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(Health-NewsWire.Net, July 27, 2022 ) According to a new market 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”, published by 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, this market is expected to grow at a CAGR of 23.2% from 2021 to 2028 to reach 24,197.3 tons by 2028.
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Black Soldier Fly (Hermetia illucens) is a revolutionary insect species that has emerged as a solution for the feed industry and an alternative protein source. Black Soldier Fly Larvae (BSFL) can grow on organic waste and convert manure into protein and lipids. BSF meal is rich in protein (40–44%) and lipids (7–36%) and has therefore emerged as a cheaper protein alternative for animal feed applications. Moreover, high-quality chitin can be derived from defatted BSF exoskeletons. This chitin can be further processed into high-quality chitosan, which has potential applications in agriculture, pest control, water treatment, food preservation, etc. In Canada, the government has approved the use of BSF-derived products for feed, agriculture, and pet food applications, thereby accelerating the growth of the BSF industry.
Impact Analysis of COVID-19 Pandemic On The Black Soldier Fly Market in Canada
The COVID-19 crisis has had a mixed impact on the black soldier fly market in Canada. This pandemic accelerated the demand for black soldier fly products due to their sustainability and high nutrition profile. However, from a manufacturing and distributing point of view, this industry has faced some challenges. This outbreak interrupted BSF chain sustainability in different areas, from organic waste sourcing to animal feed products' production process and consumption. The primary BSF logistical interrupter was the shortage of accessing inputs such as organic waste material, slaughtering waste, and other pivotal production inputs. Indeed, calls to stay at home and social distance have affected farm labor-dependent services, affecting routine work in production premises.
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Additionally, the animal feed production industry presented another obstacle to completing the production cycle and marketing process. Reduced marketing opportunities, block of import and export activity, and lower purchasing power are also some factors in the animal feed industry that put BSF producers at risk. This situation has dramatically threatened the sustainability of BSF production systems in Canada in early 2020. However, in 2021 after easing COVID-19 regulations, there is increasing demand from the animal feed industry for alternative proteins due to rising prices and short supply of soymeal, and growing Canadian government support for the use of insect meal in livestock feed which has created traction in the new environmentally sustainable protein source like black soldier fly.
Canada Black Soldier Fly Market Overview
Based on product type, 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 expected to command the largest share of the Canada black soldier fly market in 2021. The growing demand for protein meal in the animal feed industry, increased fish meal prices, and government support and approval for insect meal to be used in animal feed are the key factors supporting the demand for protein meal. Further, in terms of volume, the frass segment is estimated to command the largest share of the Canada black soldier fly market. The large share of this segment is mainly attributed to the high efficiency of black soldier fly frass fertilizers in agriculture and its large production compared to other BSF products at cheaper prices.
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Based on application, the Canada BSF market is segmented into poultry, aquaculture, pet food, livestock, and other applications. The aquaculture segment is expected to command the largest share of the Canada black soldier fly market in 2021. The segment’s large share is mainly attributed to early regulatory approval of BSF for application in the aquaculture industry and volatile fish meal prices. However, the pet food segment is expected to record the highest CAGR during the forecast period due to the emergence of leading pet food companies in the edible insects’ space, an expected increase in the number of product approvals in upcoming years, increasing customer willingness to provide high-quality food to pets, increased demand for premium pet food products, and a rise in the pet population with a significant increase in pet expenditures.
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 (Netherlands), and EnviroFlight LLC. (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/canada-black-soldier-fly-market-5230
Scope of the report
Canada Black Soldier Fly Market, by Product
Whole Insect
Protein Meal
Oil
Frass
Others
Canada Black Soldier Fly Market, by Application
Poultry
Aquaculture
Pet Food
Livestock
Other Applications
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