Dublin, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
Canada Black Soldier Fly Market is expected to reach $18.4 million by 2028, growing at a CAGR of 18.2% during the forecast period of 2021 to 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.
The global population is rising exponentially along with economic growth and changing dietary patterns. These factors are expected to support and account for a 70% increase in the demand for livestock products by 2050. The prices of livestock-based products are increasing consistently due to rising feed costs.
Presently, feed cost contributes ~60-70% to the total livestock production cost. Fish and soybean meal are the major protein sources for feed. However, these sources also cater to human food requirements. Moreover, the availability of fish meals has become limited due to the over-exploitation of marine resources, causing a rapid increase in the cost of these feed ingredients. As a result, the search for sustainable alternatives has led to a growing interest in using BSF as a feed ingredient.
The study offers a comprehensive analysis of the Canada black soldier fly market with respect to product (whole insect, protein meal, oil, frass, and others) and application (poultry, aquaculture, pet food, livestock, and other applications). The study also evaluates various marketing strategies adopted by key market players.
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 expected to command the largest share of the Canada black soldier fly market in 2021. This segment is also projected to grow at the highest CAGR during the forecast period.
The key factors supporting the growth in this segment include 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. However, in terms of volume, the frass segment is estimated to command the largest share of the Canada black soldier fly market.
Based on application, the Canada BSF market is segmented into poultry, aquaculture, pet food, livestock, and other applications. The aquaculture segment is expected to account for the largest share of the Canada black soldier fly market in 2021. However, the pet food segment is projected to grow at the highest CAGR during the forecast period.
The key factors supporting the strong growth in the pet food segment are the emergence of leading pet food companies in the edible insects' space and an expected increase in the number of related product approvals in upcoming years.
Market Insights
Drivers
- Growing Aquaculture Industry
- Rising Demand for Alternative Proteins in the Animal Feed Industry
- Increasing Government Support for the Canadian BSF Industry
Restraints
- Limited Acceptance and Approvals for BSFL to be Incorporated into the Human Diet
Opportunities
- Potential Use of Chitin and Chitosan in Industrial Applications
Challenges
- Availability of Cheaper Substitutes
Marketing Mix and Strategies
- Pricing Strategy
- Product Approvals
- Expansion Plans
- Funding
Canada BSF Pricing Analysis, by Product, 2019-2028 (USD)
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
Companies Mentioned
- Enterra Feed Corporation
- Oreka Solutions
- Snackyard BSF
- Entosystem
- Oberland Agriscience Inc.
- InnovaFeed
- Protix
- EnviroFlight LLC
For more information about this report visit https://www.researchandmarkets.com/r/39dqbh
