Global Black Soldier Fly Market

Black Soldier Fly Market Size, Share, Growth Analysis, By Product(Protein Meals, Biofertilizers, Chitin/ Chitosan, Others), By Application(Animal Feed, Agriculture, Pet Food, Pharmaceutical), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30H2153 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 67 | Figures: 75

Black Soldier Fly Market News

  • In March 2022, Singapore-based company Protenga Pte Ltd, has raised a debt funding of USD 2 Million from a Singapore capital firm. This capital will be used to develop a new insect-based pet food product under the brand of YumGrubs.
  • In February 2022, Innovafeed announced that it will expand its pet food chain to a commercial scale in the United States thanks to the merger with the pet food company ADM petfoods.
  • In January 2021, Aspire Food Group and its collaborators were awarded approximately USD 13.2 million from Next Generation Manufacturing (NGen) to help construct a cricket protein plant in Canada.
  • In January 2021, EnviroFlight LLC constructed its first commercial production plant in Kentucky, United States, to expand its production of insect protein from black army flies. The construction of this new facility cost approximately USD 32 million.
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FAQs

Based on the application, the black soldier fly market is segmented into animal feed, agriculture, pet food, pharmaceutical, cosmetic, and biofuel.

Decline in fish consumption, poultry, pork, and beef restrains the black soldier fly market, whereas, non-standardized regulatory framework across Europe will challenge market growth.

Black Soldier Fly Market size was valued at USD 180 million in 2019 and is poised to grow from USD 240.66 million in 2023 to USD 3285.39 million by 2031, growing at a CAGR of 33.7% in the forecast period (2024-2031).

The market includes both international and domestic participants. The key players profiled in the global black soldier fly market report are AgriProtein (A Part of Insect Technology Group) (England), Protix B.V. (Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France), EnviroFlight LLC (U.S.), Bioflytech (Spain), Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Sfly (France), Hexafly (Ireland), F4F (Chile), Nutrition Technologies Group (Malaysia), next protein (France), and Protenga Pte Ltd (Singapore), among others. 'AgriProtein Technologies', 'Enterra Feed Corporation', 'Innovafeed', 'EnviroFlight LLC', 'Bioflytech', 'Protix', 'Hexafly', 'Entobel', 'Entofood', 'NextProtein', 'Hermetia Deutschland GmbH & Co. KG', 'Entomotech', 'Entocycle', 'Beta Hatch Inc.', 'Black Soldier Fly Farms', 'Nutrimite', 'Fly Protectors', 'Livin Farms', 'Biofly', 'Entofood (Thailand) Co., Ltd.'

Fish oil and fish meal prices have risen as demand for farmed fish has increased. Insect feed serves as a viable and more profitable protein-rich aqua feed alternative, benefiting market growth as the aquaculture industry expands.

Protein as a food-nutritional component is in high demand because to the growing world population and wellbeing. The use of insect-based protein in the food & beverage market has been growing due to the increasing need for alternative protein among food & beverage makers to meet customers' increasing demand.

Asia-Pacific held the largest share of the global black soldier fly market in 2021. The Asia-Pacific region accounts for the majority of the market, owing to rising meat and seafood consumption, a growing aquaculture industry, increased awareness of BSF as an alternative protein source for use in animal feed, and an increase in fish meal prices.

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Global Black Soldier Fly Market

Report ID: SQMIG30H2153

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