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Black Soldier Fly Oil Market
Black Soldier Fly Oil Market by Application (Animal Feed, Pet Food, Cosmetics, Others), End Use (Animal Nutrition, Human Consumption, Others) - Global Forecast to 2029
Report ID:MRFB - 104584 Pages: 130 Apr-2022 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 HoursThe Black Soldier Fly (BSF) 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. 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.
Impact of COVID-19 on the Black Soldier Fly Oil Market
The outbreak of the COVID-19 pandemic has had a significant impact on public health and all stages of the supply chain and various industries. Since the COVID-19 outbreak in December 2019, the disease has spread worldwide, with the World Health Organization declaring it a public health emergency. The global impacts of the COVID-19 significantly affected the black soldier fly oil market in 2020.
As the governments of various countries across the globe implemented nationwide lockdowns and stay-at-home orders, many farmers resorted to panic-buying of animal feed in anticipation of potential shortages. Several concerns, such as truck shortages, reduced deliveries, and employees contracting COVID-19, compelled farmers to stock their animal feed supplies. In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia escalated due to governments' strict restrictions and measures to curb the spread of the outbreak. Furthermore, the consumption of fish, poultry, pork, and beef is expected to decline in Southeast Asian economies through the second quarter of 2021. Thus, the decline in fish consumption, poultry, pork, and beef is expected to decrease black soldier fly oil demand in the market.
The nationwide lockdowns to curb the spread of the outbreak impacted the movement of vehicles carrying livestock, feed, and feed ingredients. During the pandemic, farmers were concerned about slowing down or stopping slaughterhouse operations; hence, they kept their animals longer due to lower demand, requiring them to use more feed than usual. Purina Animal Nutrition LLC, which uses black soldier fly as a feed ingredient, witnessed a slight increase in its livestock business sales. In addition, Cargill reported that its global feed sales volume increased by 10% or more in March 2020. Thus, the rising preference for alternative ingredients over other animal-based ingredients and immunity boosters after the outbreak of the COVID-19 pandemic has created a new wave of interest in black soldier fly oil.
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Expansions in Emerging & Developed Economies Drive the Growth of the Black Soldier Fly Oil Market
Over the recent years, there has been a significant increase in the demand for high-quality meat in emerging economies, such as Southeast Asia, the Middle East & Africa, and Latin America, mainly attributed to the population growth in Asia and Africa and increasing urbanization. According to FAO, the global meat production is projected to expand to around 48 metric tons by 2025, predominantly in developing countries, accounting for approximately 73% of the total production. Thus, to fulfill this demand, meat producers are continuously focusing on improving the meat's production and quality with the help of high-quality ingredient-containing feed. Such factors are leading meat producers towards the adoption of BSF-derived oil. Hence, the high demand for BSF feed-in emerging economies encourages BSF oil producers to invest in developing countries.
In addition, the significant growth opportunities presented by emerging economies have resulted in major market players expanding in this market. For instance, in June 2019, Protix (Netherlands) opened the largest insect farm in Bergen, Netherlands, to build insect industry leadership. Furthermore, in March 2021, Nutrition Technologies opened an insect protein factory in Johor, Malaysia.
Thus, growing expansions in the emerging and developed economies are expected to provide lucrative growth opportunities for black soldier fly oil stakeholders.
Key Findings in the Global Black Soldier Fly Oil Market Study:
Animal Feed Segment Dominated the Black Soldier Fly Oil Market in 2021
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.
Animal Nutrition Segment Dominated the Black Soldier Fly Oil Market in 2021
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.
Europe Dominated the Black Soldier Fly Oil Market in 2022
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).
Scope of the report
Black Soldier Fly Oil Market, by Application
- Animal Feed
- Pet Food
- Cosmetics
- Others
Black Soldier Fly Oil Market, by End Use
- Animal Nutrition
- Human Consumption
- Others
Black Soldier Fly Oil Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Netherlands
- France
- U.K.
- Germany
- Finland
- Denmark
- Belgium
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- South Korea
- Japan
- Malaysia
- Vietnam
- Thailand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
Key Questions Answered in the Report-
Europe is expected to witness significant growth during the forecast period. The growth of this regional market is driven by the high demand for animal feed and pet food products, the large supply of pre-consumer food waste from agriculture and food and beverage sectors, government approvals for BSF products to be used in animal feed and pet food, increased focus on product innovation in cosmetics and food industry, and the presence of supportive policies for black soldier fly oil farming.
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 pet food segment is expected to offer more traction in the black soldier fly oil market. This segment is expected to grow at the highest CAGR during the forecast period of 2022–2029. 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
This market is driven by increasing demand from the animal feed industry and 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 major challenges for the growth of this market.
The key players operating in the global 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).
1. Introduction
1.1. Market Definition
1.1. Market Ecosystem
1.2. Currency
1.3. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.1.1. Bottom-up Approach
2.3.1.2. Top-down Approach
2.3.1.3. Growth Forecast
2.4. Assumptions for the Study
2.5. Limitations of the Study
3. Executive Summary
3.1. Introduction
3.2. Segment Analysis
3.2.1. Black Soldier Fly Oil Market: Application Analysis
3.2.2. Black Soldier Fly Oil Market: End Use Analysis
3.3. Black Soldier Fly Oil Market: Regional Analysis
3.4. Competitive Landscape & Market Competitors
4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Increasing Demand from Animal Feed Industry
4.2.2. Growing Expansions in Emerging & Developed Economies
4.3. Restraints
4.3.1. Psychological and Ethical Barriers to Consuming BSF Oil as Food
4.4. Challenges
4.4.1. Supply and Demand Gap of BSF Oil for Biodiesel Production
4.4.2. Pricing Competition from Alternative Ingredients in the Cosmetic Industry
4.5. Regulatory Analysis
4.5.1. U.S.
4.5.2. Europe
4.5.3. Japan
4.5.4. China
4.6. Cost Analysis
4.6.1. BSF Products Production Cost Assessment
4.6.1.1. Production Cost
4.6.1.2. Equipment Maintenance
4.6.2. Cost of BSF Oil Vs.. Synthetic/Natural Equivalents
4.7. BSF Oil Production Assessment
4.7.1. Organic Waste Required Vs. BSF Oil Yield Ratio (Tons/Ton)
4.7.2. BSF Oil Yield Vs. Land Area Ratio (Tons/Hectare)
4.8. Key BSF Oil Manufacturing Companies and their Production Capacities (Tons/Year)
4.9. Challenges With the BSF Insect Oil Business Model
4.9.1. Lower Quality Products
4.9.2. High Cost of Skilled Labor
4.9.3. Ambiguous Regulatory Legislation
4.10. Characteristics of the Oil Produced- Saturated Vs. Unsaturated, Linear Vs. Branched Chain
4.11. Application Areas of BSF Products (Other than Insect Oil), by Product
4.11.1. Protein Meal
4.11.2. Chitin
4.11.3. Fertilizer
4.11.4. Others
4.12. Insights on Animal Rights Issues Assessment for Insects
4.13. Insights on Risk of Disease Transmission from BSF
5. Life Cycle Analysis
5.1. BSF Rearing & Processing (Life Cycle Analysis) Vs.. Palm & Other Crop Oil Productions
5.1.1. BSF Rearing & Processing
5.1.2. Palm & Other Crop Oil Productions
6. Impact of COVID-19 On the Black Soldier Fly Oil Market
7. Black Soldier Fly Oil Market, by Application
7.1. Introduction
7.2. Animal Feed
7.3. Pet Food
7.4. Cosmetics
7.5. Others
8. Black Soldier Fly Oil Market, by End Use
8.1. Introduction
8.2. Animal Nutrition
8.3. Human Consumption
8.5. Others
9. Black Soldier Fly Oil Market, by Geography
9.1. North America
9.1.1. U.S.
9.1.2. Canada
9.2. Europe
9.2.1. Netherlands
9.2.2. France
9.2.3. U.K.
9.2.4. Germany
9.2.5. Finland
9.2.6. Denmark
9.2.7. Belgium
9.2.8. Rest of Europe (RoE)
9.3. Asia-Pacific (APAC)
9.3.1. China
9.3.2. South Korea
9.3.3. Japan
9.3.4. Malaysia
9.3.5. Vietnam
9.3.6. Thailand
9.3.7. Rest of Asia-Pacific (RoAPAC)
9.4. Latin America
9.5. Middle East & Africa
10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
11. Company Profiles (Includes Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
11.1. Protix B.V.
11.2. Enterra Feed Corporation
11.3. InnovaFeed
11.4. Enviroflight LLC
11.5. Nutrition Technologies Group
11.6. Bioflytech
11.7. Entobel Holding PTE. Ltd.
11.8. Entofood Sdn Bhd
11.9. SFly
11.10. Hexafly
11.11. F4F
11.12. Protenga Pte Ltd
12. Appendix
12.1. Questionnaire
12.2. Available Customization
List of Tables
Table 1 Black Soldier Fly Oil Market Drivers: Impact Analysis (2021–2028)
Table 2 Black Soldier Fly Oil Market Restraints: Impact Analysis (2021–2028)
Table 3 Average Cost of Daily Production for BSF Products, by Farm Capacity, by Region, 2021 (USD)
Table 4 Average Cost of Equipment Maintenance of BSF Oil, by Farm Capacity, by Region, 2021 (USD)
Table 5 Cost of BSF Oil Vs. Synthetic/Natural Equivalents, 2020–2021 (USD/Ton)
Table 6 Average Selling Prices of BSF Oil, by Country/Region, 2018–2030 (USD/Ton)
Table 7 Tons of BSF Oil Production by BSF Farms Per Capacity of Organic Waste Processing Per Day (In Ton)
Table 8 Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 9 Black Soldier Fly Oil Market Size for Animal Feed, by Country/Region, 2019–2028 (USD Thousand)
Table 10 Black Soldier Fly Oil Market Size for Pet Food, by Country/Region, 2019–2028 (USD Thousand)
Table 11 Black Soldier Fly Oil Market Size for Cosmetics, by Country/Region, 2019–2028 (USD Thousand)
Table 12 Black Soldier Fly Oil Market Size for Other Applications, by Country/Region, 2019–2028 (USD Thousand)
Table 13 Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 14 Black Soldier Fly Oil Market Size for Animal Nutrition, by Country/Region, 2019–2028 (USD Thousand)
Table 15 Black Soldier Fly Oil Market Size for Human Consumption, by Country/Region, 2019–2028 (USD Thousand)
Table 16 Black Soldier Fly Oil Market Size for Other End Uses, by Country/Region, 2019–2028 (USD Thousand)
Table 17 Black Soldier Fly Oil Market Size, by Country/Region, 2019–2028 (USD Thousand)
Table 18 North America: Black Soldier Fly Oil Market Size, by Country, 2019–2028 (USD Thousand)
Table 19 North America: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 20 North America: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 21 U.S.: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 22 U.S.: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 23 Canada: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 24 Canada: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 25 Europe: Black Soldier Fly Oil Market Size, by Country, 2019–2028 (USD Thousand)
Table 26 Europe: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 27 Europe: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 28 Netherlands: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 29 Netherlands: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 30 France: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 31 France: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 32 U.K.: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 33 U.K.: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 34 Germany: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 35 Germany: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 36 Finland: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 37 Finland: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 38 Denmark: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 39 Denmark: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 40 Belgium: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 41 Belgium: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 42 Rest of Europe: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 43 Rest of Europe: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 44 Asia-Pacific: Black Soldier Fly Oil Market Size, by Country, 2019–2028 (USD Thousand)
Table 45 Asia-Pacific: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 46 Asia-Pacific: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 47 China: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 48 China: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 49 South Korea: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 50 South Korea: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 51 Japan: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 52 Japan: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 53 Malaysia: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 54 Malaysia: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 55 Vietnam: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 56 Vietnam: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 57 Thailand: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 58 Thailand: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 59 Rest of Asia-Pacific: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 60 Rest of Asia-Pacific: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 61 Latin America: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 62 Latin America: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
Table 63 Middle East & Africa: Black Soldier Fly Oil Market Size, by Application, 2019–2028 (USD Thousand)
Table 64 Middle East & Africa: Black Soldier Fly Oil Market Size, by End Use, 2019–2028 (USD Thousand)
List of Figures
Figure 1 Market Ecosystem
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 7 Market Sizing and Growth Forecast Approach
Figure 8 Pet Food to Witness Significant Growth in the Black Soldier Fly Oil Market during 2021–2028
Figure 9 Human Consumption to Witness Significant Growth in the Black Soldier Fly Oil Market during 2021–2028
Figure 10 Black Soldier Fly Oil Market Scenario, by Geography, 2021
Figure 11 Market Dynamics
Figure 12 Regulation Status for the use of BSF Insect Oil in Animal Feed and Other Emerging Applications, by Country/Region
Figure 13 Cost of BSF Oil Vs. Synthetic/Natural Equivalents, 2020–2021 (USD/Ton)
Figure 14 Percentage of Saturated and Unsaturated Fatty Acid in Larvae, in Relation to Larval Weight.
Figure 15 BSF Oil Saturated Vs. Unsaturated Fatty Acid Content (In Percentage)
Figure 16 Application Areas of BSF, by Product
Figure 17 Steps Involved in BSF Rearing & Processing
Figure 18 Life Cycle Analysis of the BSF
Figure 19 Processing of BSF Insect Oil
Figure 20 Oil Palm Tree Life Cycle Analysis
Figure 21 Animal Welfare Standards in the Europe, 2019
Figure 22 Black Soldier Fly Oil Market Size, by Application, 2021–2028 (USD Thousand)
Figure 23 Black Soldier Fly Oil Market Size, by End Use, 2021–2028 (USD Thousand)
Figure 24 Black Soldier Fly Oil Market Size, by Region, 2021–2028 (USD Thousand)
Figure 25 Key Growth Strategies Adopted by Leading Players, 2019–2022
Figure 26 Black Soldier Fly Oil Market: Competitive Benchmarking, by Application
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