Black Soldier Fly Oil Market Worth $72 Million by 2029 - Meticulous Research
Meticulous
Research®—a leading global market research company, published a research
report titled, ‘Black Soldier Fly Oil
Market by Application (Animal Feed, Pet Food, Cosmetics,
Others), End Use (Animal Nutrition, Human Consumption, Others)—Global Forecast
to 2029’.
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According to this latest publication from
Meticulous Research®, the black soldier fly oil market is expected to grow at
a CAGR of 21.1% from 2022–2029 to reach $72 million by 2029. The growth of
this market is driven by the increasing demand from the animal feed industry
and the growing expansions in emerging & developed economies.
However,
psychological and ethical barriers to consuming black soldier fly oil as food
are expected to hinder the growth of this market to a notable extent.
Additionally, the supply and demand gap of black soldier fly oil for biodiesel
production and pricing competition from alternative ingredients in the
cosmetic industry are some of the challenges for the growth of this market.
The black
soldier fly oil market is segmented based on application, end user, and
geography. The study also evaluates industry competitors and analyses the
market at the country level.
Based on application, the black soldier
fly oil market is segmented into animal feed, pet food, cosmetics, and others.
In 2021, the animal feed segment accounted for the largest share of the global
black soldier fly oil market. The large market share of this segment is attributed
to early regulatory approval of black soldier fly oil for use in animal feed
and the increasing demand for black soldier fly oil as an alternative to
fishmeal and fish oil in animal feed due to the volatile prices of fish oil.
However, the pet food segment is expected to grow at the fastest CAGR during
the forecast period. The rapid growth of this segment is driven by the growing
interest of leading pet food companies in the edible insect space, the
increasing number of product approvals, and the rising number of customers
willing to provide high-quality food to their pets.
Based on end use, the black soldier
fly oil market is segmented into animal consumption, human consumption, and
others. In 2021, the animal nutrition segment accounted for the largest share
of the black soldier fly oil market. The large share of this segment is
attributed to the increasing demand for meat products and innovative &
sustainable feed ingredients. However, the human nutrition segment is expected
to grow at the fastest CAGR during the forecast period due to the rising
demand for insect-based foods to feed the growing global population, the high
nutritional value of black soldier fly oil in human nutrition, and the growing
demand for environment-friendly alternative sources of edible oil.
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Based on geography, the black soldier
fly oil market is segmented into North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. In 2021, Europe accounted for the
major share of the black soldier fly oil market. The large market share of
Europe is attributed to factors such as the high demand for animal feed and
pet food products, the large supply of pre-consumer food waste from the
agriculture and food & beverage sectors, government approvals for black
soldier fly products to be used in animal feed and pet food, increased focus
on product innovation in the cosmetics and food industries, and the presence
of supportive policies for black soldier fly oil farming. This regional market
is also expected to witness significant growth during the forecast period.
Key Players
The key
players operating in the black soldier fly oil market include Protix B.V.
(Netherlands), Enterra Feed Corporation (Canada), InnovaFeed (France),
EnviroFlight LLC (U.S.), Nutrition Technologies Group (Malaysia), Bioflytech
(Spain), Entobel Holding PTE. Ltd. (Singapore), Entofood Sdn Bhd (Malaysia),
SFly (France), Hexafly (Ireland), F4F (Chile), and Protenga Pte Ltd
(Singapore).
Key questions answered in the report-
· What are
the high-growth market segments in terms of application, end use, and country?
· What is
the historical market for black soldier fly oil across the globe?
· What are
the market forecasts and estimates for the period 2022–2029?
· What are
the major drivers, restraints, and challenges in the global black soldier fly
oil market?
· Who are
the major players in the global black soldier fly oil market, and what shares
of the market do they hold?
· Who are
the major players in various countries, and what market shares do they hold?
· How is the
competitive landscape?
· What are
the recent developments in the global black soldier fly oil market?
· What are
the different strategies adopted by the major players in the market?
· What are
the key geographic trends, and which are the high-growth countries?
· Who are
the local emerging players in the global black soldier fly oil market, and how
do they compete with other players?
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