Canada Black Soldier Fly Market Set to Soar Past USD 1.76 Billion by 2030
The Canada Black Soldier Fly market size is expected to reach USD 1.76 billion by 2030 and exhibit a CAGR of 30.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand for sustainable protein sources, increasing adoption of insect-based feed in livestock and aquaculture industries, rising consumer awareness about the environmental benefits of black soldier fly products, and emerging research and development activities in optimizing black soldier fly production are fueling the Market’s growth.
Westford USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest research of the Canada Black Soldier Fly market, increased commercial-scale production of black soldier fly larvae, development of innovative insect farming technologies, rising investments in research and development for optimizing black soldier fly production, expansion of applications beyond animal feed into areas such as bioconversion and waste management, growing collaborations and partnerships between insect farming companies and agricultural or food industries, emphasis on sustainable and organic insect farming practices, increasing consumer acceptance and demand for black soldier fly products are the market trends promoting the growth.
Browse in-depth TOC on “Canada Black Soldier Fly Market”
- Pages – 242
- Tables – 66
- Figures – 75
The Canada black soldier fly (BSF) is a type of fly that is native to North America. It is a large fly, about 1 inch long, with a black body and green eyes. BSF are attracted to decaying organic matter, and they can be used to convert food waste into protein-rich feed for animals. They are also being studied as a potential source of biodiesel.
Prominent Players in Canada Black Soldier Fly Market
- Agrility
- Bioflytech
- Entomo Farms
- Insectum Media
- Oberland Agriscience
- Regenerative Organics
- Snackyard BSF
- Terrasect
- Verde Agritech
- Bio-Cycle Farms
- Entocycle
- Insecta Tech
- New Atlas Bio
- Provita Farms
- Sustainable Food Solutions
- Tri-Fly Farm
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Black Soldier Fly Larvae Demand to Grow Substantially in the Forecast Period
Black soldier fly larvae dominated the global market owing to its high versatility. It also has an excellent nutritional profile, containing high levels of protein, essential amino acids, healthy fats, and minerals. This makes them an attractive alternative to traditional protein sources in animal feed, addressing the growing demand for sustainable and high-quality ingredients.
Animal Feed is the Leading Application Segment
In terms of application, the animal feed segment is the leading segment due to the demand for high protein content. In addition, it also offer a well-balanced nutritional profile, containing essential amino acids, healthy fats, vitamins, and minerals. This makes them a nutritious and sustainable alternative to traditional protein sources in animal feed. The nutritional benefits of black soldier fly larvae contribute to their popularity and drive sales in the animal feed segment.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on advanced agriculture and animal feeding. The region is home to leading research institutions, universities, and companies focused on sustainable agriculture and alternative protein sources. There is substantial investment in research and development activities related to black soldier fly farming, feed formulations, and processing techniques. This emphasis on innovation and scientific advancements gives North America a competitive advantage in the market.
A recent report thoroughly analyzes the major players operating within the Canada Black Soldier Fly market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Canada Black Soldier Fly.
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Key Developments in Canada Black Soldier Fly Market
- In February 2023, Entomo Farms acquired Snackyard BSF. Entomo Farms is a leading black soldier fly (BSF) company in Canada, while Snackyard BSF is a smaller BSF company that specializes in producing BSF larvae for the pet food market. This acquisition will allow Entomo Farms to expand its reach into the pet food market and become a more dominant player in the Canadian BSF industry.
- In April 2023, Verde Agritech acquired Bioflytech. Verde Agritech is a leading biofertilizer company in Canada, while Bioflytech is a smaller BSF company that specializes in producing BSF frass for the agricultural market. This acquisition will allow Verde Agritech to expand its product line to include BSF frass, which is a nutrient-rich fertilizer that can be used to improve soil health.
Key Questions Answered in Canada Black Soldier Fly Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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