London, Jan. 15, 2020 (GLOBE NEWSWIRE) -- According to a new market 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 Geography- Global Forecast to 2030”, published by Meticulous Research®, the global black soldier fly market will grow at a CAGR of 33.3% from 2019 to 2030 to reach $2.57 billion by 2030.
Fish and soybean meal are the major acting protein sources for the feed; however, these sources compete with food production for humans. Moreover, availability of fishmeal has become limited due to over-exploitation of marine, causing a rapid increase in the cost of these feed ingredients. As a result, the search for sustainable alternatives has led to a growing interest in insects as a feed ingredient. Insects have high levels of protein and their production has a small footprint. Insect species that are mass-reared such as black soldier fly have received significant attention mainly due to its ability to feed on different substrates including organic waste streams. The ability of BSF to convert organic waste into high-quality nutrients has rapidly opened commercial opportunities with the development of products such as protein meal, which is a cheaper alternative protein source as compared to fishmeal or soybean meal for pig, poultry, and fish feeds.
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The rapid growth of BSF market is mainly attributed to the increasing global meat demand, growing aquaculture industry, increasing demand from animal feed industry for alternative proteins due to rising prices of soy meal, growing government support for the use of insect meal in livestock feed, and growing investments by the key players in the BSF industry.
The global black soldier fly market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2030- by product type (protein meal, biofertilizer, whole dried larvae, larvae oil, chitin/chitosan), application (animal feed, agriculture, pet food, and other). The study also evaluates industry competitors and analyzes the market at the regional and country level.
Based on product, the global black soldier fly market is segmented into protein meal, biofertilizer (frass), whole dried larvae, larvae oil, and chitin and chitosan. In terms of value, protein meal commanded the largest share of the overall black soldier fly market in 2019. The large share of this market is mainly attributed to increasing demand for protein meal from animal feed manufacturers; rising soy meal prices; and government support and approval for an insect meal to be used in animal feed and pet food. However, in terms of volume, the biofertilizers (frass) segment commanded the largest share of the overall black soldier fly market in 2019, which is mainly attributed to the fact that large quantity of fertilizer is generated during the BSF processing compared to protein meal and oil.
Based on application, the overall black soldier fly market is mainly segmented into animal feed, agriculture, pet food, and others. In terms of value, the animal feed application is estimated to witness a rapid growth in the overall black soldier fly market during the forecast period. The growth of this market is mainly attributed to the growing demand for meat products and subsequent increase in the demand for protein-rich animal feed; rising soy meal and fish meal prices; and government approval for the BSF to be used as a feed ingredient.
Geographically, Asia-Pacific region commanded the largest share of the overall black soldier fly market in 2019. 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 rapid growth during the forecast period, mainly attributed to the government approvals for the use of BSF in animal feed and pet food; growing funding and investments in black soldier fly 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.
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Further, on pricing front, the prices of black soldier fly vary country to country due to differences in regulations; production scales and suppliers; and varying consumer demands. The prices for BSF in the last few years are doubled, which is mainly due to increasing demand for BSF products and government approval for BSF protein to be used in animal feed. In North America and Europe, black soldier fly prices are high as compared to the Asian countries, especially South Korea, Japan, Malaysia, and Vietnam, as in these regions, the production cost is higher due to high labor and land cost. Moreover, in the U.S., the prices for BSF products are higher as compared to the European countries, mainly due to standardized regulatory framework and low BSF production units as compared to Europe. In next 5-10 years, the prices of black soldier fly are expected to increase across the globe, owing to growing government approvals, rising demand from poultry industry, and growing use of BSF products by pet food manufacturers.
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).
Browse key industry insights spread across 146 pages with 103 market data tables & 36 figures & charts from the market research report: https://www.meticulousresearch.com/product/black-soldier-fly-market-5074/
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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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, read report: https://www.meticulousresearch.com/product/edible-insects-market-forecast
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