Global Black Soldier Fly Market to Hit Sales of $1437.56 Million by 2028 | Black Soldier Fly is Being Looked at as Sustainable Source of Livestock Feed Protein
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).
Westford, USA, Dec. 07, 2022 (GLOBE NEWSWIRE) — The black soldier fly market is still in its early stages, but SkyQuest is optimistic about its potential. The main drivers of this industry are the increasing global demand for protein and the need for sustainable and environmentally friendly livestock feed. The black soldier fly is a uniquely efficient producer of protein, able to convert organic waste into a high-quality product. This makes it an ideal candidate for large-scale industrial production.
Our analysts believes that the black soldier fly market has strong growth potential and could be worth billions of dollars within a decade. However, there are some challenges that need to be addressed in order to realize this potential. These include developing efficient and sustainable mass-production methods, ensuring regulatory compliance, and building consumer trust in the quality of the products. If these challenges can be overcome, the black soldier fly industry has the potential to make a significant contribution to solving some of the world’s most pressing problems, such as food insecurity and environmental degradation.
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Black Soldier Fly Market is Being Looked at as Sustainable Source of Livestock Feed Protein
In 2022, SkyQuest published analysis of black soldier fly market. The study investigated the potential of black soldier fly (BSF) as a sustainable and efficient protein source for livestock feed. BSF is a native species to tropical and subtropical regions of Africa, Asia, and Australasia. It has been shown to be an efficient converter of organic waste into high-quality protein, making it a potential alternative to soybeans and other conventional protein sources in livestock feed.
In the study, we analyzed data from 20 commercial black soldier fly farms in six countries (Brazil, Cambodia, China, Ghana, Kenya, and Vietnam) to assess the economic feasibility of large-scale BSF production in the global black soldier fly market. The study found that BSF can be produced profitably at large scale, with an estimated cost of US$0.60-0.70 per kg of dry matter (DM). This makes BSF one of the most cost-effective protein sources available for livestock feed. It is also found that BSF production has a number of other benefits, including improved soil health due to the fly’s ability to breakdown organic matter, and reduced greenhouse gas emissions due to its relatively low carbon footprint. Overall, SkyQuest’s analysis shows that BSF has great potential as a sustainable and efficient source of protein for livestock feed.
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SkyQuest’s Trends Analysis of Global Black Soldier Fly Market
Global black soldier fly market is currently in a state of flux, with a number of conflicting trends emerging. On the one hand, the industry is seeing rapid growth in both Europe and North America, driven by increasing interest in the use of black soldier fly larvae as a sustainable and environmentally friendly source of animal feed. However, this growth is being offset by a slowdown in Asia, where the use of black soldier fly larvae has traditionally been more prevalent.
There are a number of factors driving these trends. In Europe and North America, the rise in popularity of black soldier fly larvae as animal feed is being driven by growing awareness of the environmental benefits of using sustainable and environmentally friendly sources of feed. In Asia, however, the slowdown in the use of black soldier fly larvae is thought to be due to a combination of factors, including economic slowdown and changes in government policy.
Whatever the cause, these trends are likely to have a significant impact on the black soldier fly market over the coming years. Those companies that can adapt to the changing landscape will be best placed to succeed in this rapidly evolving market.
As the world population continues to grow, so does the demand for food. This has led to an increase in the amount of food waste produced each year. One way to reduce food waste is to utilize black soldier fly larvae to convert the waste into a valuable resource. The black soldier fly industry is thus booming, with new companies and products emerging every day. To keep up with the latest trends, we’ve analyzed the black soldier fly industry to identify key areas of growth.
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Followings are some of the key trends in the global black soldier fly market:
- Increasing demand for environmentally-friendly products: The black soldier fly is a sustainable and environmentally friendly alternative to other methods of waste disposal and manure management. As consumers become more aware of the environmental impact of their choices, the demand for black soldier fly products is likely to continue to grow.
- Advances in technology: Newer, more efficient technologies are being developed in the global black soldier fly market to rear and process black soldier flies. These advances will help to increase production and reduce costs, making black soldier fly products more accessible to consumers.
- Growing market for animal feed: Black soldier flies are a versatile ingredient in animal feed, providing essential nutrients and proteins. The increasing popularity of insect-based feeds is likely to drive further growth in the black soldier fly industry.
- Increased use in aquaculture: Black soldier fly larvae are an excellent source of food for fish and other aquatic animals in the black soldier fly market. As aquaculture becomes more widely adopted, the demand for black soldier fly products is expected to increase.
- Potential new applications: Researchers are exploring new ways to use black soldier flies, such as using their digestive enzymes to break down plastics or as a natural pest control method. If these applications prove successful, it could open up even more markets for black soldier fly products.
Major Players in the Global Black Soldier Fly Market
- AgriProtein (A Part of Insect Technology Group) (UK)
- Protix B.V. (Netherlands)
- Enterra Feed Corporation (Canada)
- InnovaFeed (France)
- EnviroFlight LLC (US)
- Bioflytech (Spain)
- Entobel Holding PTE. Ltd. (Singapore)
- Entofood (Malaysia)
- Sfly (France)
- Hexafly (Ireland)
- F4F (Chile)
- Nutrition Technologies Group (Malaysia)
- NextProtein (France)
- Protenga Pte Ltd (Singapore)
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