Canada Black Soldier Fly Market

Canada Black Soldier Fly Market Size, Share, Growth Analysis, By Application(poultry, aquaculture, pet food, livestock and others), By Product(whole insect, protein meal, oil, frass), By Region - Industry Forecast 2024-2031

Report ID: SQMIC30C2150 | Region: Country | Published Date: February, 2024
Pages: 242 | Tables: 66 | Figures: 75

Canada Black Soldier Fly Market Regional Insights

Geographically, it is predicted that in 2022, the Canadian market would account for the greatest portion of the world market for black soldier flies. The significant market share is primarily related to the expanding aquaculture sector, growing interest in alternate sources of protein for use in animal feed, and rising fish meal costs. During the projection period, this area is anticipated to develop at the fastest CAGR. Additionally, this region is anticipated to own the highest proportion of the worldwide black soldier fly market in terms of volume in 2022.

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Canada Black Soldier Fly Market size was valued at USD 0.16 billion in 2019 and is poised to grow from USD 0.21 billion in 2023 to USD 1.76 billion by 2031, growing at a CAGR of 30.5% in the forecast period (2024-2031).

Business organisations are concentrating on organic growth techniques such product launches, product approvals, and others like patents and events. Acquisitions and partnerships & collaborations were examples of inorganic growth tactics that were observed in the market. The expansion of the businesses and clientele of market participants has been made possible by these actions. With the increasing demand for Black Soldier Fly in the international industry, market players from that sector should have profitable growth chances in the future. Listed below is a small selection of businesses active in the Black Soldier Fly market. ' Enterra Feed Corporation ', ' Beta Hatch Inc. ', ' Hermetia Biosciences ', ' AgriProtein ', ' Symton® BSF ', ' Protix ', ' InnovaFeed ', ' Nutrinsect ', ' Hexafly ', ' NextProtein ', ' Ynsect ', ' Bioflytech ', ' Agriprotein Holdings Ltd. ', ' Protenga ', ' Aspire Food Group ', ' Horizon Insects ', ' Grubbly Farms ', ' Entobel ', ' BSF Biotech ', ' Entosystem '

Numerous feed products are being suggested as alternatives due to the escalating resource deficit, with insects garnering the most attention. Insects are present in food because of their benefits to human health, the economy, and the environment. An expanded focus on insects is one of several tactics being used to ensure animal feed security on a worldwide scale. In comparison to other traditional feed items, insects have a high protein content and outstanding production efficiency.

AgriInnovate, a five-year initiative that aids companies in commercializing cutting-edge agricultural-based goods, technologies, processes, or services that boost productivity and sustainability. These investments will provide domestic black soldier fly producers the ability to compete worldwide. The Canadian government has made investments in this industry before. The AgriInnovate program also provided CAD$ 6 million ($4.64M / €4.44M) to Entosystem, a Quebec-based provider of technology solutions for insect breeding, and Enterra Feed Corporation, a company based in Alberta, to support the development of their novel methods for using black soldier flies to create products high in protein.

Geographically, it is predicted that in 2022, the Canadian market would account for the greatest portion of the world market for black soldier flies. The significant market share is primarily related to the expanding aquaculture sector, growing interest in alternate sources of protein for use in animal feed, and rising fish meal costs. During the projection period, this area is anticipated to develop at the fastest CAGR. Additionally, this region is anticipated to own the highest proportion of the worldwide black soldier fly market in terms of volume in 2022.

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Canada Black Soldier Fly Market

Report ID: SQMIC30C2150

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