Canada Black Soldier Fly Market – Opportunity Analysis and Industry Forecast (2021-2028)

Meticulous Research^® – leading global market research company published a research report titled “Canada Black Soldier Fly Market by Product (Whole Insect, Protein Meal, Frass, and Other BSF Products {Cocoons, Pupa}) and Application (Poultry, Aquaculture, Pet Food, Livestock, and Other Applications) - Forecast to 2028”.

According to this latest publication from Meticulous Research^®, in terms of value, the Canada black soldier fly market is expected to grow at a CAGR of 18.2% from 2021 to 2028 to reach $18.4 million by 2028. In terms of volume, the Canadian black soldier fly market is expected to grow at a CAGR of 23.2% from 2021 to 2028 to reach 24,197.3 tons by 2028.

This market is majorly driven by the factors such as the growing aquaculture industry, rising demand for alternative proteins in the animal feed industry, and increasing government and support for the Canadian BSF industry. However, limited acceptance and approvals for Black Soldier Fly Larvae (BSFL) to be incorporated into the human diet hinder the growth of Canada's black soldier fly market. Additionally, the potential use of chitin and chitosan in industrial applications is expected to create opportunities for the players operating in this market, and the availability of cheaper substitutes is a major challenge for market growth.

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Scope of the Report

Black Soldier Fly Market, by Product                               

• Whole Insect
• Protein Meal
• Oil
• Frass
• Others

Black Soldier Fly Market, by Application         

• Poultry
• Aquaculture
• Pet Food
• Livestock
• Other Applications

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The market is segmented based on product and application.

Based on product, the Canada BSF market is segmented into whole insects, protein meal, oil, frass, and other BSF products. In terms of value, the protein meal segment is estimated to hold the largest share of the Canada black soldier fly market in 2021. The growth of this segment is mainly attributed to the increasing demand for protein meals in the animal feed industry, increased fish meal prices, and government support and approval for insect meal to be used in animal feed. This segment is also expected to record the highest CAGR during the forecast period. Further, in terms of volume, the frass segment is estimated to command the largest share of the Canadian black soldier fly market. The large share of this market is mainly attributed to its large production than other BSF products at cheaper prices. However, the protein meal segment is expected to record the highest CAGR during the forecast period.

Based on application, the Canada BSF market is segmented into poultry, aquaculture, pet food, livestock, and other applications. The aquaculture segment is estimated to hold the largest share of the Canada black soldier fly market in 2021. The large share of this segment is mainly attributed to early regulatory approval of BSF for this application, the increasing adoption of fish meal, and volatile fish meal prices. However, the pet food segment is estimated to register the highest CAGR during the forecast period due to the emergence of leading pet food companies’ inclination towards the use of edible insects for pet food production and an expected increase in the number of related product approvals in upcoming years.

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Key Players:

The key players operating in the Canada black soldier fly market are Enterra Feed Corporation (Canada), Oreka Solutions (Canada), Snackyard BSF (Canada), Entosystem (Canada), Oberland Agriscience Inc. (Canada), InnovaFeed (France), Protix (The Netherlands), and EnviroFlight LLC. (U.S.).

Key questions answered in the report-

·         Which are the high-growth market segments in terms of the product and application?

·         What is the historical market for black soldier fly in Canada?

·         What are the market forecasts and estimates for the period of 2021-2028?

·         What are the major drivers, restraints, opportunities, and challenges in the Canada black soldier fly market?

·         Who are the major players in the Canadian market?

·         What is the different marketing mix and strategies adopted by the major players in the market?

·         What is the value of revenue generated from the sale of black soldier fly products in Canada? At what rate is their demand expected to grow for the next 5-7 years?

·         Which product of black soldier fly is estimated to hold the major share of the market?

·         Which application segment is projected to create more traction in the Canada black soldier fly market?

·         What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the Canada black soldier fly market?

·         Who are the major players operating in the Canada black soldier fly market?

 

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