Press release
Black Soldier Fly Oil Market by Size, Share, Forecasts, & Trends Analysis
Meticulous Research®, a distinguished global leader in market research, is proud to announce the release of its latest comprehensive research report titled 'Black Soldier Fly Oil Market by Application (Animal Feed, Pet Food, Cosmetics, Others), End Use (Animal Nutrition, Human Consumption, Others) - Global Forecast to 2029'.Download Free Sample PDF Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5270
In accordance with Meticulous Research®'s findings, the black soldier fly oil market is poised for remarkable growth, projecting a Compound Annual Growth Rate (CAGR) of 21.1% from 2022 to 2029. The anticipated market value is expected to reach an impressive $72 million by 2029. This growth is primarily fueled by the burgeoning demand within the animal feed industry and the expansive market developments in both emerging and developed economies.
Notwithstanding, the ascent of the black soldier fly oil market is not without its challenges. The report highlights significant psychological and ethical barriers hindering its adoption as a food source, as well as addressing the supply and demand gap for biodiesel production. Furthermore, stiff pricing competition from alternative ingredients in the cosmetics industry emerges as another obstacle to market growth.
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The meticulous segmentation of the black soldier fly oil market encompasses applications such as animal feed, pet food, cosmetics, and others. In 2021, the animal feed segment dominated the global market, attributing its lead to early regulatory approvals for black soldier fly oil use in animal feed. This segment's growth is also spurred by the increasing demand for black soldier fly oil as a viable alternative to fishmeal and fish oil, given the fluctuating prices of fish oil. However, the pet food segment is anticipated to exhibit the fastest CAGR during the forecast period. This projection is underpinned by the keen interest of prominent pet food companies in the edible insect space, the rise in product approvals, and a growing consumer base committed to offering top-notch nutrition to their pets.
In terms of end-use segmentation, the black soldier fly oil market includes animal consumption, human consumption, and others. The animal nutrition segment held the largest market share in 2021, driven by a surging demand for meat products and innovative, sustainable feed ingredients. However, the human nutrition segment is predicted to experience the swiftest CAGR during the forecast period. This trajectory is attributed to an escalating demand for insect-based foods to address the needs of the expanding global population, coupled with the high nutritional value that black soldier fly oil provides in human nutrition.
Geographically, the black soldier fly oil market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe emerged as the dominant force in 2021, marked by substantial demand for animal feed and pet food products, a robust supply of pre-consumer food waste from the agriculture and food & beverage sectors, and favorable government approvals for the use of black soldier fly products in animal feed and pet food. The region is poised for continued growth in the forecast period.
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Key Players:
The black soldier fly oil market is steered by key industry players, including Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight LLC (U.S.), Nutrition Technologies Group (Malaysia), Bioflytech (Spain), Entobel Holding PTE. Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly (France), Hexafly (Ireland), F4F (Chile), and Protenga Pte Ltd (Singapore).
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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