Black Soldier Fly Market to Reach Valuation of USD 1,400 Million by 2028 - Increasing Animal Feed Industry is Driving the Black Soldier Fly Market

Vantage Market Research

Mar 28, 2022

In terms of revenue, the Global Black Soldier Fly Market is expected to reach USD 1,400 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 34.00% from 2022 to 2028.

The market is mainly driven by demand for the black soldier fly in the aquaculture and agricultural sector. Also, rising meat demand and prices of soymeal and increasing support of government bodies to invest in insect meal in livestock feed are the key factors driving the Black Soldier Fly Market.

Key Findings:

  • The protein meal sub-segment from the product segment is anticipated to dominate for Black Soldier Fly Market. The growth in this segment is attributed owing to the increasing use of protein feed for animals, this has huge potential in coming years.
  • The application segment is accounted for the largest market share in 2021. Animal feed is considered to be the most appropriate factor for the growth of the market thus accounting for the segment to growth.
  • Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for black soldier fly protein diet for animals in developing economies such as China and India.

Some of key players in Black Soldier Fly Market include, Protix B.V. (Netherlands), InnovaFeed (France), Enterra Feed Corporation (Canada), EnviroFlight LLC (U.S.), AgriProtein (A Part of Insect Technology Group) (England), Entobel Holding PTE. Ltd. (Singapore), Bioflytech (Spain), Entofood (Malaysia), Hexafly (Ireland), Sfly (France), Nutrition Technologies Group (Malaysia), F4F (Chile), Protenga Pte Ltd (Singapore), and nextProtein (France)..

The Global COVID-19 pandemic has disrupted the workflow in the bio-industry. The virus has forced a number of bio-pharmaceutical and pesticides companies to shut down and various sub-segments of the sector to slow down thus creating an impact on the revenue cycles.

There is an interesting fact about black soldiers flying larvae for human food from certain groups. Currently, products manufactured from black soldier flies are not approved for the human diet. BSFL nutrition is acceptable for human feeding as it contains 42% crude protein and 29% fat, although they are higher in saturated fats. Further, global protein consumption increased by 40% between 2000 and 2018; more than 50% of this increase was driven by Asia. Also, in 2018, the annual per capita average consumption of protein was 26kg, which is projected to grow by 27% to 33kg in 2025. Thus, the higher protein content of BSF has the potential to support the growing demand for protein. Owing to these factors Black Soldier Fly Market is facing certain restraining conditions for the market to flourish.

Asia Pacific is expected to dominate the global Black Soldier Fly Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in the feed industry sector is likely to generate demand in this region for this market to flourish in near future. An increase in R&D for developing new projects in BSF in countries such as China & India is further adding spotlight. Significant improvements in the manufacturing and processing infrastructure, especially in the developing economies, are providing a thrust to the Black Soldier Fly Market growth.