|
(Health-NewsWire.Net, July 06, 2022 ) According to a new market research report titled, ‘Black Soldier Fly Oil Market by Application (Animal Feed, Pet Food, Cosmetics, Others) and End Use (Animal Nutrition, Human Consumption, Others)— Global Forecast to 2029,’ the BSF oil market is expected to grow at a CAGR of 21.1% from 2022–2029 to reach $72 million by 2029.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5270
Black Soldier Fly (Hermetia illucens) is an insect species that has emerged as a revolutionary solution for the feed industry in the form of an alternative oil source. These insects are a rich source of protein (40–44%) and lipids (7–36%) and feed on organic waste, mainly food waste, animal offal, manure, and agricultural waste. As a result, they have emerged as a cheaper alternative source of oil for various applications, such as animal feed, pet food, and cosmetics. Developing economies, such as Asia, Africa, and Latin America, are expected to witness significant population increase along with economic growth and changes in dietary patterns. These regions are expected to account for a 70% increase in the demand for livestock products by 2050.
Furthermore, the prices of livestock-based products have increased due to a rise in feed costs. Currently, feed cost contributes to 60–70% of the total livestock production costs. The search for sustainable and cost-effective alternatives has led to a growing interest from animal feed manufacturers in black soldier fly oil as a feed ingredient.
Impact of COVID-19 on the Black Soldier Fly Oil Market
The outbreak of the COVID-19 pandemic and its association with animal sources resulted in a large population shifting from animal-based ingredients to alternative ingredients due to various health and environmental concerns. 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.
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 BSF oil market in 2020.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5270
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.
The black soldier fly oil market is segmented based on application, end use, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Quick Buy – “Black Soldier Fly Oil Market by Application (Animal Feed, Pet Food, Cosmetics, Others), End Use (Animal Nutrition, Human Consumption, Others) - Global Forecast to 2029” Research Report: https://www.meticulousresearch.com/Checkout/61408235
Based on application, the black soldier fly oil market is segmented into animal feed, pet food, cosmetics, and others. In 2022, the animal feed segment is estimated to command the largest share of the black soldier fly oil market. 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 2022, the animal nutrition segment is estimated to account for the largest share of the black soldier fly oil market. The large share of this segment is mainly attributed to the rapidly 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.
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 2022, Europe is estimated to account 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 global BSF 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).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/black-soldier-fly-oil-market-5270
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
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5270
Meticulous Research™
Khushal
+91 744-7780008
sales@meticulousresearch.com
Source: EmailWire.Com 
|
