquaculture Industry Driving the Demand for Black Soldier Fly
- Increasing Demand from the Animal Feed Industry for Alternative Proteins Due to Rising Prices of Fish and Soy Meal Supporting Market Growth
- Increasing Government Support for the Use of Insect Meal In Livestock Feed, Driving the Adoption of Black Soldier Fly
- Non-standardized Regulatory Framework Across the Globe Restraining Market Growth
- Limited Acceptance and Approvals for BSFL to be Incorporated Into the Human Diet Limits the Adoption of BSF
- Expansion in Emerging & Developed Economies Expected to Offer Growth Opportunities for Market Players
- Availability of Cheaper Substitutes Impacting Market Growth
- High Cost of Skilled Labor Challenges the Growth of the Global BSF Market
- Risk of Disease Transmission from BSF Poses A Significant Challenge to the Market's Growth
Marketing Mix and Strategies
- Pricing Strategy
- Product Approvals
- Expansion Plans
Regulatory Analysis
- North America
- Europe
- Asia-Pacific
- Rest of the World
Porter's Five Forces Analysis
SWOT Analysis: Black Soldier Fly Market
Competitive Landscape
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Global Black Soldier Fly Market: Company Market Position Analysis
- Production Capacity of Key Players
Company Profiles
- Protix B.V.
- InnovaFeed SAS
- EnviroFlight, LLC
- Nutrition Technologies Group
- Bioflytech S.L.
- Entobel Holding Pte. Ltd.
- Entofood Sdn Bhd
- SFly Comgraf SAS
- Hexafly
- F4f SpA
- Protenga Pte Ltd.
- NextProtein
Emerging Startups
- BugEra
- Entoprotech Ltd
- Insectta
- Entosystem Inc.
- Other Emerging Startups
- Insectifii India Pvt. Ltd.
- Agroloop Hungary Kft.
- Soldier Fly Technologies, Inc.
- Life Origin
- Insectum Aps
- Keetup and Co.
- Loopworm Pvt. Ltd.
- Ento Proteins Private Limited
- Ultranutri
- Insectika Biotech Private Limited (IBPL)
- Freshrooms Lifesciences Private Limited
- KovaiBSF
- Exocycle
- Bioforte Biotechnology (Shenzhen) Co., Ltd.
- Guangzhou Unique Biotechnology Co., Ltd
- Symton Inc.
- Beta Bugs Ltd.
- Snas Bio-Tech
- Farminsect GmbH
- Hermetia Baruth GmbH
- Volare Solutions
- Nasekomo
- Enorm Biofactory
- Mutatec
- Nextalim SAS
- Insectum UAB
- Hipromine S.A.
- Entogreen - Ingredient Odyssey, S.A.
- Cyns
- Illucens Mexico Entobiorrefineria
- Proticycle
- Circa Biotech
For more information about this report visit https://www.researchandmarkets.com/r/73fro6
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