Press release
Black Soldier Fly Market Towards a Projected Worth of $3.96 Billion by 2033
Meticulous Research®, a renowned global market research firm, is pleased to announce the release of its latest research report titled, ''Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {, Pupa}), Application (Animal Feed, Agriculture, Pet Food, Others), and Geography- Global Forecast to 2033."
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According to this comprehensive publication, the global black soldier fly market is positioned to attain a significant valuation of $3.96 billion by the year 2033, with a remarkable Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period spanning from 2023 to 2033. In terms of volume, the market is anticipated to reach 8,003.7 thousand tons by 2033, marking a robust CAGR of 39.1% over the same forecast period. This growth trajectory is attributed to various factors, including the surging global demand for meat, the expansion of the aquaculture sector, increased needs from the animal feed industry for alternative proteins due to rising prices of soymeal and fishmeal, and growing governmental support for the utilization of insect meal in livestock feed.
The black soldier fly market is poised for substantial growth, fueled by expansions in both developed and emerging economies. However, challenges such as a non-standardized regulatory framework across Europe, limited acceptance and approvals for incorporating black soldier fly larvae (BSFL) into the human diet, the presence of more affordable substitutes, elevated costs associated with skilled labor, and potential risks of disease transmission from black soldier flies pose hurdles to the overall market growth.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/black-soldier-fly-market-5074
Key Players Paving the Way: Leading the charge in the global black soldier fly market are key players including Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight LLC (Part of Darling Ingredients) (U.S.), Nutrition Technologies Group (Singapore), BIOFLYTECH S.L.(Spain), Entobel Holdings PTE Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly Comgraf SAS (France), Hexafly (Ireland), F4F SpA (Chile), Protenga Pte Ltd (Singapore), and nextProtein SA (France), among others.
Segmentation Insights: The black soldier fly market is segmented based on product (protein meal, biofertilizer (frass), whole dried larvae, larvae oil, and other BSF products), application (animal feed, agriculture, pet food, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Product Dominance: In terms of value, the protein meals segment is expected to lead the market in 2023, accounting for the largest share. This dominance is attributed to the escalating demand for protein meals in the animal feed industry, increased prices of fish meal and soy meal, and government support for insect meal usage in animal feed. Simultaneously, the biofertilizers segment is anticipated to claim the largest share in terms of volume in 2023, driven by growing awareness of black soldier fly larvae's ability to
convert waste into organic fertilizer.
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Application Dynamics: The animal feed segment is projected to secure the largest share in 2023, driven by increasing demand for meat products, subsequent rise in demand for protein-rich animal feed, escalating soy meal prices, and government approval for BSF utilization as a feed ingredient. Furthermore, this segment is expected to register the highest CAGR during the forecast period, fueled by leading animal feed companies entering the edible insects' space and an anticipated surge in product approvals.
Geographical Trends: In 2023, Europe is anticipated to dominate the global black soldier fly market, credited to the growing aquaculture industry, rising awareness of alternative protein sources in animal feed, and increased fish meal prices. The region is poised to exhibit the highest CAGR during the forecast period of 2023-2030.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5074
Related Reports:
1. Europe Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {, Pupa}), by Application (Animal Feed, Agriculture, Pet Food, Others), and Country - Forecast to 2033
https://www.meticulousresearch.com/product/europe-black-soldier-fly-market-5562
2. South East Asia Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {, Pupa}), by Application (Animal Feed, Agriculture, Pet Food, Others), and Country - Forecast to 2033
https://www.meticulousresearch.com/product/south-east-asia-black-soldier-fly-market-5565
3. Canada Black Soldier Fly Market by Product (Whole Insect, Protein Meal, Frass, and Other BSF Products {, Pupa}) and Application (Poultry, Aquaculture, Pet Food, Livestock, and Other Applications) - Forecast to 2028
https://www.meticulousresearch.com/product/canada-black-soldier-fly-market-5230
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Contact Sales- +1-646-781-8004
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