Data Bridge Market Research analyses that the black soldier fly market will project a compound annual growth rate (CAGR) of 34.7% during the forecast period of 2022-2029 and is likely to reach USD 49.63 billion in 2029.
Black soldier fly bugs (BSFL) are used to compost waste or convert the waste into animal feed. Fly grubs are among the most operative animals at converting biomass into feed.
Increasing global meat demand, growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins is the major factor accelerating the growth of the black soldier fly market. Furthermore, rising prices of soymeal, growing government support for the use of insect meal in livestock feed, and growing investment by key players in the BSF industry are also expected to drive the growth of the black soldier fly market. However, 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.
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Some of the major players operating in the black soldier fly market report are Applied Bio-nomics Ltd., Biobest, Bioline AgroSciences Ltd., Fargro ltd, Andermatt Biocontrol AG, ARBICO Organics, BioBee Sde Eliyahu, Biological Services., Dudutech, NATURAL INSECT CONTROL, Tip Top Bio-Control, Beneficial Insectary, Inc., Bionema Limited, Koppert Biological Systems, Bionema, Vegalab SA, STK bio-ag technologies, Andermatt Biocontrol AG, Koppert Biological Systems, Corteva, and Bayer AG among other.
Scope of the Black Soldier Fly Market Report:
The black soldier fly market is segmented on the basis of product and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on the product, the black soldier fly market is segmented into protein meal, biofertilizers, frass, whole dried larvae, larvae oil, others. Others are further segmentation into live, larvae, adult, cocoon, and pupa.
- Based on the application, the black soldier fly market is segmented into animal feed, agriculture, pet food, pharmaceutical, cosmetic, and biofuel.
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Black Soldier Fly Market Regional Analysis/Insights
The Black Soldier Fly market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the Black Soldier Fly market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for fiber cement Black Soldier Fly within the region. Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prominent presence of fiber cement Black Soldier Fly market players within the region. Moreover, the high requirement for the residential and commercial building construction also boosts the regional demand.
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