Black Soldier Fly (BSF) Market is Expected to reach $3.4 billion by 2030, at a CAGR of 34.7% During the Forecast Period of 2021 to 2030 - Exclusive Report by Meticulous Research®

The latest research report titled "Black Soldier Fly Market by Product (Protein Meals, Biofertilizers {Frass}, Chitin/ Chitosan, Others { Pupa}), Application (Animal Feed, Agriculture, Pet Food, Pharmaceutical, Cosmetic, Biofuel), and Geography- Global Forecast to 2030", published by Meticulous Research®, the Black Soldier Fly (BSF) Market is expected to reach $3.4 billion by 2030, at a CAGR of 34.7% during the forecast period of 2021 to 2030. The growth of this market is mainly attributed to the growing global demand for animal products, growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins, and increasing government approvals of insect meal in livestock feed.

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Over the recent years, there has been a significant increase in the demand for high-quality meat in emerging economies, such as Southeast Asia, the Middle East & Africa, and Latin America, mainly attributed to the population growth in Asia and Africa and increasing urbanization. According to FAO, the global meat production is projected to expand to around 48 metric tons by 2025, predominantly in developing countries, accounting for approximately 73% of the total production. Thus, to fulfill this demand, meat producers are continuously focusing on improving the meat's production and quality with the help of high-quality protein-containing feed.

Moreover, according to the Food and Agriculture Organization of the United Nations (FAO), from 2017, the global demand for fish and shellfish is expected to reach almost 180 million tons by 2025. However, dried and powdered fish feed such as anchovy, used for aquaculture, is becoming insufficient. According to FAO, 1.2 to 1.6 million tons of raw materials for fish feed will be required in 2025 as an alternative to fish meal. Owing to this opportunity, the small but growing insect farming sector has captured major attention, investments, and strategic developments in developed countries by some heavyweights in the animal feed business.

For instance, Europe-based insect protein producer, Protix, opened its first commercial black soldier fly larvae plant in the Netherlands and planned to break ground on a second facility in upcoming years with Buhler's USD 50 million aid. Moreover, Canada-based insect protein firm, Enterra, planned to expand the commercial-scale facilities in North America by 2023, with the financings from Calgary-based Avrio Capital and U.K.-based Wheat Sheaf.

Thus, growing expansion, investment, and strategic development in the developed economies offer a great business opportunity for BSF stakeholders.

Impact of COVID-19 on the Black Soldier Fly Market
The COVID-19 pandemic significantly impacted public health and all stages of the supply chain and various industries. This global impact of COVID-19 was also seen on the black soldier fly market in 2020.

According to the health officials from WHO, the COVID-19 might have originated in the bats. In contrast, others say the virus was transmitted to humans in Wuhan, China, at a wet market, where animals like bats, snakes, rabbits, and birds are illegally sold. So, the fear and delusion of coronavirus transmission from the animals and the use of animal-based products have hit hard the consumption of animal proteins. The global export for chicken, beef, pork meat trade has been reduced due to the emerging threats from the spread of the COVID-19 pandemic. This trend has plummeted the demand for animal-based products, including black soldier flies.

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Furthermore, as the U.S. government implemented stay-at-home orders, many farmers resorted to panic-buying of animal feed in anticipation of potential shortages. Several concerns, such as truck shortages, reduced deliveries, and employees contracting COVID-19, compelled farmers to stock their animal feed supplies. In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia are expected to escalate as stricter measures are implemented by governments. The consumption of fish, poultry, pork, and beef is expected to decline in Southeast Asian economies through the second quarter. Thus, the decline in fish consumption, poultry, pork, and beef is expected to decrease the demand for black soldier flies in the market.

Due to the risk of animal feed, suppliers are slowing their production or closing altogether. Farmers are 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 are difficult to procure. These factors have led to livestock farms building up two-week supplies of feed when normally they might only keep enough for one or two days. However, in some regions, lockdowns have been announced to control the coronavirus pandemic, impacting the movement of vehicles carrying livestock, feed, and feed ingredients. For example, Purina Animal Nutrition LLC, which uses black soldier fly as a feed ingredient, slightly increased its livestock business sales. In addition, Cargill had seen its global feed sales volume grow by 10% or more in March 2020.
Key Findings in the Black Soldier Fly Market Study:
Based on product type, in terms of value and volume, BSF protein meal is expected to witness a rapid growth of the global black soldier fly market during 2021-2030. The fast growth of this segment is majorly attributed to the growing demand for alternative protein meals from animal feed manufacturers, increased fish meal and soy meal prices, and government support and approval for an insect meal. Moreover, some fish feeding trials have successfully demonstrated the BSF meal as a better substitute for fish meal in aquafeeds. For instance, a Science Direct Journal study showed that total replacement of fish meal with black soldier fly larvae meal in diets of salmon fish is possible without a negative impact on growth performance, feed utilization, nutrient digestibility, liver traits, or the sensory quality of fillet which is one of the major factor driving the demand for BSF meal in the market.

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Based on the application, the animal feed segment is expected to command the largest share of the overall black soldier fly market in 2021. The large share of this market is mainly attributed to the growing world population and the rapidly increasing demand for meat products. Also, the adoption of an alternative source of protein such as insects for animal feed offers an opportunity for the growth of this segment.

Geographically, Europe is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the high demand for protein-rich animal feed; large supply of waste, including pre-consumer food waste from agriculture and food and beverage sectors; government approval for BSF products to be used in animal feed and pet food; and presence of supportive policies for BSF farming.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments over the past four years (2018-2021). The key players operating in the global black soldier fly market report are AgriProtein (A Part of Insect Technology Group) (England), 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.

Top 10 companies operating in Black Soldier Fly Market :- https://meticulousblog.org/top-10-companies-in-black-soldier-fly-market/

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