Black Soldier Fly Market to be Worth $3.96 Billion by 2033-Exclusive Report by Meticulous Research®

According to a new market 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,' the black soldier fly market is projected to reach $3.96 billion by 2033, at a CAGR of 30.8% from 2023 to 2033. In terms of volume, this market is projected to reach 8,003.7 thousand tons by 2033, at a CAGR of 39.1% during the forecast period of 2023-2033.

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The black soldier fly, known for its elevated protein content, outstanding nutritional value, and cost-effectiveness in production, has garnered considerable interest. This insect species, cultivated on a large scale, has become noteworthy for its capacity to consume diverse substrates, particularly organic waste streams. The black soldier fly's adeptness at transforming organic waste into premium-quality nutrients has swiftly generated commercial prospects. Notably, this has led to the creation of products like protein meal, offering a more economical alternative protein source compared to fishmeal or soybean meal for feeds in pig, poultry, and fish farming.

Moreover, numerous government authorities have been tasked with collaborating to advance the sustainable provision of safe and nutritious feed in the global insect feed industry. This initiative is expected to open up additional market avenues for producers of black soldier fly protein meals to tap into the extensive animal feed market. Consequently, due to the impressive growth performance of black soldier fly meals, animal feed manufacturers are progressively integrating black soldier fly ingredients into their feed products as an alternative protein source. This trend is a driving force behind the expansion of the global black soldier fly market.

The growth of this market is backed by the rising global meat demand, the growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins due to rising prices of soymeal and fishmeal, and increased government support for the application of insect meal in livestock feed. In addition, expansions in developed and emerging economies provide significant opportunities for the growth of the black soldier fly market.

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However, factors such as a non-standardized regulatory framework across Europe and limited acceptance & approvals for black soldier fly larvae (BSFL) to be incorporated into the human diet hinder the black soldier fly market growth. Further, the availability of cheaper substitutes, the high cost of skilled labor, and the risk of disease transmission from BSF challenge the growth of this market.

Key Players:
The key players operating in the global black soldier fly market are 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.

The global black soldier fly market study presents historical market data (2021 and 2022), estimated current data (2023), and forecasts for 2033-product (protein meals, 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 Middle East & Africa). The study also evaluates industry competitors and analyzes the country-level markets.

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Key Findings in the Global Black Soldier Fly Market Study:
Among all the products studied in this report, in terms of value, the protein meals segment is expected to account for the largest share of the global black soldier fly market in 2023. The large share of this market is mainly attributed to the increasing demand for protein meals from the animal feed industry, increased fish meal and soy meal prices, and government support and approval for an insect meal to be used in animal feed. Moreover, in terms of volume, in 2023, the biofertilizers segment is expected to command the largest share of the global black soldier fly market. The growth of this market is mainly driven by the growing awareness regarding the use of black soldier fly larvae to convert waste into organic fertilizer; growing waste from restaurants, agriculture, and food & drink industries; and rising urbanization in developing countries.

Among all the applications studied in this report, the animal feed segment is expected to account for the largest share of the global black soldier fly market in 2023. The large share of this market is mainly attributed to the growing 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 a great opportunity for market growth.

Geographically, in 2023, Europe is expected to account for the largest share of the global black soldier fly market. The large share of this market is primarily attributed to the rising awareness of an alternative protein source for use in animal feed, the growing aquaculture industry, and increased fish meal prices. Further, this region is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the government approval for BSF products to be used in animal feed and pet food; high demand for protein-rich animal feed; large supply of waste, including pre-consumer food waste from agriculture and food and beverage sectors; and presence of supportive policies for BSF farming. Moreover, in terms of volume, in 2023, this region is also expected to command the largest share of the global black soldier fly market.

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