As stated in our extensive report, providing insights on products and procedures the Global Black Soldier Fly Market accounted for USD 180 Million in 2021.
Black Soldier Fly is a revolutionary insect species that provides a solution to the feed industry with an alternative meal source. Black Soldier Fly Larvae (BSFL) can grow on any organic waste and convert the manure into high protein and lipids. As it is rich in protein (40-44%) and lipid (7-36%), it emerges as the cheaper protein alternative source for animal feed applications. Moreover, high-quality chitin can be derived from the defatted BSF exoskeleton, which is also one of the fastest-growing.
Recently, almost two billion people all over the world include insects as part of their diet. This so-called “entomophagy”, the consumption of insects by humans, is not very common in western culture, and mainly occurs in tropical countries. The current western insect industry is mainly represented by small and medium-sized companies. A lot of these companies are start-ups; only a few are long-established companies. The companies that have been around for a longer period of time mainly supply hobby-pet shops and zoos to feed reptiles and amphibians.
Furthermore, the increase in meat demand, rising aquaculture industry, and high demand from the animal feed industry are the major factors driving the Black Soldier Fly Market. Also, growing government support for the use of insect meal in livestock feed, and investment by key market players in the black soldier fly industry are the factors fueling the Black Soldier Fly Market growth during the forecast period.
Europe is expected to grow at the fastest CAGR in the coming years owing to the high demand for black soldier flies in the aquatic and agricultural sectors.Additionally, this region has the most advance manufacturing facilities which are boosting the market to growth. Countries such as U.S. & Canada are considered to be the most developed countries in the field of black soldier fly harvesting technology. Also, subsidies passed by the government authorities to produce bioproducts using BSF harvesting are further fueling the market demand in this region. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of BSF harvesting technology. North America held the largest share of the Black Soldier Fly Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Black Soldier Fly Market such as 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)..