Meticulous Research® Unveils Groundbreaking Insights in Latest Report on Middle East & Africa Black Soldier Fly Market

[Redding, California - Feb 27, 2024] - Meticulous Research®, a trailblazing global market research entity, has recently released a comprehensive research report titled, 'Middle East & Africa Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers (Frass), Larvae Oil, Other BSF Products); Application (Animal Feed, Agriculture, Pet food, Other Applications); and Country - Forecast to 2033.'

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The Middle East & Africa black soldier fly market is forecasted to achieve a noteworthy milestone, reaching $47.88 million by the year 2033. This projection reflects a remarkable Compound Annual Growth Rate (CAGR) of 20.2% spanning the period from 2023 to 2033. The driving forces behind this anticipated surge are the heightened enthusiasm among feed processors and farmers to incorporate insects into their feeds, escalating demand within the animal feed industry for alternative proteins amidst soaring fish and soy meal prices, and the flourishing aquaculture sector. However, challenges loom in the form of restricted acceptance and approvals for Black Soldier Fly Larvae (BSFL) in human diets, potentially impeding market growth.

Diving into the specifics, the Middle East & Africa black soldier fly market is meticulously dissected by product types (whole dried larvae, oil, protein meals, biofertilizers (frass), and other BSF products), applications (agriculture, animal feed, pet food, and other applications), and geographic regions (Saudi Arabia, United Arab Emirates (UAE), South Africa, and Rest of the Middle East & Africa). The report not only scrutinizes industry competitors but also conducts a granular analysis at the country level.

The protein meals segment is poised to lead the Middle East & Africa black soldier fly market in 2023, attributing its dominance to the escalating demand for protein meals within the animal feed industry, coupled with surging prices of fish meal and soy meal. Government backing and approvals for insect meal incorporation in animal feed further bolster this segment's market share.

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Within applications, the animal feed segment emerges as the dominant force in the Middle East & Africa black soldier fly market. This prominence is underpinned by the increasing demand for meat products, subsequent surge in demand for protein-rich animal feed, rising soy meal prices, and widespread adoption of BSF meals in the animal feed industry.

South Africa emerges as a key player, poised to register the highest Compound Annual Growth Rate (CAGR) during the forecast period. Factors such as the burgeoning trend of adopting alternative proteins, a growing appetite for aquaculture and animal feed, and the proactive integration of insects by feed processors and farmers contribute to South Africa's robust market growth.

Key Players in the Middle East & Africa black soldier fly market landscape include BioflyTech (Spain), Entoprotech Ltd (Israel), PROTICYCLE (South Africa), KIMMY FARM (Vietnam), and NovFeed (T) Limited (Tanzania). The market, characterized by a moderately competitive scenario, hosts a diverse array of players, ranging from large global entities to nimble regional and local counterparts.

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This release was published on openPR.