Redding, California - June 4, 2024
Canada Black Soldier Fly Market Worth $62.93 million by 2033
Canada Black Soldier Fly Market Size, Share, Forecast, & Trends Analysis by Product (Whole Insect, Protein Meal, Frass, and Other BSF Products {Cocoons, Pupa}) and Application (Poultry, Aquaculture, Pet Food, Livestock, and Others) - Forecast to 2033
Meticulous Research®–a leading global market research company, published a research report titled “Canada Black Soldier Fly Market Size, Share, Forecast, & Trends Analysis by Product (Whole Insect, Protein Meal, Frass, and Other BSF Products {Cocoons, Pupa}) and Application (Poultry, Aquaculture, Pet Food, Livestock, and Others) - Forecast to 2033”.
According to this latest publication from Meticulous Research®, in terms of value, the Canada black soldier fly market is expected to register a CAGR of 22.2% from 2024 to 2033 to reach $62.93 million by 2033. In terms of volume, the Canada black soldier fly market is expected to register a CAGR of 32.2% from 2024 to 2033 to reach 125,333 tons by 2033.
This market is majorly driven by factors such as the growing aquaculture industry, rising demand for alternative proteins in the animal feed industry, and increasing government 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 the black soldier fly market in Canada. 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.
The market is segmented based on product and application.
Based on product, the Canada BSF market is segmented into protein meal, whole dried larvae, biofertilizers (frass), larvae oil, and other BSF products. In 2024, the protein meal segment is expected to account for the largest share of 57.9% of the black soldier fly market in Canada. The segment’s large share 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 of 24.6% during the forecast period. Further, in terms of volume, the frass segment is estimated to command the largest share of 63.8% of the black soldier fly market in Canada. The large share of this market is mainly attributed to its large production at cheaper prices compared to other BSF products.
Based on application, the Canada BSF market is segmented into aquafeed, animal feed, agriculture, pet food, and other applications. In 2024, the aquafeed segment is expected to account for the largest share of 45.3% of the black soldier fly market in Canada. The segment’s large share is mainly attributed to early regulatory approval of BSF for this application, the increasing adoption of fish meals, and volatile fish meal prices.
However, the animal feed segment is projected to record the highest CAGR of 26.3% during the forecast period of 2024–2033. This segment's high growth is mainly driven by factors such as the growing demand for meat products and the subsequent increase in the demand for protein-rich animal feed.
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 SAS (France), Protix B.V. (The Netherlands), and EnviroFlight, LLC. (U.S.).
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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 2024-2033?
- 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 are the different marketing mixes and strategies adopted by the major players in the market?
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