Black Soldier Fly Market Forecast and CAGR
According to the latest research by Fact.MR, the black soldier fly market is set to witness substantial growth during the forecast period 2021-2031. Increasing demand for high protein sources in the feed industry coupled with the thriving need for sustainable and cost-effective nutrition to serve the same will offer high growth opportunities for the market.
What is Driving Demand for Black Soldier Fly?
Increasing demand for farmed fish has led to a rise in fish oil and fish meal prices. Insect feed serves as a viable and more profitable protein-rich aqua feed alternative thus benefiting the growth of the market with the expansion of the aquaculture industry.
Consumer-oriented demands in meat quality have motivated the meat producers to concentrate on the nutritional aspects of livestock rearing as it controls several aspects of meat quality. As a dry product, black soldier fly contains 50% to 80% of protein, which is added to the animal nutrition value. It also contains amino acids, which are highly digestible for animals. Thus, increased efforts to upgrade the quality of meat through nutrient-infused feed will proliferate sales for insect for use in animal feed.
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Rising Acceptance of Insects as High Protein Source for Animal Feed
In the light of worsening resource shortage, several feed items are increasingly being proposed as alternatives with insects receiving the most attention. The appearance of insects in feed is attributable to their nutritional, economic, and environmental value. The increased scrutiny of insects is part of multifaceted strategies for achieving global feed security for animals. Insects have high protein content and excellent production efficiency compared to other conventional feed products.
Black soldier fly needs four times less feed than sheep, 12 times less than cattle, and half as much as broiler chickens and pigs to produce the same amount of protein. Replacement of fish meal with dried insect has shown an increase in egg production by 2.4%. Thus, with the high protein content insects are increasingly gaining popularity among animal rearers as an efficient alternative to high-cost protein sources.
FAO states that insects contain high-quality protein, amino acids, vitamins, calcium, zinc, and iron
COVID-19 outbreak created anxious situation among the animal nutrition manufacturers due the trade barriers, but the steady demand from the animal feed industry has minimal impact on the insect market. The higher demand pattern for cost-effective sustainable solution is expected to offer significant growth for the insect industry. Disruption in the agriculture and trading activities may lead to fluctuation in agri-commodity prices thus positively impacting the growth of the edible insects for offering proteins to animals.
US and Canada Black Soldier Fly Market Outlook
According to U.N., the worldwide livestock industry is responsible for 14.5% of global greenhouse emissions. The production of insects is known to be around 20 times more efficient as a protein source as it produces 80 times less methane. Thus, demand is expected to be steady with increasing government’s efforts in the US towards including sustainable products for animal feed.
Demand for black soldier fly in U.S. and Canada market will be led by highlighted manufacturers’ interest in increasing their market share in this industry. With increased focus on the potential of insects for animal feed in the near future, many manufacturers in the U.S. have increased their production capacity and many are in process of increasing.
Investors have also identified insect-based animal feed products to be a lucrative prospect for increased profits. Thus, increased investment by investors has enabled manufacturers to increase production capacities to cater to the increasing demand for insects. This growing interest and increasing production capacities of the manufacturers is expected to drive substantial growth for insect-based animal feed in U.S. and Canada during the forecast period.
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Europe Demand Outlook for Black Soldier Fly
The European market has undergone a rapid growth for edible insects during the last years, especially after the EU commission allowed the use of insects in feed for pets and aquaculture animals starting from July 2017. Several start-ups, small/medium enterprises, and a few large-scale companies were founded across Europe with the aim of improving insect rearing methods which attracted the interest of important investors.
The International Platform of Insects for Food and Feed, an EU non-profit organization, promotes the use of insects and insect-derived products as a source of nutrients for human consumption and animal feed. In 2019, its member companies raised US$ 685 Mn to produce more than 6000 tons of insects in 2019. Thus, increasing commercialization of edible insect for animal feed in Europe is expected to benefit the market growth of the black soldier fly market.
Who are the Key Manufacturers and Suppliers of Black Soldier Fly?
Some of the leading manufacturers and suppliers operating in the black soldier fly market include AgriProtein Holdings Ltd
- Entomo Farms
- Beta Hatch
- Nutritional Technologies Group
- Hexafly Biotech
- HiProMine S.A.
- Enterra Feed Corporation.
Key manufacturers like AgriProtein Holdings Ltd, and others are focusing on expansion of their production facilities as well as strategic alliances/partnerships with regional feed manufacturers in Western Europe, Asia Pacific, and the Middle East, to increase their market presence and product offerings in the global market.
Additionally, manufacturers including Nutrition Technologies Group, HiProMine S.A are introducing novel techniques and methods for black soldier fly raising and breeding to improve the quality of their products as well as increase the production. Companies are investing in R&D intending to develop competitive and adaptable insect production and processing technologies.
An Adaptive Approach to Modern-day Research Needs
Black Soldier Fly Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Product Type,
- Protein Meal
- Whole Dried Larvae
- Larvae Oil
- Others (Live, Larvae, Cocoon, & Pupa)
- Animal Feed
- Pet Food
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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