Global Black Soldier Fly Market, By Product, By Application, and Region - Forecast Analysis 2022-2028

Global Black Soldier Fly Market is valued at USD 175.76 million in 2021, and it is anticipated to attain a value of USD 1,437.56 million by 2028, at a CAGR of 35.10% over the forecast period (2022-2028).

The primary driver accelerating the growth of the black soldier fly market is an increase in global demand for meat, a booming aquaculture industry, and an increase in demand from the animal feed industry for alternative proteins. The market for black soldier flies is also anticipated to grow as a result of rising soymeal prices, expanding government support for using insect meal as livestock feed, and expanding investment by major BSF industry players. The black soldier fly market is constrained, though, by a decline in the consumption of fish, poultry, pork, and beef.

Top-down and bottom-up approaches were used to estimate and validate the size of Global Black Soldier Fly market used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. 

Segments covered in this report:

Global Black Soldier Fly Market is segmented based on Product, Application, and Region. Based on the Product it is categorized into Protein Meals, Biofertilizers, Chitin/ Chitosan, and Others. By Application, the market studied is segmented into Animal Feed, Agriculture, Pet Food, Pharmaceutical, Cosmetic, and Biofuel. Based on the Region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Insect consumption as a source of animal protein is becoming more popular, drawing attention to this trend. Cost-effectiveness is a major factor in why people choose these as meat substitutes for animals. Insects are present in food because of their benefits to human health, the economy, and the environment. An expanded focus on insects is one of many tactics being used to ensure animal feed security on a global scale. In comparison to other conventional feed products, insects have a high protein content and excellent production efficiency.

Restraint

The development of the overall black soldier fly market is hampered by elements like a non-uniform regulatory framework in Europe and the limited acceptance and approvals for the incorporation of BSFL into the human diet. The growth of this market is further hampered by the availability of less expensive alternatives, the high cost of skilled labor, and the risk of disease transmission from BSF.

Market Trends

For today's consumers, protein is everywhere-in the next-generation plant-based meats, on-the-go protein snacks, and dairy protein that is bioactive for athletic performance. The functional advantages of various proteins, dietary protein diversity, and new protein sources are all contributing to consumers' growing interest in protein, which is creating new economic opportunities.