According to industry reports, the global black soldier fly market will reach $2.57 billion by 2030 with a CAGR of 33.3 percent during the forecast period of 2019 to 2030. The high growth of the black soldier fly market is due to the growing global meat demand, growing aquaculture industry, and the demand from animal feed industry for alternative proteins due to rising prices of soy and other sources of proteins.
Howbeit, factors such as growing demand for protein-rich animal feed; large supply of organic waste, including pre-consumer food waste from agriculture, food and beverage sectors; and supportive government policies for Black Soldier Flies farming conditions are also encouraging the Black Soldier Flies insect farming, and their consumption in food, feed, and other industrial applications.
Sectors | Animal farming, Crop farming, Fish farming |
Location | Morogoro, Tanzania, United Republic of |
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