The latest market report published by Credence Research, Inc. “Global Black Soldier Fly Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global black soldier fly market generated revenue of around USD 541.5 million in 2022 and is anticipated to grow a CAGR of over 32.5% during the forecast period from 2023 to 2030 to reach around USD 3882.4 billion in 2030.
Insects are protein-rich and environmentally friendly. Mass-reared insect species like the black soldier fly may feed on diverse surfaces, including organic waste streams, attracting curiosity. BSF’s capacity to transform organic waste into high-quality nutrients has accelerated commercial prospects like protein meal, a cheaper alternative to fishmeal and soybean meal for pig, poultry, and fish feeds. The FDA found that broiler quails and chickens had good flavor, aroma, and nutrition when soybean and fishmeal were replaced with BSF larvae meal in quantities from 10 to 56%. BSF oil benefits piglets, according to Van Heugten, Martinez, McComb, and Koutsos (2019). BSF oil at 6% in the diets of 21-day-old nursery piglets is better than maize oil, another soybean oil alternative.
The global black soldier fly market is bifurcated into product type, application, and geography. Based on product type, the market is categorized into protein meal, biofertilizers (frass), whole dried larvae, larvae oil, and others (live, larvae, adult, cocoon, & pupa). On the basis of application, the global market is segmented into animal feed, agriculture, pet food, and others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, European dominated the global black soldier fly market and accounted for a major market revenue share in terms of value. The growing aquaculture sector, interest in alternative protein sources for animal feed, and rising fish meal prices account for the market share. The region’s rapid expansion is due to the high demand for protein-rich animal feed, the amount of garbage, especially pre-consumer food waste from the food and beverage industry, the government’s approval of BSF products for pet food and animal feed, and BSF farming rules.
The Black Soldier Fly Market major players analysis is an in-depth study of the top companies dominating this emerging market. The report delves into the key strategies and growth drivers adopted by these players to maintain their position in the industry. It analyzes the latest trends, challenges, and opportunities that are influencing their performance, including advancements in technology, changing consumer preferences, and regulatory developments. The report also examines the competitive landscape of the market through detailed profiles of each player’s business operations, financials, product offerings, and recent developments. Overall, this analysis provides valuable insights for investors looking to invest in this burgeoning sector or businesses seeking partnerships with leading firms in Black Soldier Fly farming and production.
The black soldier fly market has been growing steadily worldwide in recent years, driven by the increasing demand for sustainable and environmentally friendly solutions in the agriculture and waste management industries.
- One major factor driving the growth of the black soldier fly market is the use of the larvae as a protein-rich feed for livestock and aquaculture. As the demand for meat and fish protein continues to rise globally, the need for alternative protein sources has become more pressing. Black soldier fly larvae are a promising solution, as they are highly nutritious and can be grown using organic waste as a feed source, making them a sustainable and cost-effective option.
- In addition to their use as a feed source, black soldier flies and their larvae are also being explored for their potential in other industries, such as bioconversion and bioremediation. For example, they can be used to convert organic waste into compost, as well as to break down pollutants in contaminated soils.
- Overall, the black soldier fly market is expected to continue to grow in the coming years, driven by the increasing demand for sustainable and innovative solutions in various industries.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global black soldier fly market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global black soldier fly market segmentation based on product type and application
- Major countries in each region with their import/export statistics
- The global black soldier fly market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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