The Black Soldier Fly Market was valued at $0.27 billion in 2023. This market is expected to reach $3.96 billion by 2033 from an estimated $0.35 billion in 2024, at a CAGR of 31.0% during the forecast period 2024-2033
Black Soldier Fly Market Size & Forecast
The growth of the black soldier fly market is mainly driven by rising global meat demand, growing aquaculture industry, increasing demand from the animal feed industry for alternative proteins due to rising prices of soymeal and fishmeal, and increasing government support for the application of insect meal in livestock feed. In addition, expansions in developed and emerging economies are expected to offer significant opportunities for the growth of the black soldier fly market.
However, factors such as a non-standardized regulatory framework across the globe and limited acceptance & approvals for BSFL to be incorporated into the human diet hinder the overall black soldier fly market growth. Furthermore, the availability of economical substitutes, the high cost of skilled labor, and the risk of disease transmission from BSF are some of the challenges impeding the market’s growth.
Black Soldier Fly Market Growth Drivers
Growing Aquaculture Industry Driving the Demand For Black Soldier Fly
Over the last decade, the world has witnessed enormous growth in the aquaculture sector, especially in the developing countries of Asia and Africa. 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 dramatically in recent years by developing 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 carbohydrates). Furthermore, according to the Food and Agriculture Organization (FAO), aquaculture production is projected to expand to 106 million tons by 2030, with an overall growth of 22% or around 19 million tonnes compared with 2020.
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 2017, the European Commission (EC) officially approved the use of insect protein as a new form of aquaculture feed. Furthermore, in 2018, the Food and Drug Administration (FDA) and the Canadian Food Inspection Agency (CFIA) approved the use of insects as an ingredient in certain fish. Thus, the growing aquaculture industry and government approval of the insect as aqua feed spur the demand for BSF in the aquaculture industry.
Increasing Demand from the Animal Feed Industry for Alternative Proteins Due to Rising Prices of Fish and Soy Meal Supporting Market Growth
The developing geographies, such as Asia, Africa, and Latin America, are witnessing population increase along with economic growth and changing dietary patterns. By 2050, this will account for a 70% increase in the demand for livestock products from 2017. Furthermore, the prices of livestock-based products have increased due to a rise in feed costs. The feed cost currently contributes ~60–70% of the total livestock production cost (Source: Feedipedia—Animal Feed Resources Information System).
Fish and soybean meal are the major protein sources for feed. However, these sources compete with food production for humans. Moreover, fishmeal availability has become limited due to the over-exploitation of marine, causing a rapid increase in the cost of these feed ingredients. As a result, the search for sustainable alternatives has led to a growing interest in insects as feed ingredients.
Insects have high protein levels, and their production has a small footprint. Mass-reared insect species, such as the black soldier fly, have received significant attention mainly due to their ability to feed on different substrates, including organic waste streams. The ability of BSF to convert organic waste into high-quality nutrients has rapidly opened commercial opportunities with the development of products, such as protein meal, which can become a cheaper alternative protein source as compared to fishmeal or soybean meal for pig, poultry, and fish feeds.
Pig-feed fish meal has an 18.5% replacement rate by BSF meal (Source: Animal Feed Science and Nutrition, February 2022 publication). According to the FDA study, when soybean and fishmeal were replaced with BSF larvae meal in proportions of 10–56%, the broiler quails and chickens had a satisfactory taste, aroma, and nutritional composition of meat. This experiment by Van Heugten, Martinez, McComb, and Koutsos (2019) showed that BSF oil is a valuable product for nursery pigs.
It concluded that adding BSF oil at a maximum percentage of 6% to the diets of 21-day-old pigs, replacing corn oil (another replacer of soybean oil), has positive effects on the nursery pigs. In addition, BSF insects are also used as fish feed in Nile tilapia with different BSF meal levels, which result in similar growth performance and feed conversion.
With the high growth performance of BSF meals and rising prices for fishmeal and soya meals, animal feed manufacturers have increasingly started incorporating BSF ingredients into their feed products as an alternative source of protein, driving the growth of the global black soldier fly market.
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Black Soldier Fly Market Trends
Growing Focus on Sustainable Feed Production
Sustainable feed production is the practice of producing animal feed that meets the nutritional needs of animals while minimizing negative impacts on the environment and society. This involves using raw materials efficiently, reducing waste, and managing the production process in an environmentally friendly manner. In the quest for sustainable agriculture, the focus has increasingly turned towards alternative feed sources that are both environmentally friendly and nutritionally robust. The black soldier fly has garnered attention for its remarkable ability to convert organic waste into high-quality protein.
BSF larvae are nutritionally dense, boasting high protein and fat content along with essential amino acids and minerals. As a feed ingredient, they provide a sustainable alternative to traditional sources like soy and fishmeal. Moreover, the production of BSF larvae requires minimal land and water resources, making it inherently more eco-friendly. Livestock producers, aquaculture operators, and pet food manufacturers are increasingly incorporating BSF ingredients into their feed formulations. As a result, the incorporation of black soldier fly into feed production practices can contribute significantly to a more sustainable future for agriculture.
Black Soldier Fly Market Opportunity
Expansion in Emerging & Developed Economies Expected to Offer Growth Opportunities for Market Players
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, 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.
To fulfill this demand, meat producers continuously focus on improving the meat's production and quality with the help of high-quality protein-containing feed. Such factors prompt meat producers toward adopting insect-derived feed such as BSFL protein meals. Hence, the high demand for insect feed in emerging economies encourages insect producers to invest in developing countries. Owing to this opportunity, many market players are expanding and entering this market. Some of these examples are as follows:
Moreover, according to the Food and Agriculture Organization of the United Nations (FAO), from 2017, the global demand for fish and shellfish is expected to reach almost 181 million tons in 2030. However, dried and powdered fish feed, such as anchovy, used for aquaculture feed, is becoming insufficient. According to FAO, 1.2 to 1.6 million tons of raw materials for fish feed will be required in 2025 as an alternative to fish meal.
Owing to this opportunity, the nascent insect farming sector has captured major attention, investments, and strategic developments in developed countries by some heavyweights in the animal feed business. For instance, in February 2024, InnovaFeed (France) launched a new brand, Hilucia, an insect protein brand with two new products – Protein for Monogastrics and Oil for Aqua. In June 2022, InnovaFeed (France) and Cargill, Incorporated (U.S.) extended their partnership up to 10 years from 3 years to offer innovative and healthy ingredients for aquaculture.
Thus, expansions, investments, and strategic development in both emerging and developed economies are expected to offer significant growth opportunities for BSF stakeholders.
Black Soldier Fly Market Analysis: Key Findings
By Product: In 2024, the Protein Meal Segment to Dominate the Black Soldier Fly Market
Based on product, the global black soldier fly market is segmented into protein meal, whole dried larvae, biofertilizers (frass), larvae oil, and other BSF products. In terms of value, in 2024, the protein meal segment is expected to account for the largest share of 57.4% of the global black soldier fly market. The large market share of this segment is mainly attributed to the increasing demand for BSF protein meal from the animal feed industry due to the rising awareness & demand for sustainable proteins, the rising prices of fish and soy meals, and supportive government initiatives aimed at promoting the use of insect meal in animal feed. In addition, the protein meal segment is expected to register the highest CAGR of 33.9% during the forecast period.
Moreover, in terms of volume, in 2024, the biofertilizers (frass) segment is expected to account for the largest share of 67.3% of the global black soldier market. Growing waste from restaurants, agriculture, and food & drink industries and growing awareness regarding the use of black soldier fly larvae to convert waste into organic fertilizer are some of the major factors driving the growth of the BSF biofertilizers market.
By Application: In 2024, the Aquafeed Segment to Dominate the Black Soldier Fly Market
Based on application, the global black soldier fly market is segmented into aquafeed, animal feed, agriculture, pet food, and other applications. In 2024, the aquafeed segment is expected to account for the largest share of 44.3% of the global black soldier fly market. This segment's large share is mainly attributed to the early regulatory approval of BSF for aquafeed applications, the growing adoption of BSF ingredients in fish feed, and the volatility observed in fish meal prices.
However, the animal feed segment is expected to register the highest CAGR of 34.6% during the forecast period due to the growing demand for meat products and the subsequent increase in the demand for protein-rich animal feed, rising soy meal prices, and government approval for the use of BSF as a feed ingredient.
Geographical Analysis
North America: Fastest-growing Regional Market
Based on geography, the global black soldier fly market is divided into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of 55.3% of the global black soldier fly market. Europe's significant market share is attributed to the growing aquaculture industry, growing awareness of alternative protein sources for animal feed, and rising fish meal prices.
However, North America is projected to register the highest CAGR of 34.4% during the forecast period. The growth of this regional market is mainly attributed to government approvals for the use of BSF in animal feed, the increasing adoption of BSF for organic waste valorization, ongoing expansion efforts by major companies in the black soldier fly processing sector, and the proliferation of end-use industries across the region.
Black Soldier Fly Market: Key Companies
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of the key players operating in the global black soldier fly market are Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Bioflytech S.L. (Spain), Entobel Holdings Pte. Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly Comgraf SAS (France), Hexafly (Ireland), F4F SpA (Chile), Protenga Pte Ltd (Singapore), and NextProtein (France).
Black Soldier Fly Industry Overview: Latest Developments from Key Industry Players
Some of the recent developments in the global black soldier fly market are as follows:
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In February 2024, InnovaFeed SAS (France) launched a new brand, Hilucia, with two new products–Protein for Monogastrics and Oil for Aqua.
- In January 2024, EnviroFlight LLC (U.S.) partnered with Entocycle, a U.K.-based provider of insect farms and insect farming technology, to develop and trial the Entosight Neo. Entosight Neo is Entocycle’s black soldier fly breeding technology solution for neonate counting and dosing to optimize our production efficiencies.
- In October 2023, Protix B.V. (Netherlands) partnered with Tyson Foods, Inc. (U.S.) to produce more sustainable protein. This strategic development is expected to support the growth of the emerging insect ingredient industry and expand the use of insect ingredient solutions to create efficient, sustainable proteins and lipids.
- In April 2023, InnovaFeed SAS (France) opened an extension of its Nesle production site in northern France. This expansion is expected to increase the company's production capacity by 15,000 tons of insect protein per year.
- In April 2023, Nutrition Technologies Group (Singapore) and Sumitomo Corporation Group (Japan) signed a MoU agreement. The company signed a USD 100 million trade deal with trading firm Sumitomo Corporation to expand the pet food and aquafeed products distribution (Singapore) in the Japanese market.
- In March 2022, Nutrition Technologies Group and Evonik Industries (Germany) signed an agreement to jointly conduct a research and development project on the amino acid requirements of Black Soldier Flies (BSF) in Southeast Asia.
- In October 2021, Entobel Holding Pte. Ltd. (Singapore) partnered with Vinh Hoan Corp. (Vietnam) to explore sustainable ways to produce insect-fed seafood with a reduced carbon footprint. As part of this partnership, IFC is expected to support Entobel’s expansion in Vietnam and the region.
Black Soldier Fly Market Research Summary:
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Particulars
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Details
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Page No.
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229
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Format
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PDF
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Forecast Period
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2024–2033
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Base Year
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2023
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CAGR (Value)
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31%
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Market Size (Value)
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$3.96 Billion by 2033
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CAGR (Volume)
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40.4%
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Market Size (Volume)
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8.23 Million Tons by 2033
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Segments Covered
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By Product
- Protein Meal
- Whole Dried Larvae
- Biofertilizers (Frass)
- Larvae Oil
- Other BSF Products
By Application
- Aquafeed
- Animal Feed
- Agriculture
- Pet Food
- Other Applications
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Countries Covered
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North America (U.S. and Canada), Europe (Netherlands, France, Germany Finland, Denmark, Belgium, and Rest of Europe), Asia-Pacific (China, South Korea, Japan, Malaysia, Vietnam, Thailand, Australia, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
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Key Companies
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Protix B.V. (Netherlands), InnovaFeed SAS (France), EnviroFlight, LLC (U.S.), Nutrition Technologies Group (Singapore), Bioflytech S.L. (Spain), Entobel Holdings Pte. Ltd. (Singapore), Entofood Sdn Bhd (Malaysia), SFly Comgraf SAS (France), Hexafly (Ireland), F4F SpA (Chile), Protenga Pte Ltd (Singapore), and NextProtein (France)
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Key questions answered in the black soldier fly market report:
