Global Black Soldier Fly (BSF) Products Market Size Worth US $1500 Million by 2030 nForming Solution

PUNE, India - July 6, 2023 - PRLog -- The Black Soldier Fly (BSF) Product Market forecast for 2030 has been revised to $1,500.0 million due to a lackluster rebound in demand following COVID-19. The economic slowdown makes this impact even worse. However, according to an opinion from key industry experts BSF's product revenue is expected to attain a high CAGR of 29.2% from 2023 to 2030. In 2022, the BSF product was estimated at US $200.0 million.

Majorly Driven by Pet Food and Animal Feed Industry

In the last 5 years, BSF products such as meal, larvae, and oil received approvals for their application in pet food products in Europe and North America. Some of the major events include the Association of American Feed Control Officials (AAFCO) approval of BSF oil for adult dog food and treats, the tentative approval of dried black soldier fly larvae (Black Soldier Fly Larva, BSFL) in feeding animals, dogs, the European Food Safety Authority's approval for BSF use in dog and cat food, and the Canadian Food Inspection Agency's (CFIA) approval of dried larvae for salmonids.

Further, the rapid adoption of insect protein in pet food is primarily driving up demand for BSF. According to a white paper by IQI Petfood (https://www.iqi-petfood.com/whitepaper/black-soldier-fly-...), the Dutch Rabobank concluded in a report that demand for insect protein, primarily as an ingredient in animal feed and pet food, could reach 500,000 metric tons by 2030, compared to the current market of approximately 10,000 metric tons. Whereas, according to an article published by The Fish Site Limited (https://thefishsite.com/articles/innovafeed-opens-extensi...), Innovafeed believes that the protein deficit in aquaculture is expected to cross the 40 million tons mark by 2030.

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