South East Asia Black Soldier Fly Market by Product (Protein Meals, Whole Dried Larvae, Biofertilizers {Frass}, Larvae Oil, Others {Cocoons, Pupa}), by Application (Animal Feed, Agriculture, Pet Food, Others), and Country - Forecast to 2033

The South East Asia Black Soldier Fly Market is slated to register a CAGR of 21.9% from 2024 to 2033 to reach $137.8 million by 2033. The growth of the South East Asia black soldier fly market is mainly attributed to the growing aquaculture industry, increasing demand for alternative proteins due to rising fish and soy meal prices, rising meat demand, and environmental sustainability with the production and consumption of alternative protein. Furthermore, the rising investment in insect-based processing companies is expected to create market growth opportunities. However, the limited acceptance and approvals for BSFL to be incorporated into the human diet and psychological and ethical barriers to consuming insects as food are expected to hinder the growth of this market to some extent. However, the high cost of skilled labor and the availability of cheaper substitutes are a challenge for market growth.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants in the industry. Some of the key players operating in the South East Asia black soldier fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Malaysia), nextProtein (France), Hexafly (Ireland), SFly Comgraf SAS (France) Entobel Holding PTE. Ltd. (Singapore), Entofood (Malaysia), Insectta (Singapore), and Protenga Pte. Ltd. (Singapore).

Growing Aquaculture Industry

Over the last decade, many developing countries in Asia witnessed enormous growth in the aquaculture sector. For instance, according to the Food and Agriculture Organization (FAO), in South East Asia, aquaculture supply growth will increase by 50—100% from 2010 to 2030. Nutrition and feeding play a central and essential role in the sustained development of aquaculture. Hence, fertilizers and feed resources continue to dominate aquaculture needs. In fish farming, nutrition is critical because feed represents 40-50% of the production costs. Fish nutrition has advanced drastically in recent years with the development of new balanced commercial diets that promote optimal fish growth and health. The essential nutrients for fish growth are amino acids, fatty acids, vitamins, minerals, and energy-yielding macronutrients (protein, lipid, and carbohydrate).

BSF larvae contain high amounts of protein (~40%) and have a well-balanced profile of essential amino acids such as BSF is rich in methionine and lysine (9.05 and 22.3 g/kg DM, respectively). Therefore, it can be used as an alternative source of protein for fish feed. Owing to these factors, some countries have approved insect-based meals, such as BSFL, for aqua feed applications. For instance, In Singapore, the larvae have gotten the Singapore Food Agency's attention (SFA), which has approved their use as fish food.

Thus, the growing aquaculture industry and government approval for the insect as aqua feed boost the demand for BSF in the aquaculture industry.

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Key Findings in the South East Asia Black Soldier Fly Market Study

In 2024, the Protein Meals Segment to Dominate the South East Asia Black Soldier Fly Market

Based on product, the South East Asia black soldier fly market is segmented into protein meals, whole dried larvae, biofertilizers (frass), larvae oil, and other products. In 2024, the protein meals segment is expected to account for the largest share of the South East Asia black soldier fly market. The large market share of this segment is attributed to the rising aquaculture industry, increased fish meal and soy meal prices, and government support and approval for an insect meal containing higher indispensable amino acid contents than other meal types (contents closely related to fish meal) to be used in animal feed. This segment is also expected to register the fastest CAGR during the forecast.

In 2024, the Animal Feed Segment to Dominate the South East Asia Black Soldier Fly Market

Based on application, the South East Asia black soldier fly market is segmented into animal feed, agriculture, pet food, and other applications. In 2024, the animal feed segment is expected to account for the largest share of the South East Asia black soldier fly market. The large market share of this segment is attributed to the growing demand for meat products, rising soy meal prices, early government approval for the BSF to be used as a feed ingredient, and rising product innovation from animal feed companies. This segment is also expected to register the fastest CAGR during the forecast.

Malaysia Dominates the South East Asia Black Soldier Fly Market

The South East Asia black soldier fly market is segmented into: Malaysia, Vietnam, Thailand, Singapore, Indonesia, and the Rest of South East Asia. In 2024, Malaysia is expected to account for the largest share of the South East Asia black soldier fly market. The large market share of this country is attributed to the growing population and increasing demand for animal protein, the rising number of start-ups in the Malaysian BSF sector, and the increasing demand for BSFL in pet food. However, it is also slated to register the highest CAGR during the forecast period.

Scope of the Report:

South East Asia Black Soldier Fly Market Assessment, by Product

• Protein Meals
• Whole Dried Larvae
• Biofertilizers (Frass)
• Larvae Oil
• Other BSF Products

South East Asia Black Soldier Fly Market Assessment, by Application

• Animal Feed
• Agriculture
• Pet Food
• Other Applications

South East Asia Black Soldier Fly Market Assessment, by Country

• Malaysia
• Vietnam
• Thailand
• Singapore
• Indonesia
• Rest of South East Asia

Key Questions Answered in the Report: