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’.
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.
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.
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).
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