Redding, California, June 24, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), Application (Animal Feed, Agriculture, Pet Food, Others), and Geography– Global Forecast to 2033,” in terms of value, the global black soldier fly market is expected to grow 30.5% CAGR from 2022 to reach $3.96 billion by 2033. In terms of volume, this market is expected to grow 36.9% CAGR from 2022 to reach 8,003.7 thousand tons by 2033.
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Over the last decade, the world has witnessed enormous growth in the aquaculture sector. Nutrition and feeding play a central and essential role in the sustained development of aquaculture. Hence, fertilizers and feed resources continue to dominate aquaculture needs.
In fish farming, nutrition is critical because feed represents 40-50% of the production cost. Fish nutrition has advanced dramatically in recent years by developing new balanced commercial diets that promote optimal fish growth and health. The essential nutrients for fish growth are amino acids, fatty acids, vitamins, minerals, and energy-yielding macronutrients (protein, lipid, and carbohydrate). Further, it is projected that the aquaculture sector will expand to 93 million tons by 2030 (Source: FAO).
BSF larvae contain high amounts of protein (~40%) and have a well-balanced profile of essential amino acids. Therefore, it can be used as an alternative source of protein for fish feed. Owing to these factors, some countries have approved insect-based meals, such as BSFL, for aquafeed applications. Thus, the growing aquaculture industry and government approvals of insects as aquafeed are expected to spur the demand for BSF in the aquaculture industry.
The growth of the global black soldier fly market is increasing mainly due to rising global meat demand. Moreover, an increasing number of health-conscious consumers are demanding environmentally safe and chemical-residue-free meat. Such factors are leading meat producers to adopt insect-derived ingredient feed, such as BSFL protein meals. Furthermore, insects are an inexpensive alternative protein source compared to fish and soy meals for animal feed. Hence, insects contribute high-quality and low-price feed for livestock, poultry, and fish.
Impact of COVID-19 on the Black Soldier Fly Market
The outbreak of COVID-19 significantly impacted public health, all stages of the supply chain, and various industries. Since the COVID-19 virus outbreak in December 2019, the disease spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency. The global impacts of the COVID-19 significantly affected the black soldier fly market in 2020.
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However, in some regions, lockdowns were announced to control the pandemic, impacting the movement of vehicles carrying livestock, feed, and feed ingredients. Due to the risk of animal feed, suppliers slowed their production or closing altogether. Farmers were concerned 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 were difficult to procure. These factors 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 uses black soldier fly as a feed ingredient, has seen a slight increase in its livestock business sales. In addition, Cargill had seen its global feed sales volume grow by 10% or more in March 2020.
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The black soldier fly market is mainly segmented based on product, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, in terms of value, the protein meal segment is estimated to account for the largest share of the global black soldier fly market in 2022. The large share of this market is mainly attributed to the increasing demand for protein meals from animal feed manufacturers, increased fish meal and soy meal prices, and government support and approval for an insect meal to be used in animal feed. Moreover, in terms of volume, the biofertilizers (frass) segment is expected to command the largest share of the global black soldier fly market in 2022. Growing waste from restaurants, agriculture, and food & drink industries; rising urbanization in developing countries; and growing awareness regarding the use of black soldier fly larvae to convert waste into organic fertilizer are some of the major factors driving the growth of the BSF biofertilizers market.
Based on application, the animal feed segment is estimated to witness rapid growth during the forecast period. The fast growth of this market is mainly attributed to the growing demand for animal-derived products and subsequent increase in the demand for protein-rich animal feed, rising soy meal prices, and government approval for the BSF to be used as a feed ingredient. Also, the growing adoption of insects as an alternative source of protein for animal feed offers immense opportunities for market growth.
Geographically, Europe is estimated to account for the largest share of the global black soldier fly market in 2022. The major share of this market is mainly attributed to the growing aquaculture industry, rising awareness of an alternative protein source for use in animal feed, and increased fish meal prices. This region is expected to grow at the fastest CAGR during the forecast period. Moreover, in terms of volume, this region is also expected to command the largest share of the global black soldier fly market in 2022.
Some of the key players operating in the global black soldier fly market are Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight LLC (U.S.), Bioflytech (Spain), Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Sfly (France), Hexafly (Ireland), F4F (Chile), Nutrition Technologies Group (Malaysia), nextProtein (France), and Protenga Pte Ltd (Singapore), among others.
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Scope of the Report:
Black Soldier Fly Market, by Product
- Protein Meals
- Biofertilizers (Frass)
- Whole Dried Larvae
- Larvae Oil
- 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
- 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 & Africa
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